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Endogenous Market Thinness and Stock Price Volatility

Pagano, Marco - C.E.P.R. Discussion Papers - 1986

resulting volatility can induce risk-averse transactors who face transaction costs to desert these markets altogether. Thus … thinness and the consequent price volatility may become joint self-perpetuating features of an equity market, whatever the … volatility of asset fundamentals. If, however, appropriate incentive schemes are adopted to encourage entry of additional …

Persistent link: https://www.econbiz.de/10005662005

Capital Flows to Emerging Markets: Liberalization, Overshooting and Volatility

Bacchetta, Philippe; van Wincoop, Eric - C.E.P.R. Discussion Papers - 1998

, if investors have incomplete information about new emerging markets, and learn over time, there can be high volatility of …

Persistent link: https://www.econbiz.de/10005666590

Financial Frictions, Product Quality, and International Trade

Crinò, Rosario; Ogliari, Laura - C.E.P.R. Discussion Papers - 2015

An influential literature has documented large differences across countries and industries in terms of product quality. It is important to understand the determinants of these differences, because the production of high-quality goods influences key aspects of economic performance. In this paper,...

Persistent link: https://www.econbiz.de/10011266532

Finance and Growth: When Does Credit Really Matter?

Coricelli, Fabrizio; Roland, Isabelle - C.E.P.R. Discussion Papers - 2008

The paper provides a simple theory and empirical evidence on the asymmetric effect of credit markets on output decline and output growth. When credit markets are underdeveloped and enterprise activity is financed outside the banking sector, exogenous shocks may induce a break-up of both credit...

Persistent link: https://www.econbiz.de/10005789097

A New Index of Currency Mismatch and Systemic Risk

Rancière, Romain; Tornell, Aaron; Vamvakidis, Athanasios - C.E.P.R. Discussion Papers - 2011

This paper constructs a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers. This measure explicitly takes into account the indirect exchange rate risk that banks undertake when they lend to borrowers that will not be able to repay in the...

Persistent link: https://www.econbiz.de/10008854496

Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres

Claessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2002

We study the determinants of stock market development and the growing migration of capital raising, listing and trading activity to international exchanges. Economies with higher income per capita, sounder macro policies, more efficient legal systems with better shareholder protection, and more...

Persistent link: https://www.econbiz.de/10005666902

Outsourcing, Offshoring and Innovation: Evidence from Firm-level Data for Emerging Economies

Fritsch, Ursula; Görg, Holger - C.E.P.R. Discussion Papers - 2013

It is striking that by far the lion's share of empirical studies on the impact of outsourcing on firms considers industrialized countries. However, outsourcing by firms from emerging economies is far from negligible and growing. This paper investigates the link between outsourcing and innovation...

Persistent link: https://www.econbiz.de/10011084498

The Costs of Inflation: Some Theoretical Issues

Hardman Moore, John - C.E.P.R. Discussion Papers - 1984

Although for the most part this paper is concerned with others' work, it is not a survey of the literature. Notable omissions are: the shoe-leather effect, the Tobin effect, the real effects of nominal (government) institutions. The first part looks at the relationship between inflation,...

Persistent link: https://www.econbiz.de/10005792034

With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression

Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2002

Asset price inflation presents central banks with a puzzle. I examine the case of Germany, 1925-7, when the Reichsbank intervened to bring down stock prices, rectify imbalances and curb speculation. Present value relations, comparisons with historical valuation measures and the time-series...

Persistent link: https://www.econbiz.de/10005792124

Myopia, the 'Dividend Puzzle', and Share Prices

Nickell, Stephen; Wadhwani, Sushil B - C.E.P.R. Discussion Papers - 1987

The view that the stock market is myopic is commonly expressed in the financial press. However, the existing econometric evidence does not support this view. In this paper, we report econometric evidence suggesting that the market attaches too high a weight to current dividends relative to...

Persistent link: https://www.econbiz.de/10005497792