The Spanish Review of Financial Economics最新文献_第3页

A banking union for Europe: Making a virtue out of necessity 欧洲银行业联盟:从必要中创造美德

The Spanish Review of Financial Economics Pub Date : 2015-01-01 DOI: 10.1016/j.srfe.2015.02.003

María Abascal, Tatiana Alonso-Gispert, Santiago Fernández de Lis, Wojciech A. Golecki

{"title":"A banking union for Europe: Making a virtue out of necessity","authors":"María Abascal, Tatiana Alonso-Gispert, Santiago Fernández de Lis, Wojciech A. Golecki","doi":"10.1016/j.srfe.2015.02.003","DOIUrl":"10.1016/j.srfe.2015.02.003","url":null,"abstract":"<div><p>Banking union<span><span> is the most ambitious European project undertaken since the introduction of the single currency. It was launched in the summer of 2012, in order to send the markets a strong signal of unity against a looming financial fragmentation problem that was putting the euro on the ropes. The main goal of banking union is to resume progress towards the single market for financial services and, more broadly, to preserve the single market by restoring the proper functioning of </span>monetary policy in the eurozone through restoring confidence in the European banking sector. This will be achieved through new harmonised banking rules and stronger systems for both banking supervision and resolution that will be managed at the European level. The EU leaders and co-legislators have been working against the clock to put in place a credible and effective set-up in record time, amid intense negotiations (with final deals often closed at the last minute) and very significant concessions by all parties involved (most of which would have been simply unthinkable just a few years ago). Despite the fact that the final set-up does not provide for the optimal banking union, we still hold to its extraordinary political value and see its huge potential. By putting Europe back on the right integration path, banking union will restore the momentum towards a genuine economic and monetary union. Nevertheless, in order to put an end to the sovereign/banking loop, further progress in integration is needed including key fiscal, economic and political elements.</span></p></div>","PeriodicalId":101250,"journal":{"name":"The Spanish Review of Financial Economics","volume":"13 1","pages":"Pages 20-39"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.srfe.2015.02.003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91327303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

The economic impact of European financial integration: The importance of the banking union 欧洲金融一体化的经济影响:银行业联盟的重要性

The Spanish Review of Financial Economics Pub Date : 2015-01-01 DOI: 10.1016/j.srfe.2015.02.001

Joaquín Maudos , Juan Fernández de Guevara

引用次数: 11

Banking Union: Meaning and implications for the future of banking 银行业联盟:对银行业未来的意义和影响

The Spanish Review of Financial Economics Pub Date : 2015-01-01 DOI: 10.1016/j.srfe.2015.02.004

Vítor Constâncio (Vice-President of the ECB)

引用次数: 21

Measures to revive credit markets: best practices and pitfalls 重振信贷市场的措施:最佳做法和陷阱

The Spanish Review of Financial Economics Pub Date : 2015-01-01 DOI: 10.1016/j.srfe.2015.02.002

Fernando Restoy

引用次数: 0

Competition and structure of the mutual fund industry in Spain: The role of credit institutions 西班牙共同基金业的竞争与结构:信贷机构的作用

The Spanish Review of Financial Economics Pub Date : 2014-07-01 DOI: 10.1016/j.srfe.2014.02.002

M. Isabel Cambon, Ramiro Losada

{"title":"Competition and structure of the mutual fund industry in Spain: The role of credit institutions","authors":"M. Isabel Cambon, Ramiro Losada","doi":"10.1016/j.srfe.2014.02.002","DOIUrl":"https://doi.org/10.1016/j.srfe.2014.02.002","url":null,"abstract":"<div><p>In industries where consumers prefer to make all their purchases from a single company (for example, a supermarket), companies tend to offer a greater variety of products. By using that strategy, they succeed in growing their market share in the industry and gaining market power. This behaviour is also typical of the financial industry, where consumers usually prefer to concentrate all their financial operations in a single entity. In Spain, the big growth of mutual funds since 1995 and the model of universal banking, suggest the existence of these cross-effects on demand (spillovers). In this paper, we provide empirical evidence of the presence of these effects in the Spanish mutual fund market. Moreover these effects are stronger than in the US market. The intensity of the effects appears to be greater in the retail mutual fund segment than in the wholesale segment. This result would be consistent with the relative increase in the number of funds offered by management companies, the higher fees charged, and the stronger degree of concentration of fund families found in the retail segment.</p></div>","PeriodicalId":101250,"journal":{"name":"The Spanish Review of Financial Economics","volume":"12 2","pages":"Pages 58-71"},"PeriodicalIF":0.0,"publicationDate":"2014-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.srfe.2014.02.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137441334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Growth opportunities and the effect of corporate diversification on value 成长机会与公司多元化对价值的影响

The Spanish Review of Financial Economics Pub Date : 2014-07-01 DOI: 10.1016/j.srfe.2014.02.001

