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This paper identifies endogenous and exogenous indicators of firms' investment activity, and examine, in particular …, the effect that these variables have in co-determining firms' investment decisions. Two channels of spillovers from …
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-varying effects of ICT investment across economic activities have been only minimally explored. This paper investigates the impacts of … manufacturing and services in their GDP have reaped the benefits of ICT investment, other provinces primarily dependent on natural … industries have benefited from ICT investment much more than primary sector industries. The results further indicate that ICT …
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We study the extent to which the impact of tail risk spillovers, originating in the financial sector and affecting real-economy firms, depends on the level of cash holdings and the financial conditions of the firm. Empirical evidence on 4,320 firms located in 16 European countries, from 2003 to...
Persistent link: https://www.econbiz.de/10013056195
Fire-sales induced by investor redemptions have powerful spillover effects among funds that hold the same assets, hurting peer funds' performance and flows, and leading to further asset sales with negative bond price impact. A 1-standard deviation increase in our fire-sale spillover measure...
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The exchange-traded fund (ETF) market has become the most important development of the financial markets over the last decade. I show that the network of the ETF market — the linkages between ETFs based on portfolio weights — catalyzes the propagation of price dislocations, the gaps between...
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