Maria Kasch‐Haroutounian  Erik Theissen 《European Financial Management》2009,15(1):181-207

Exchanges in Europe are in a process of consolidation. After the failure of the proposed merger between Deutsche Börse and Euronext, these two groups are likely to become the nuclei for further mergers and co‐operation with currently independent exchanges. A decision for one of the groups entails a decision for the respective trading platform. Against that background we evaluate the attractiveness of the two dominant continental European trading systems. Though both are anonymous electronic limit order books, there are important differences in the trading protocols. We use a matched‐sample approach to compare execution costs in Euronext Paris and Xetra. We find that both quoted and effective spreads are lower in Xetra. The differences are more pronounced for less liquid stocks. When decomposing the spread we find no systematic differences in the adverse selection component. Realised spreads, on the other hand, are significantly higher in Euronext. Neither differences in the number of liquidity provision agreements nor differences in the minimum tick size or in the degree of domestic competition for order flow explain the different spread levels. We thus conclude that Xetra is the more efficient trading system.  相似文献   

    

David Matesanz Gómez  Guadalupe Fugarolas Álvarez‐Ude  Isis Mañalich Gálvez 《Economics of Transition》2011,19(2):287-304

This study examines the impact of trade on Cuban growth during different commercial policy regimes spanning the period from 1960 up to 2004, encompassing two essential economic structural transformations: the Cuban revolution and the fall of the Berlin Wall. For this purpose, the Granger causality is used by means of the modified Wald test for augmented‐level vector autoregressive model with integrated and cointegrated processes introduced by Toda and Yamamoto (1995) and Dolado and Lutekepohl (1996) . We show an import‐led growth hypothesis during the Soviet‐oriented pattern that is rejected after 1990, when exports are not only responsive to growth expansion but also to imports’ behaviour.  相似文献   

    

Yen‐Chen Wu  Shikuan Chen  Ming‐Jen Chang 《Review of International Economics》2019,27(5):1427-1459

This study analyzes the macroeconomic impacts of subsidies to attract multinational corporations when firms are determining whether to enter or how to serve foreign markets. We show that a small FDI subsidy scheme induces consumption gains and delivers short‐term welfare improvement for the FDI host country if firms differ in productivity. However, the subsidy generates a new problem and results in the wealth reallocation effect, leading to welfare deterioration for the host country in the long run. Moreover, we find that a subsidy program induces a welfare improvement for the host country if it is offered to all domestic producers instead of foreign producers only in the host country.  相似文献   

    

Yin‐Wong Cheung  XingWang Qian 《Review of Development Economics》2010,14(2):227-247

We study the empirical determinants of China's capital flight. In addition to the covered interest differential, our empirical exercise includes a rather exhaustive list of macroeconomic variables and a few institutional factors. Overall, our regression exercise shows that China's capital flight is quite well explained by its own history and covered interest differentials. The other possible determinants offer relatively small additional explanatory power. It is also found that China's capital flight responds differently to the components of covered interest differentials and to the positive and negative components of these variables. The response pattern, however, depends on the choice of data frequency. The general impression is that the monthly results are more intuitive than the quarterly ones.  相似文献   

    

Bahram Adrangi  Arjun Chatrath  Rohan A. Christie‐David  Kiseop Lee 《期货市场杂志》2011,31(10):915-946

This study examines information incorporation and price discovery in closely related markets that witness staggered openings. A theoretical model is presented. In this framework, one market, termed dominant, is the venue where most of the price discovery occurs, and the other is termed secondary. The model predicts heightened volatility and order flow in each market when it opens first compared with when it opens second. The effects are predicted to be more pronounced in the dominant market, and is linked to the process of information incorporation. Tests conducted using futures on crude oil (dominant) and gasoline (secondary), two related markets that witness staggered openings, reveal findings consistent with the model's predictions. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark  相似文献   

    

María‐del‐Mar Camacho‐Miñano  David Pascual‐Ezama  Elena Urquía‐Grande 《国际破产评论》2013,22(3):171-187

The current economic crisis is showing one of the main problems that many companies in financial distress have to face, namely, the impact of bankruptcy law in relation to companies and firms. This paper aims to analyze the bankruptcy law ex‐ante efficiency when companies are in financial distress. To test it out, two research questions are submitted: (i) Is solvency, the criterion used in the Spanish law, the best one to assess the relative significance of the main indicators, which determine bankrupt firms? (ii) Is the Spanish bankruptcy law efficient according to solvency or are there better criteria? To answer them, a logistic regression model is conducted. The sample embraces 1,387 firms in Spain, the data being obtained from 12 Commercial Justice Courts complemented with financial information. The main conclusion is that the solvency criterion is adequate to classify bankrupt companies although currently Spanish Bankruptcy law is not as efficient as it could be. Additionally, the relevant companies' indicators, which explain the financial distress procedure, are presented. Copyright © 2013 INSOL International and John Wiley & Sons, Ltd  相似文献   

    

Mohsen Bahmani‐Oskooee  Scott W. Hegerty  Ruixin Zhang 《Economic Papers: A journal of applied economics and policy》2014,33(1):76-94

As one of the world's most important exporters, Korea might find volatility in the won to be detrimental to trade. But, since previous studies – as well as economic theory – suggest that the impact of exchange‐rate risk on individual countries trade flows can be ambiguous, each case must be tested empirically. This study does, examining 148 Korean export industries and 144 import industries vis‐à‐vis the rest of the world. We find that in the long run, twenty export industries respond negatively to exchange‐rate risk, while twelve respond positively. For imports, however, eight have negative coefficients and fourteen have positive ones. The majority of industries are unaffected. Small Korean exporters are particularly vulnerable to exchange‐rate risk, as are two large export industries. Imports in the Machinery and transport equipment sector, particularly automobiles, are most likely to see a decrease in the overall trade balance due to increased risk.  相似文献   

    

Hong Hwang  Kuo‐Feng Kao  Cheng‐Hau Peng 《Review of Development Economics》2011,15(1):19-32

This paper re‐examines the issue of tariff and quota equivalence by introducing an upstream market into the Hwang and Mai (1988 ) model, and then allowing the two downstream firms to cross‐haul within each other's market. We assume the upstream monopolist can select either a two‐part or a one‐part tariff pricing strategy. It is found that if the upstream firm adopts a two‐part (one‐part) tariff pricing strategy, then the market price of the final good under a tariff will be higher (lower) than that under an equivalent quota; that is, the quota is set at the import level under the tariff regime. This result stands in stark contrast to the prior findings of both Hwang and Mai (1988 ) and Fung (1989 ). Moreover, if the quota rent is set as being equal to the tariff revenue, the social welfare under a tariff will necessarily be lower than that under an equivalent quota.  相似文献   

    

Hem C. Basnet  Ficawoyi Donou‐Adonsou 《Review of Financial Economics》2018,36(3):252-266

This paper examines whether Internet access positively affects credit card balances. To that end, we compare the 2010 and 2013 Surveys of Consumer Finances, analyze the consistency of the results over time, and provide the rationale for any resulting differences. Using the censored techniques, our results indicate that Internet access has a positive effect on credit card balances, which suggests that consumers with Internet access are prone to higher balances compared to those without. The probability of carrying positive balances was larger in 2010 compared to 2013. Overall, the results suggest that, while the financial crisis might have contributed to higher balances in 2010, the economic recovery afterward seems to have eased the burden of credit card debt.  相似文献   

Sketches from the Urban Internationale, 1910–50: Voluntary Associations,International Institutions and US Philanthropic Foundations     

Pierre‐Yves Saunier 《International journal of urban and regional research》2001,25(2):380-403

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