Search results for "F37"

showing 3 items of 3 documents

The determinants of increasing equity market comovement: economic or financial integration?

2010

This paper investigates to what extent the substantial increase in exposures of local European equity market returns to global shocks is mainly due to a convergence in cash flows (“economic integration”), to a convergence in discount rates (“financial integration”), or to both. We find that this increased exposure is nearly entirely due to increasing discount-rate betas. This finding is robust to alternative ways of calculating discount-rate and cash-flow shocks.

Economic integrationMacroeconomicsEconomicsFinancial integrationEquity (finance)WirtschaftEconomics Econometrics and Finance(all)Monetary economicsPolitical EconomyEconomic integration; Financial integration; Cash-flow news; Discount-rate news; G11; G12; G15; C32; F37Operating cash flowVolkswirtschaftslehreEuropean integrationddc:330EconomicsCash flowPrice/cash flow ratioCash managementGeneral Economics Econometrics and Financehealth care economics and organizations
researchProduct

How Law Affects Lending

2006

A voluminous literature seeks to explore the relation between law and finance, but offers little insights into dynamic relation between legal change and behavioral outcomes or about the distributive effects of law on different market participants. The current paper disentangles the law-finance relation by using disaggregate data on banks’ lending patterns in 12 transition countries over a 8 year period. This allows us to control for country level heterogeneity and differentiate between different types of lenders. Employing a differences-in-differences methodology in an exclusive ”laboratory” setting as well as unique hand collected datasets on legal change as well as changes in bank ownersh…

Economics and EconometricsCollateralCreditorControl (management)Financial marketjel:G21Variety (cybernetics)jel:F34jel:G33creditor rights; credit market development; bankruptcy; collateral law; bank lendingjel:G28jel:F37BankruptcyAccountingLawAggregate dataNew entrantsBusinessFinance
researchProduct

Global imbalances and the intertemporal external budget constraint: A multicointegration approach

2013

Abstract This paper analyzes the external solvency of a group of 23 OECD countries for the period 1970–2012. The empirical strategy adopted underlines the increasing importance of the financial channel for the external adjustment as proposed in Gourinchas and Rey (2007) . We unify the traditional approaches to testing for external sustainability considering the stock-flow system created by the variables representing the external relationships of an open economy. External sustainability is tested using several types of cointegration and multicointegration tests. The results obtained point to weak sustainability in the flows analysis, whereas some degree of strong sustainability is found for …

MacroeconomicsEconomics and EconometricsSolvencyCointegrationF36F37Net foreign assetsRestricted accessGlobal imbalancesOecd countriesInternational economicsCurrent accountMulticointegrationSustainabilityEconomicsStructural breaksF32Open economyFinanceBudget constraintC22
researchProduct