Economic Costs of the Nordic Banking Crises
... In the early 1990s, Norway, Sweden and Finland experienced systemic banking crises with bank failures and negative economic growth. It is generally concluded that output losses during the crisis and potentially caused by the banking crises were high, although loss estimates vary significantly across ...
... In the early 1990s, Norway, Sweden and Finland experienced systemic banking crises with bank failures and negative economic growth. It is generally concluded that output losses during the crisis and potentially caused by the banking crises were high, although loss estimates vary significantly across ...
The Causes of Fraud in Financial Crises: Evidence
... provide compelling insights into individual cases. But unless coupled with strong theories about professional selection or learning and diffusion, they are unable to explain crimes that require complex coordination among multiple actors, a hallmark of major financial malfeasance. Meso-level studies ...
... provide compelling insights into individual cases. But unless coupled with strong theories about professional selection or learning and diffusion, they are unable to explain crimes that require complex coordination among multiple actors, a hallmark of major financial malfeasance. Meso-level studies ...
A Fair and Substantial Contribution by the Financial Sector
... was presented, for the IMF to undertake “further work on options to ensure domestic financial institutions bear the burden of any extraordinary government interventions where they occur, address their excessive risk taking and help promote a level playing field, taking into consideration individual ...
... was presented, for the IMF to undertake “further work on options to ensure domestic financial institutions bear the burden of any extraordinary government interventions where they occur, address their excessive risk taking and help promote a level playing field, taking into consideration individual ...
4 Empirical Results. - Econ
... How inside information influences portfolio choice in liberalized financial markets is the focus of this article. It extends a result due to Fama and French (2006). These authors show that after removing one of the CAPM assumptions, the assumption that all investors have equal information – outsider ...
... How inside information influences portfolio choice in liberalized financial markets is the focus of this article. It extends a result due to Fama and French (2006). These authors show that after removing one of the CAPM assumptions, the assumption that all investors have equal information – outsider ...
Informational Asymmetry and the Demand for IPOs: An Explanation
... on market efficiency, many of which cannot reconcile the large first day gains experienced with IPOs with an assumption of efficient markets. Underpricing raises concern because the difference between the IPO offering price and the market price is money left on the table by the issuing firm. The who ...
... on market efficiency, many of which cannot reconcile the large first day gains experienced with IPOs with an assumption of efficient markets. Underpricing raises concern because the difference between the IPO offering price and the market price is money left on the table by the issuing firm. The who ...
André Lemelin, INRS-Urbanisation
... firms determines saving and investment (the creation of new physical capital). Households maximize an intertemporal utility function subject to a lifetime budget constraint, and so determine the level of saving, while firms choose investment to maximize the stock market value of their equity. Curren ...
... firms determines saving and investment (the creation of new physical capital). Households maximize an intertemporal utility function subject to a lifetime budget constraint, and so determine the level of saving, while firms choose investment to maximize the stock market value of their equity. Curren ...
Leverage Cycles and The Anxious Economy.
... Since the 1990’s emerging markets have become increasingly integrated into global financial markets, becoming an asset class. However, contrary to what was widely predicted by policy makers and economic theorists, these changes have not translated into better consumption smoothing opportunities for ...
... Since the 1990’s emerging markets have become increasingly integrated into global financial markets, becoming an asset class. However, contrary to what was widely predicted by policy makers and economic theorists, these changes have not translated into better consumption smoothing opportunities for ...
A Comparison of the Financial Characteristics of U.S. and Japanese
... U.S. firms appear to have more liquidity compared with their Japanese counterparts. The current ratio is significantly higher at the 1-percent level and the quick ratio is higher at the 5-percent level in U.S. firms than in Japanese firms. These results imply that U.S. firms are better able to meet ...
... U.S. firms appear to have more liquidity compared with their Japanese counterparts. The current ratio is significantly higher at the 1-percent level and the quick ratio is higher at the 5-percent level in U.S. firms than in Japanese firms. These results imply that U.S. firms are better able to meet ...
