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Banking Crisis Resolution Policy - Lessons from Recent Experience - which elements are needed for robust and efficient crisis resolution?
Mayes, David G. - CESifo - 2009
The current financial crisis has sparked intense debate about how weak banks should be resolved. Despite international …
Persistent link: https://www.econbiz.de/10008583712
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Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany
Hau, Harald; Thum, Marcel - CESifo - 2009
We examine evidence for a systematic underperformance of Germany’s state-owned banks in the current financial crisis … biographical background of 593 supervisory board members in the 29 largest banks and find a pronounced difference in the finance … and management experience of board representatives across private and state-owned banks. Measures of “boardroom competence …
Persistent link: https://www.econbiz.de/10005051557
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Measuring Alpha in the Fund Management Industry: Do Female Managers Perform Better?
Babalos, Vassilis; Caporale, Guglielmo Maria; … - CESifo - 2013
This paper examines the performance of 358 European diversified equity mutual funds controlling for gender differences. Fund performance is evaluated against funds’ designated market indices and representative style portfolios. Consistently with previous studies, no significant differences in...
Persistent link: https://www.econbiz.de/10010667412
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An Empirical Analysis of Legal Insider Trading in the Netherlands
Degryse, Hans; Jong, Frank de; Lefebvre, Jérémie - CESifo - 2009
In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by...
Persistent link: https://www.econbiz.de/10005034632
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Stock Market Returns, Corporate Governance and Capital Market Equilibrium
Parigi, Bruno Maria; Pelizzon, Loriana; Thadden, … - CESifo - 2013
This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms’ stock...
Persistent link: https://www.econbiz.de/10010720638
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Politics-Business Interaction Paths
Belloc, Marianna; Pagano, Ugo - CESifo - 2009
Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...
Persistent link: https://www.econbiz.de/10008572479
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Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings
Bo, Hong; Huang, Zhongnan; Sterken, Elmer - CESifo - 2015
We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999-2006, we find that firms do not use unspecified SEO proceeds on...
Persistent link: https://www.econbiz.de/10011163062
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Early Warning System for Economic and Financial Risks in Kazakhstan
Bhattacharyay, Biswa N.; Dlugosch, Dennis; Kolb, Benedikt; … - CESifo - 2009
This paper proposes a macro-prudential financial soundness analysis that can be used by most developing and transformation countries with or without crisis experience as well as by developed countries with limited data. The objective is to detect economic and financial sector vulnerability,...
Persistent link: https://www.econbiz.de/10008534036
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Towards a Macroprudential Surveillance and Remedial Policy Formulation System for Monitoring Financial Crisis
Bhattacharyay, Biswa N. - CESifo - 2009
Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s which resulted in severe economic, social, and political problems. The devastating impact of the 1982 and 1994-95 Mexican crises, the 1997-98 Asian financial crisis, the 1998 Russian...
Persistent link: https://www.econbiz.de/10008583704
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Home Bank Intermediation of Foreign Direct Investment
Poelhekke, Steven - CESifo - 2011
This paper investigates the benefits of banks’ direct investment in foreign subsidiaries and branches for non …-financial multinationals. The paper builds on the literature on international banks which has primarily focused on the implications for host … the volume of FDI by home market banks boosts FDI by non-financial firms from the same home market. Domestic and third …
Persistent link: https://www.econbiz.de/10009147744