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The Bright Side of Financial Derivatives: Options Trading and Firm Innovation

Blanco, Iván; Wehrheim, David - 2016

Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship … between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more … options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more …

Persistent link: https://www.econbiz.de/10015250648

The Bright Side of Financial Derivatives: Options Trading and Firm Innovation

Blanco, Iván; Wehrheim, David - 2016

Persistent link: https://www.econbiz.de/10015250741

Uniswap and the rise of the decentralized exchange

Lo, Yuen; Medda, Francesca - 2020

Despite blockchain based digital assets trading since 2009, there has been a functional gap between (1) on-chain transactions and (2) trust based centralized exchanges. This is now bridged with the success of Uniswap, a decentralized exchange. Uniswap's constant product automated market maker...

Persistent link: https://www.econbiz.de/10015223853

Product differentiation and systematic risk: theory and empirical evidence

Bazdresch, Santiago - 2011

Firms producing differentiated products have high margins and therefore low risk. As a result firms invest more into developing differentiated products when they perceive risk is high. Higher risk also implies higher product skewness towards more differentiated products and therefore higher...

Persistent link: https://www.econbiz.de/10015229828

Oil Crisis, Energy-Saving Technological Change and the Stock Market Crash of 1973-74

Alpanda, Sami; Peralta-Alva, Adrian - 2007

more than doubled by the end of the decade, increasing energy costs and spurring innovation in energy-saving technologies …

Persistent link: https://www.econbiz.de/10015244367

Monetary Policy and Mispricing in Stock Markets

Beckers, Benjamin; Bernoth, Kerstin - 2023

We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk...

Persistent link: https://www.econbiz.de/10015213278

Banking Stability in the ESG Framework Across Italian Regions

Arnone, Massimo; Leogrande, Angelo; Costantiello, Alberto; … - 2024

This work aims to initiate a reflection on the awareness of environmental, social, and corporate governance issues, summarized in the acronym ESG (Environmental, Social, Governance), among Italian SMEs. The integration of ESG issues into business models has led to an expansion of the risk...

Persistent link: https://www.econbiz.de/10015213734

Learning from prices: information aggregation and accumulation in an asset market

Berardi, Michele - 2020

Can prices convey information about the fundamental value of an asset? This paper considers this problem in relation to the dynamic properties of the fundamental (whether it is constant or time-varying) and the structure of information available to agents. Risk-averse traders receive two...

Persistent link: https://www.econbiz.de/10015214001

Social Capital and Stock Price Crash Risk: Cross-Country Evidence

Gaganis, Chrysovalantis; Leledakis, George N.; … - 2024

We use a comprehensive cross-country sample to investigate whether and how the country-level social capital influences the firm-level stock price crash risk. We document a negative and statistically significant effect, which is robust to various tests including IV estimations that account for...

Persistent link: https://www.econbiz.de/10015214574

Heroes or Villains? Culturally endorsed charismatic leadership style and stock price crash risk

Gaganis, Chrysovalantis; Leledakis, George N.; … - 2024

This study examines the association between the culturally endorsed charismatic leadership style in a society and stock price crash risk. The results reveal a positive and statistically significant association, providing support to the arguments about the dark-side view of charismatic...

Persistent link: https://www.econbiz.de/10015214575