Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …

pre-World War I or pre-Depression periods. These stock market data thus support the hypothesis that real activity has not … following the end of World War II. Challenging this belief, new research suggests that key historical time series are spuriously … and activity. Financial data are accurately measured over long spans of time and hence are free of most of the measurement …

-price, earnings-price and dividend-earnings ratios on the most recent data set of the strongest securities in the UK economy; unlike … the majority of the studies in this data set, our analysis is not limited on returns but further investigates dividend and …, excess or real returns and then, attempt to alter our data’s frequency so as to address the seasonality effect observed …

businesses in the new economy. The IPO market has triggered an intense competition between the USA and China. Russia’s stock … stock market transactions, or any new tax incentives. It is necessary to launch more profound institutional changes … market has stayed away from these processes. The experience of the USA and China shows that for the IPO market to properly …

flow do not, regardless of whether news are negative or positive. This novel empirical finding is established in a new … characterized by elevated disagreement about the future stance of the economy compared to states of weak or strong information flow … realized GARCH model with time-varying intercept, measuring changes in the overall volatility level, which is governed by a new …

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …

 (2002) (suggesting that the empirical results do not support the  case for state competition); Lucian Bebchuk and Assaf Hamdani, Vigorous Race or … UNIVERSITY OF WAIKATO Hamilton New Zealand Path Dependence or Convergence? The Evolution of … Corporate Ownership Around the World Andrew J.Y. Yeh Reserve Bank of New Zealand Steven Lim and Ed Vos University of …

to be market-wide and not firm-specific (1990, p. 707). This paper only considers a single-asset economy. 7 equity … able to learn about corporate finance and governance not just from the level of stock prices, or from short-term event … (++4122) 312 09 61 F ax (++4122) 312 10 26http: //www .f ame.ch E-mail: admin@f ame.ch Theory and New Tests Research …

-based factor-mimicking portfolio has a Sharpe ratio of 0.15, higher than that of the market factor or the HML factor of Fama and … (2004)) or for the risks associated with the aggregate cash flow news factor and the discount rate news factor of Campbell … consistent with either a behavioral or rational risk premium explanation. 3 Kraft, Leone, and Wasley (2005) report that when …

approach not only provides new insight into the time-dependent interplay of equity markets, but it can also replicate certain … value series, in particular whether or not two series tend to move in the same direction at a given frequency. Our main … whether stock markets anticipate business cycles or its turning points. Several recent studies assert that financial …