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Barro, Robert J. - 2016

, including the average equity premium and the volatility of equity returns. We construct a model with RE (temporary and permanent … parts) and LRR (including stochastic volatility) and estimate this model with long-term data on aggregate consumption for 42 … economies. RE typically associates with major historical episodes, such as the world wars and the Great Depression and analogous …

Persistent link: https://www.econbiz.de/10013001224

Risk, Government and Globalization : International Survey Evidence

Mayda, Anna Maria - 2010

This paper uses international survey data to document two stylized facts. First, risk aversion is associated with anti-trade attitudes. Second, this effect is smaller in countries with greater levels of government expenditure. The paper thus provides evidence for the microeconomic underpinnings...

Persistent link: https://www.econbiz.de/10012760172

Knowledge flows, R&D spillovers and innovation

Peri, Giovanni - 2003

Persistent link: https://www.econbiz.de/10013428573

Robust Bond Risk Premia

Bauer, Michael - 2017

A consensus has recently emerged that variables beyond the level, slope, and curvature of the yield curve can help predict bond returns. This paper shows that the statistical tests underlying this evidence are subject to serious small-sample distortions. We propose more robust tests, including a...

Persistent link: https://www.econbiz.de/10012954916

Equity is Cheap for Large Financial Institutions : The International Evidence

Gandhi, Priyank - 2016

In most countries, equity is a cheap source of funding for a country's largest financial institutions. On average, the stocks of the top 10% financial companies in a country account for over a quarter of total market capitalization, but these stocks earn returns that are significantly lower than...

Persistent link: https://www.econbiz.de/10012988503

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around the World

Edmans, Alex - 2014

We study the relationship between employee satisfaction and abnormal stock returns around the world, using lists of the … investing ("SRI") strategies around the world. In particular, they emphasize the importance of taking institutional features …

Persistent link: https://www.econbiz.de/10013050302

Crisis "Shock Factors" and the Cross-Section of Global Equity Returns

Calomiris, Charles W. - 2010

We study stock returns over the period of the global financial crisis of 2007-2008 and identify three crisis "shock factors" related to unique features of the crisis: (1) the collapse of global demand, (2) the contraction of credit supply, and (3) selling pressure on firms' equity. All three of...

Persistent link: https://www.econbiz.de/10013135759

Lessons Unlearned? Corporate Debt in Emerging Markets

Alfaro, Laura - 2017

This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate financial roots provide a...

Persistent link: https://www.econbiz.de/10012956372

Asiaphoria Meets Regression to the Mean

Pritchett, Lant - 2014

Consensus forecasts for the global economy over the medium and long term predict the world's economic gravity will … substantially shift towards Asia and especially towards the Asian Giants, China and India. While such forecasts may pan out, there …

Persistent link: https://www.econbiz.de/10013045644

Emergence of Asia : Reforms, Corporate Savings, and Global Imbalances

Fan, Jingting - 2016

One of the explanations for global imbalances is the self-financing behavior of credit-constrained firms in rapidly growing emerging markets. We use an extensive firm-level data set from several Asian countries during 2002–2011, and test the micro foundation of this theory by estimating the...

Persistent link: https://www.econbiz.de/10012989124

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