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We analyze how financial experts influence asset prices in a sequential trading model. In the model, an expert of …
Persistent link: https://www.econbiz.de/10015239858
altogether break down, enabling experts of low ability to maintain a lasting reputation and affect prices durably. Yet in the … long run, the market almost always learns experts' true type. While prices get stuck in the medium run, they thus converge …
Persistent link: https://www.econbiz.de/10015243041
The financing of innovation impacts on economic growth. What’s, among bank-based or market-based system, the best organizational form? The paper supports the view that both forms have to be merged into a unique approach (law and finance view) embracing not only the overall quality of the...
Persistent link: https://www.econbiz.de/10015222144
The study here reviews the institutional structure of the Sudanese government. Truly, though it is stigmatized as totalitarian, the structure is phenotypically perfect. Ministry of Ministries council is supposed to cater for analyzing data concerning ministries performance, drawing strategic...
Persistent link: https://www.econbiz.de/10015229131
Syndicated lending allows participant banks to offer larger loans for longer tenors. A diversified syndicate structure, which includes both domestic and foreign banks, can aid in reducing their risk and alleviate information asymmetry in loan contracting. Using cross-country data on syndicated...
Persistent link: https://www.econbiz.de/10015265290
We study credit markets in which lenders can invest in financial expertise to reduce the cost of acquiring information about underlying collateral. If the pledgeability of corporate income is low, information acquisition enhances liquidity, but lenders reduce expertise acquisition because of the...
Persistent link: https://www.econbiz.de/10015242608
Information flows are necessary for well-functioning financial markets. However, in many emerging markets, the legal and institutional preconditions for proper information flow are not met. How do such markets respond? We argue that they respond by developing innovative information transmission...
Persistent link: https://www.econbiz.de/10015249355
The objective of this study is to investigate the effects of ICT on financial development as measured by domestic credit to the private sector in Sub-Saharan Africa. The study uses a panel of 30 countries and covers the period 1995 - 2019. The data come from a variety of sources and the method...
Persistent link: https://www.econbiz.de/10015214864
We review the theories on how liquidity affects the required returns of capital assets and the empirical studies that test these theories. The theory predicts that both the level of liquidity and liquidity risk are priced, and empirical studies find the effects of liquidity on asset prices to be...
Persistent link: https://www.econbiz.de/10015222962
Millions of lives were dramatically changed by Hurricane Katrina, the worst natural disaster in U.S. history. Numerous businesses were wiped out. People lost their homes, their livelihoods, their lives. Nearly two years after Katrina, some sectors of the aff ected region have proved to be more...
Persistent link: https://www.econbiz.de/10015225449