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The Economic Consequences of Bankruptcy Reform

open access: yesSocial Science Research Network, 2019
A more generous consumer bankruptcy system provides greater insurance against financial risks but may also raise the cost of credit. We study this trade-off using the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which increased ...
Tal Gross   +4 more
semanticscholar   +1 more source

Does Incomplete Spanning in International Financial Markets Help to Explain Exchange Rates?

open access: yesThe American Economic Review, 2016
We assume that domestic (foreign) agents, when investing abroad, can only trade in the foreign (domestic) risk-free rates. In a preference-free environment, we derive the exchange rate volatility and risk premia in any such incomplete spanning model, as ...
Hanno Lustig   +3 more
semanticscholar   +1 more source
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The dynamic connectedness between private equities and other high-demand financial assets: A portfolio hedging strategy during COVID-19

Australian Journal of Management, 2023
In view of the need for portfolio diversification, we investigate the interlinkages between a private equity ETF and a set of high-demand asset classes including bonds, equities, crude oil, gold, commodities, currency, Bitcoin, and shipping within a ...
Spyros Papathanasiou   +3 more
semanticscholar   +1 more source

A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers

Social Science Research Network, 2022
We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome by arbitrageurs with limited capital.
P. Gourinchas   +2 more
semanticscholar   +1 more source

Dividend Taxes and Investment Efficiency: Evidence from the 2003 U.S. Personal Taxation Reform

Social Science Research Network, 2022
We examine the effect of a large dividend tax cut on corporate investment efficiency by exploiting the 2003 personal taxation reform in the U.S. as a quasi-natural experiment.
J. Chay, Byung-Uk Chong, Hyun Joong Im
semanticscholar   +1 more source

The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States

Social Science Research Network, 2022
The US net foreign asset position declined sharply after 2007, reaching negative 60 percent of GDP by the third quarter of 2023. This deterioration primarily reflects a US-specific rise in corporate asset values that inflated the value of US equity ...
Andrew Atkeson, J. Heathcote, F. Perri
semanticscholar   +1 more source

Better to Give than to Receive: A Study of BRICS Countries Stock Markets

Journal of Emerging Market Finance, 2023
This study uses the MGARCH-BEKK model and Diebold–Yilmaz (DY) volatility spillover index to examine volatility spillovers among BRICS countries’ stock markets.
Pradiptarathi Panda   +2 more
semanticscholar   +1 more source

Signaling Effect of Dividend on Firm’s Future Performance: A Study of Select Emerging Economies

Journal of Emerging Market Finance, 2023
The present study examines the signaling effects of a firm’s dividend policy in developing economies (India, Brazil, China, and Taiwan) from 2010 to 2020 in 4,630 companies’ observations.
S. Kanojia, B. S. Bhatia
semanticscholar   +1 more source

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