Remote investing in Latin America, 1869–1929
The Economic History Review, EarlyView.Abstract Substantial amounts of British capital flowed to Latin America during the first era of globalization. Companies financed by this capital were typically headquartered in the United Kingdom, but operated thousands of miles away. This paper asks how this geographic separation between governance and business activities affected the valuation of ...
Gareth Campbell +2 more
wiley +1 more source
The first bear raid and squeeze: Isaac Le Maire and the Dutch East India Company
The Economic History Review, EarlyView.Abstract In 1609, the Dutch East India Company (VOC) faced a bear raid by a syndicate of short sellers led by Isaac Le Maire, a former director. We reconstruct the forward trade between 1607 and 1611, the actions taken by the syndicate members, and the responses to these actions by the company.
Oscar Gelderblom +2 more
wiley +1 more source
The Implied Equity Risk Premium - An Evaluation of Empirical Methods [PDF]
A new approach of estimating a forward-looking equity risk premium (ERP) is to calculate the implied risk premium using present value (PV) formulas. This paper compares implied risk premia obtained from dierent PV models and evaluates them by analyzing ...
David Schröder
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The Economic History Review, EarlyView.Abstract Financial history is plagued by a visibility trap. Using the Brussels Stock Exchange (1850–1913), we demonstrate that asset illiquidity introduced selection bias, which systematically inflated historical risk premia. Applying a latent return model, we argue that correcting for this illiquidity decreases the equity and corporate bond risk ...
Justin Case +2 more
wiley +1 more source
Improved Dividend Estimation from Intraday Quotes. [PDF]
Entropy (Basel), 2022 Söderbäck P, Blomvall J, Singull M.
europepmc +1 more source
Does lowering dividend tax rates increase dividends repatriated?: evidence of intra-firm cross-border dividend repatriation policies by German Multinational Enterprises [PDF]
This paper explores the impact dividend taxes exert on the dividends repatriated from foreign affiliates to their German parent company. Based on an augmented Lintner model of firms' dividend payout decisions, the paper focusses on cross-border intra ...
Wild, Michael +2 more
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Free to choose: Bank capital in Britain, 1878–1939
The Economic History Review, EarlyView.Abstract Government regulation of the banking sector is pervasive, making it difficult to empirically analyse when banks would voluntarily choose to issue equity if there were no minimum requirements on capital adequacy. A unique historical setting occurred in the late nineteenth‐century United Kingdom when joint‐stock banks were free to choose their ...
Gareth Campbell +2 more
wiley +1 more source
The magnitude of energy transition risk embedded in fossil fuel company valuations. [PDF]
Heliyon, 2021 Riedl D.
europepmc +1 more source
A numerical method for the expected penalty–reward function in a Markov-modulated jump–diffusion process. [PDF]
A generalization of the Cramér–Lundberg risk model perturbed by a diffusion is proposed. Aggregate claims of an insurer follow a compound Poisson process and premiums are collected at a constant rate with additional random fluctuation.
Usábel, Miguel A., Diko, Peter
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Stock returns and expected business conditions : half a century of direct evidence [PDF]
, 2005 We explore the macro/finance interface in the context of equity markets. In particular, using half a century of Livingston expected business conditions data we characterize directly the impact of expected business conditions on expected excess stock ...
Diebold, Francis X., Campbell, Sean D.
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