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The Seniority Conundrum – Further Evidence
Steinkamp, Sven; Westermann, Frank - In: CESifo Forum 18 (2017) 2, pp. 63-65
Persistent link: https://www.econbiz.de/10011696292
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Public issue of banks bonds case study of Bank Pocztowy S. A.
Gemra, Kamil - In: e-Finanse: Financial Internet Quarterly 13 (2017) 1, pp. 35-46
issue of bonds, the buyers of which were to be individual investors. This article uses the research methodology of case … of bonds in the public issue process in the financing of private banks in Poland. The results of the research show that … it is possible to say that individual investors are interested in diversifying their savings by acquiring bank bonds. …
Persistent link: https://www.econbiz.de/10012011804
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The rationale and conditions for the issuing of Polish treasury bonds on foreign markets
Frydrych, Sylwia - In: e-Finanse: Financial Internet Quarterly 15 (2019) 1, pp. 59-72
The aim of this article is to present the analysis of treasury bonds issued by the Ministry of Finance on international … financial markets to finance debt. The author identifies the structure of bonds on the domestic and international markets. The … study attempts to answer the question of whether the Ministry of Finance should issue bonds on foreign markets and what …
Persistent link: https://www.econbiz.de/10013466210
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Effiziente Finanzmärkte und soziale Dynamik: Zum Nobelpreis für Wirtschaftswissenschaften an Eugene F. Fama, Lars P. Hansen und Robert J. Shiller
Menkhoff, Lukas - In: Wirtschaftsdienst 93 (2013) 12, pp. 864-867
Der diesjährige Nobelpreis für Wirtschaftswissenschaften ist an drei Forscher "für ihre empirische Analyse von Vermögenspreisen" verliehen worden. Zwei der Laureaten haben ganz unterschiedliche Sichtweisen auf die Funktionsfähigkeit von Finanzmärkten: Während Fama die...
Persistent link: https://www.econbiz.de/10011418832
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Testing for linear and nonlinear causality between crude oil price changes and stock market returns
Anoruo, Emmanuel - In: International Journal of Economic Sciences and Applied … 4 (2011) 3, pp. 75-92
This paper examines both the linear and nonlinear causal relationships between crude oil price changes and stock market returns for the United States. In particular, the study applied a battery of unit root tests to ascertain the time series properties of crude oil price changes and stock market...
Persistent link: https://www.econbiz.de/10010289389
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Investigating the sources of Black's leverage effect in oil and gas stocks
Sanusi, Muhammad Surajo - In: Cogent Economics & Finance 5 (2017) 1, pp. 1-13
The Black's leverage effect hypothesis postulates that a negative stock return innovation increases the financial leverage of a firm since the value of equity decreases at a given level of debt, which, in turn, creates a higher equity return volatility in the future. The paper is aimed at...
Persistent link: https://www.econbiz.de/10011988742
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Pricing and performance of IPOs: Evidence from Indian stock market
Hawaldar, Iqbal Thonse; Kumar, K.R. Naveen; … - In: Cogent Economics & Finance 6 (2018) 1, pp. 1-20
This study examines listing day performance of IPOs, book-built and fixed-price IPOs, post-listing aftermarket performance of IPOs, book-built and fixed-price IPOs in the Indian stock market. We examine pricing as well as long run performance of 464 (365 book-built IPOs and 99 fixed-price IPOs)...
Persistent link: https://www.econbiz.de/10011988821
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Recursive utility using the stochastic maximum principle
Aase, Knut K. - In: Quantitative Economics 7 (2016) 3, pp. 859-887
Motivated by the problems of the conventional model in rationalizing market data, we derive the equilibrium interest rate and risk premiums using recursive utility in a continuous-time model. We use the stochastic maximum principle to analyze the model. This method uses forward/backward...
Persistent link: https://www.econbiz.de/10011995477
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Multi-factor asset-pricing models under Markov regime switches: Evidence from the Chinese stock market
Chen, Jieting; Kawaguchi, Yuichiro - In: International Journal of Financial Studies 6 (2018) 2, pp. 1-19
This paper proposes a Markov regime-switching asset-pricing model and investigates the asymmetric risk-return relationship under different regimes for the Chinese stock market. It was found that the Chinese stock market has two significant regimes: a persistent bear market and a bull market. In...
Persistent link: https://www.econbiz.de/10011996104
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The Asymmetric Impulse of the Sunshine Effect on Stock Returns and Volatilities
Lee, Yuan-Ming; Wang, Kuan-Min - In: Amfiteatru Economic Journal 12 (2010) 28, pp. 606-633
This study constructs a variety of GARCH models with the consideration of the generalized error distribution to analyze the relationship between the cloud cover and stock returns in Taiwan in the whole sample period (1986 to 2007) and in the two sub-sample periods (1986 to 1996 and 1997 to...
Persistent link: https://www.econbiz.de/10011724726