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Does the Type of Debt Matter? Stock Market Perception in Europe
(18.03.2020)
Quarterly Review of Economics and Finance February
Quarterly Review of Economics and Finance February
We study the effect of syndicated loan and bond announcements on the stock price of borrowers. No work since James (1987) on US data has compared the impact of both types of announcements on the same sample. Applying an ...
Comparing financial transparency between for-profit and nonprofit suppliers of public goods : Evidence from microfinance
(15.01.2020)
Journal of International Financial Markets, Institutions and Money January
Journal of International Financial Markets, Institutions and Money January
Previous research finds market financing is favored over relationship financing in environments of better governance, since the transaction costs to investors of vetting asymmetric information are thereby reduced. For ...
Price level targeting with evolving credibility
(29.11.2020)
Journal of Monetary Economics December
Journal of Monetary Economics December
Global learning dynamics for price-level targeting (PLT) monetary policy are analyzed and compared to inflation targeting in a nonlinear New Keynesian model. Domain of attraction of target steady state is a new robustness ...
Switching costs in the Finnish retail deposit market
(08.10.2020)
Journal of the Finnish Economic Association 1
Journal of the Finnish Economic Association 1
I calibrate switching cost for the Finnish retail deposit market by using the approach developed by Oz Shy (2002). It turns out that switching costs faced by deposit customers of the main Finnish banks manifest large ...
Long-run inflation expectations in the ECB survey of professional forecasters: what do the survey responses tell us?
(20.12.2020)
Equilibrium. Quarterly Journal of Economics and Economic Policy 4
Equilibrium. Quarterly Journal of Economics and Economic Policy 4
Research background: At the background, there are issues related to policy credibility and policy targets. For these issues, long-term forecasts can provide important information. Of course, long-term forecasts are needed ...
Is social capital associated with corporate innovation? Evidence from publicly listed firms in the U.S
(08.04.2020)
Journal of Corporate Finance June
Journal of Corporate Finance June
We find that social capital in U.S. counties, as captured by strength of social norms and density of social networks, is positively associated with innovation of firms headquartered in the county, as captured by patents ...
The effect of the ECB’s conventional monetary policy on the real economy : FAVAR-approach
(11.07.2019)
Empirical Economics 6 ; December
Empirical Economics 6 ; December
This study applies factor-augmented vector autoregressive models to investigate the effect of the European Central Bank’s (ECB) conventional monetary policy on the real economy. More specifically, the study examines how ...
Credit allocation when borrowers are economically linked: An empirical analysis of bank loans to corporate customers
(07.04.2020)
Journal of Corporate Finance June ; 2020
Journal of Corporate Finance June ; 2020
Using detailed loan level data, we examine bank lending to corporate customers relying on principal suppliers. Customers experience larger loan spreads, higher intensity of covenants and greater likelihood of requiring ...
Democracy and credit
(15.04.2020)
Journal of Financial Economics 2 ; May
Journal of Financial Economics 2 ; May
Does democratization reduce the cost of credit? Using global syndicated loan data from 1984 to 2014, we find that democratization has a sizable negative effect on loan spreads: a 1-point increase in the zero-to-ten Polity ...
Foreign bank ownership and income inequality : empirical evidence
(15.02.2020)
Applied Economics 11 ; March
Applied Economics 11 ; March
Using country-level panel data over 1995–2013 on within-country income inequality and foreign bank presence, this paper establishes a positive relation between the two, running from higher foreign bank presence to income ...