Pablo de Andrés , Gabriel de la Fuente , Pilar Velasco

引用次数: 17

Do analyst's pre-issue recommendation create value? Empirical evidence from Indian IPO market 分析师的发行前推荐是否能创造价值?来自印度IPO市场的经验证据

The Spanish Review of Financial Economics Pub Date : 2014-07-01 DOI: 10.1016/j.srfe.2014.10.001

Seshadev Sahoo

{"title":"Do analyst's pre-issue recommendation create value? Empirical evidence from Indian IPO market","authors":"Seshadev Sahoo","doi":"10.1016/j.srfe.2014.10.001","DOIUrl":"10.1016/j.srfe.2014.10.001","url":null,"abstract":"<div><p>This study investigates impact of pre-issue analysts coverage on IPO performance i.e. subscription rate, underpricing, volatility and liquidity. Using pre-issue analyst's recommendation for a sample of 157 IPOs issued in India during the period 2007–2012, we find that analysts’ recommendation reduce underpricing. Precisely, more analysts participated in issuing recommendation (including favorable recommendation) reduce underpricing. The result also shows that favorable recommendation issued by more number of participating analyst's boosts confidence of potential investors and hence probability of getting success for IPOs in terms of oversubscription is more. Further, affiliated analysts are associated with lesser oversubscription rate. Additionally, independent analyst's recommendation is inversely associated with underpricing. In support of IPO grading, which is a unique practice in India, we find that superior grading reduce underpricing and attract more response from investors. Further, evidence suggests that pre-issue analyst coverage increase oversubscription rate, while reduce listing day volatility and liquidity for IPO stocks.</p></div>","PeriodicalId":101250,"journal":{"name":"The Spanish Review of Financial Economics","volume":"12 2","pages":"Pages 82-95"},"PeriodicalIF":0.0,"publicationDate":"2014-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.srfe.2014.10.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82459816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Aggregate default and illiquidity of credit default swap spreads 信用违约互换息差的总违约和非流动性

The Spanish Review of Financial Economics Pub Date : 2014-07-01 DOI: 10.1016/j.srfe.2014.05.001

Armen Arakelyan

引用次数: 2

Financial crises and the transfer of risk between the private and public sectors: Evidence from European financial markets 金融危机与私营和公共部门之间的风险转移:来自欧洲金融市场的证据

The Spanish Review of Financial Economics Pub Date : 2014-01-01 DOI: 10.1016/j.srfe.2013.09.001

M. Teresa Corzo Santamaría , Javier Gómez Biscarri , Laura Lazcano Benito

{"title":"Financial crises and the transfer of risk between the private and public sectors: Evidence from European financial markets","authors":"M. Teresa Corzo Santamaría , Javier Gómez Biscarri , Laura Lazcano Benito","doi":"10.1016/j.srfe.2013.09.001","DOIUrl":"10.1016/j.srfe.2013.09.001","url":null,"abstract":"<div><p>The recent financial crisis in Europe has been especially interesting, since it started mainly as a private sector (banking) phenomenon but then evolved into a public (sovereign debt) crisis. Given that prices of a financial asset must reflect the risks associated to said asset, we expect the relationship between financial markets related to “private” and “public” assets to have changed fundamentally during the crisis: private markets should have led the incorporation of information during the early years of the crisis whereas the markets for government securities should have attained preeminence during the years of the sovereign debt crisis. We investigate this change in the leading role of information (risk) incorporation by looking at the relationships between the markets for sovereign CDSs, sovereign bonds and equity for thirteen European countries during the period 2008–2012. Our results suggest that during 2008–2009 equity markets led the process of incorporation of new information but during 2010 this leading role was assumed by sovereign CDS markets, thus suggesting a private-to-public risk transfer during the subprime crisis and a reversal to a public-to-private risk transfer during the sovereign debt crisis. In supplementary analyses we show, first, that the role of CDSs with respect to the other two markets is state dependent, i.e., sovereign CDSs play a stronger role in economies with higher perceived credit risk. Second, we perform a price discovery analysis between CDS markets of the different European countries, showing evidence that during the years 2007–2009 the Spanish CDSs led the price discovery process, while the Italian and French CDSs took over in 2011, results which are consistent with trading volume in the CDS markets.</p></div>","PeriodicalId":101250,"journal":{"name":"The Spanish Review of Financial Economics","volume":"12 1","pages":"Pages 1-14"},"PeriodicalIF":0.0,"publicationDate":"2014-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.srfe.2013.09.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74944372","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 16

A comprehensive review of Value at Risk methodologies 对风险价值方法的全面回顾

The Spanish Review of Financial Economics Pub Date : 2014-01-01 DOI: 10.1016/j.srfe.2013.06.001

Pilar Abad , Sonia Benito , Carmen López

引用次数: 140