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Arping, Stefan - 2015

I study a model of market-liquidity provision by levered intermediaries that, besides operating trading desks, run deposit-taking franchises. Levered intermediaries' heightened incentive to absorb risk helps to counteract liquidity-provision frictions that, in an unlevered economy, would lead to...

Persistent link: https://www.econbiz.de/10010491411

Does anonymity matter in electronic limit order markets?

Foucault, Thierry; Moinas, Sophie; Theissen, Erik - 2005

As of April 23, 2001, the limit order book for stocks listed on Euronext Paris became anonymous. We study the effect of this switch to anonymity on market liquidity and the informational content of the limit order book. Our empirical analysis is based on a model of limit order trading in which...

Persistent link: https://www.econbiz.de/10010308662

Transparency through financial claims with fingerprints: A free market mechanism for preventing mortgage securitization induced financial crises

Gründl, Helmut; Post, Thomas - 2009

Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of … 20072009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market … considerably enhance transparency in securitization transactions at the expense of some transaction costs, while reducing the need …

Persistent link: https://www.econbiz.de/10010265673

Does Anonymity Matter in Electronic Limit Order Markets?

Foucault, Thierry; Moinas, Sophie; Theissen, Erik - 2004

Lecture on the first SFB/TR 15 meeting, Gummersbach, July, 18 - 20, 2004: We develop a model of limit order trading in which some traders have better information on future price volatility. As limit orders have option-like features, this information is valuable for limit order traders. We solve...

Persistent link: https://www.econbiz.de/10010333878

Secondary market trading infrastructure of government securities

Balogh, Csaba; Kóczán, Gergely - 2009

volume of developed markets. The summary of the relevant literature indicates that improved trading transparency clearly …-cut. While the loss of anonymity most likely decreases liquidity, transparency on the quantity and price of concluded … - launched at the European level - may contribute to improving the Hungarian market's transparency by engendering the regulation …

Persistent link: https://www.econbiz.de/10010322416

Mandatory financial information disclosure and credit ratings

Vanhaverbeke, Steven; Balsmeier, Benjamin; Doherr, Thorsten - 2022

When firms are forced to publicly disclose financial information, credit rating agencies are supposed to improve their risk assessments. Theory predicts such an information quality effect but also an adverse reputational concerns effect because credit analysts may become increasingly concerned...

Persistent link: https://www.econbiz.de/10013412964

Crowdfunding as an alternative method of raising capital

Wierzbicka, Katarzyna - In: e-Finanse: Financial Internet Quarterly 14 (2018) 4, pp. 56-66

Crowdfunding is a method of financing new ventures, commercial, cultural or social, often in return for future products or actions, engaged in by many investors. Currently, it is an important element in the structure of available sources of financing for investment projects. Despite the interest...

Persistent link: https://www.econbiz.de/10013466201

Cybercrime on the Ethereum Blockchain

Hornuf, Lars; Momtaz, Paul P.; Nam, Rachel J.; Yuan, Ye - 2023

We propose a taxonomy of cybercrime on the Ethereum blockchain and examine how cybercrime impacts victims' risk-taking and returns. Our difference-in-differences analysis of a sample of victims and matched non-victims suggests that victims increase their long-term total risk-taking and earn...

Persistent link: https://www.econbiz.de/10014377572

La relación entre el COVID-19 y el riesgo de crédito: Un estudio de caso para las 50 compañías del EuroStoxx

Téllez, Cecilia; Martín García, Margarita; Di … - In: Revista de Métodos Cuantitativos para la Economía y … 36 (2023), pp. 1-16

In this paper, we explore the impact of the COVID-19 pandemic on the credit risk of large European companies. We selected corporations belonged to the EuroStoxx 50 Index and whose CDS (Credit Default Swap) may be found in the iTraxx Europe Index. Then we applied the methodology of event studies...

Persistent link: https://www.econbiz.de/10014494509

Is fund performance driven by flows into connected funds? spillover effects in the mutual fund industry

Zhu, Bing; Woltering, René-Ojas - In: Journal of Economics and Finance 45 (2021) 3, pp. 544-571

Mutual funds are connected with each other through overlapping portfolio holdings. We document that the performance of individual mutual funds is affected by spillover effects from fund flows to connected mutual funds. Spillover-effects are particularly pronounced during crisis periods, when a...

Persistent link: https://www.econbiz.de/10014502077