Since the great financial crisis, several scandals have exposed a pervasive light on banks' presence in tax havens. Taking advantage of a new database, this paper provides a quantitative assessment of the importance of tax havens in international banking activity. Using comprehensive individual...

Purpose: Risk factor investing has grown in popularity in recent years and has become a cornerstone of investment portfolios. The goal of factor investing is to generate more returns in the long run. This paper aims to studies the term structure of equity factor. The authors consider the point...

This paper contributes to the crucial problem of LIBOR malfunctioning due to its manipulation by banks, a phenomenon described clearly in the FSA Inquiry Report published in September 2012. After applying classical tests of non-stationarity to a series of participating banks’ LIBOR quotes, we...

This paper contributes to the crucial problem of LIBOR malfunctioning due to its manipulation by banks, a phenomenon described clearly in the FSA Inquiry Report published in September 2012. After applying classical tests of non-stationarity to a series of participating banks’ LIBOR quotes, we...

This paper focuses on the real - as opposed to the monetary - side of the economy to explain price dynamics in Japan between 1981 and 2001. We use a panel industry dataset to examine the impact of institutional and structural factors on the heterogeneous price dynamics in 10 manufacturing...