- Covenant University Repository
... financial mix, an organization is expected to consider the effect in variability in earnings that will be available to the shareholders, and the additional chance of insolvency borne by the common shareholder as a result of the use of financial leverage. Because the consequences of business risk are ...
... financial mix, an organization is expected to consider the effect in variability in earnings that will be available to the shareholders, and the additional chance of insolvency borne by the common shareholder as a result of the use of financial leverage. Because the consequences of business risk are ...
Financial Distress
... The Authority shall not withhold its approval of a draft Financial Distress Service Continuity Plan unreasonably. If the Authority does not approve the draft Financial Distress Service Continuity Plan, it shall inform the Provider of its reasons and the Provider shall take those reasons into account ...
... The Authority shall not withhold its approval of a draft Financial Distress Service Continuity Plan unreasonably. If the Authority does not approve the draft Financial Distress Service Continuity Plan, it shall inform the Provider of its reasons and the Provider shall take those reasons into account ...
Proceedings of 10th Annual London Business Research Conference
... of behavioural finance factors and use of contextual factors on investment decisionmaking. The Personal Information Segment asks the respondents demographic information whereas the second segment covers all the behavioural factors, herding factors which is covered by two questions the use of heurist ...
... of behavioural finance factors and use of contextual factors on investment decisionmaking. The Personal Information Segment asks the respondents demographic information whereas the second segment covers all the behavioural factors, herding factors which is covered by two questions the use of heurist ...
Liquidity risk management developments
... Such models do not capture plausible worst case scenarios. z ...
... Such models do not capture plausible worst case scenarios. z ...
Macroeconomic Stability and Financial Regulation: Key Issues for
... written extensively on globalisation, sovereign borrowing and debt, European monetary issues, European financial markets, international capital flows, centrally planned economies and transition, macroeconomic disequilibrium, and European integration. Rafael Repullo is Professor of Economics and Dire ...
... written extensively on globalisation, sovereign borrowing and debt, European monetary issues, European financial markets, international capital flows, centrally planned economies and transition, macroeconomic disequilibrium, and European integration. Rafael Repullo is Professor of Economics and Dire ...
Bubbles and capital flows
... Bubbles also have some effects that are different from those that one would expect from financial integration. For instance, domestic and foreign shocks lead to movements in the size of the bubble that generate potentially large wealth effects. Through this channel, the presence of bubbles magnifies ...
... Bubbles also have some effects that are different from those that one would expect from financial integration. For instance, domestic and foreign shocks lead to movements in the size of the bubble that generate potentially large wealth effects. Through this channel, the presence of bubbles magnifies ...
Leverage Cycles and the Anxious Economy
... prices in sectors with independent payoffs like emerging markets be affected? In other words, is contagion possible in equilibrium? (2) Why is the fall in prices of bonds for which there is no information not uniform? (3) Why is the fall in issuance of these bonds not uniform? We show in Section I ...
... prices in sectors with independent payoffs like emerging markets be affected? In other words, is contagion possible in equilibrium? (2) Why is the fall in prices of bonds for which there is no information not uniform? (3) Why is the fall in issuance of these bonds not uniform? We show in Section I ...
The Equity Risk Premium
... They don’t want to lose money, so their returns should at least protect them against inflation so there is no loss in purchasing power. Hence, the return to cash should at least equal the inflation rate. The return to a safe, long-term investment should equal the rate of growth in the economy. Inves ...
... They don’t want to lose money, so their returns should at least protect them against inflation so there is no loss in purchasing power. Hence, the return to cash should at least equal the inflation rate. The return to a safe, long-term investment should equal the rate of growth in the economy. Inves ...
IFRS 9 Financial Instruments
... IAS 32/39 Financial Instruments Part 3 Subsequent Recognition Why do we need standards on financial instruments? Financial instruments are a large part of the assets and liabilities of many undertakings, especially financial institutions. They also play a key role in the efficient operation of fina ...
... IAS 32/39 Financial Instruments Part 3 Subsequent Recognition Why do we need standards on financial instruments? Financial instruments are a large part of the assets and liabilities of many undertakings, especially financial institutions. They also play a key role in the efficient operation of fina ...