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The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute...
Persistent link: https://www.econbiz.de/10004999959
-run investment dynamics. Using a survey-based measure of uncertainty related to the assessment of managers responsible for the firms …
Persistent link: https://www.econbiz.de/10005769181
This paper examines possible segmentation of the internal capital market in China. We employ two standard tools from the international finance literature to analyze financial integration across Chinese provinces. Both tests confirm a similar (and somewhat surprising) picture: capital mobility...
Persistent link: https://www.econbiz.de/10005826241
The level of a bank‘s capitalization can effectively transmit information about its riskiness and therefore support market discipline, but asymmetry information may induce exaggerated or distortionary behavior: banks may vie with one another to signal confidence in their prospects by...
Persistent link: https://www.econbiz.de/10011142191
The global financial crisis has placed the spotlight squarely on bank stress tests. Stress tests conducted in the lead-up to the crisis, including those by IMF staff, were not always able to identify the right risks and vulnerabilities. Since then, IMF staff has developed more robust stress...
Persistent link: https://www.econbiz.de/10011242340
, consistent with a view that such regular dividend payments are a mechanism through which to discipline host-country managers. In …
Persistent link: https://www.econbiz.de/10005599770
We re-examine the extent to which personal taxes on dividends are capitalized into the equity prices of domestic firms, using data from around the time of the 1997 U.K. dividend tax reform, which removed a significant tax credit for an important group of investors: U.K. pension funds. The...
Persistent link: https://www.econbiz.de/10005825898
The typical portrait of monetary policy has the banks and the money supply being manipulated through changes in bank reserves. However, with only a small portion of bank deposits now subject to reserve requirements, an alternative explanation of how monetary policy influences banks is needed....
Persistent link: https://www.econbiz.de/10005263662
We use data on the sources of debt finance of U.S. majority-owned foreign affiliates in 53 countries over the period 1983 to 2001 to examine the role of financial market development, and exposure to host country-specific risk on the financing choices of these affiliates. We find that total...
Persistent link: https://www.econbiz.de/10005263683
The paper examines the association and corporate behavior for a sample of manufacturing firms in India for the post-reform period 1992-2003. The findings suggest that a contractionary monetary policy lowers overall debt including bank debt, although the lagged response is positive, and listed...
Persistent link: https://www.econbiz.de/10005263785