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Die historische Geld- und Kapitaldatenbank des Center for Financial Studies
Die Historische Geld- und Kapitalmarktdatenbank, die vom Institut für Kapitalmarktforschung an der Johann Wolfgang Goethe-Universität in mehr als fünfjähriger Arbeit im Rahmen des DFG-Schwerpunktprogramms "Empirische ...
PSPP Resources of the Bank of Lithuania
National EU Banks PSPP
PSPP Resources of National EU Banks
National EU Banks CSPP
CSPP Resources of National EU Banks
Does sophistication affect long-term return expectations? Evidence from financial advisers' exam scores
We use unique data fromfinancial advisers’ professional exam scores and combine it with other variables to create an index of financial sophistication. Using this index to explain long-term stock return expectations, we ...
Stock Ownership and Political Behavior: Evidence from Demutualizations
A setting in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous shock to salience of stock ownership. We use this shock to identify the effect of stock ownership on ...
Household Debt and Social Interactions
Can concern with relative standing, which has been shown to influence consumption and labor supply, also increase borrowing and the likelihood of financial distress? We find that perceived peer income contributes to debt ...
Growth Options and Firm Valuation
"This paper studies the relation between firm value and a firm's growth options. We find strong empirical evidence that (average) Tobin's Q increases with firm-level volatility. The significance mainly comes from R&D firms, ...
Interbank Networks and Backdoor Bailouts: Benefiting from other Banks' Government Guarantees
This paper explains why banks derive a benefit from being highly interconnected. We show that when banks are protected by government guarantees they can significantly increase their expected returns by channeling funds ...
Option-Implied Information and Predictability of Extreme Returns
We study whether prices of traded options contain information about future extreme market events. Our option-implied conditional expectation of market loss due to tail events, or tail loss measure, predicts future market ...