Swiss Finance Institute Research Paper Series最新文献_第9页

Private Sector's Over-Indebtedness as a Cause of Inefficiency of Monetary Policy 私人部门过度负债是货币政策无效的一个原因

Swiss Finance Institute Research Paper Series Pub Date : 2017-03-26 DOI: 10.2139/ssrn.2940937

S. Najafov

引用次数: 0

Measuring Sovereign Bond Market Integration 衡量主权债券市场一体化

Swiss Finance Institute Research Paper Series Pub Date : 2017-03-16 DOI: 10.2139/ssrn.2818266

I. Chaieb, V. Errunza, Rajna Gibson

引用次数: 9

Levered Returns and Capital Structure Imbalances 杠杆收益与资本结构失衡

Swiss Finance Institute Research Paper Series Pub Date : 2017-03-04 DOI: 10.2139/ssrn.2903515

Filippo Ippolito, R. Steri, C. Tebaldi

引用次数: 4

Членството в ЕС - конвергентни резултати, проблеми и тенденции (EU Membership – Convergent Results, Problems and Trends)

Swiss Finance Institute Research Paper Series Pub Date : 2017-02-15 DOI: 10.2139/SSRN.2917016

A. Zahariev, D. Kostov, Martin Dimitrov

{"title":"Членството в ЕС - конвергентни резултати, проблеми и тенденции (EU Membership – Convergent Results, Problems and Trends)","authors":"A. Zahariev, D. Kostov, Martin Dimitrov","doi":"10.2139/SSRN.2917016","DOIUrl":"https://doi.org/10.2139/SSRN.2917016","url":null,"abstract":"Bulgarian Abstract: Членството в ЕС е израз на политическа воля и национален и блоков консенсус. С развитието на съюза в посока разширяване до сегашния мащаб от ЕС-28 икономическите измерения на процеса водят до противоположни тенденции. Практически с вълната на разширяване от 2004 г., 2007 и 2014 г., се отчитат два тренда: първо, тренд на повишаване мащабите на съюза в посока население, територия и блоков БВП и второ, тренд на понижение в средното ниво на доходите в ЕС, измерено per capita. Последното се дължи най-вече на включването в Европейския съюз на страни, които имат силна потребности от ресурси за подкрепа на процесите на конвергенция и изравняване на стандартите за производителност на труда и доходи. На този фон настоящата статия си поставя за цел да оцени от позицията на конвергенцията проблемите, резултатите и тенденциите от членството в ЕС в процеса на разширяване и посткризисно икономическо възстановяване. Статията е развита в пет отделни компонента, допълнени със заключение с основни изводи и препоръки. \u0000 \u0000English Abstract: The new EU members after 2004, generates two unmistakable trends: first, the trend of increasing the size of the Union in the direction of population, territory, cultural diversity and block GDP, and second, trend of decrease in the average level of income in the EU, measured per capita. The latter is mostly due to the inclusion in the European Union of countries which have strong net needs for resources to support the process of convergence, leading to a levelling of standards for labour productivity and income. This article aims, from a position of convergence process, to assess problems, results and trends of EU membership in the enlargement process and the post crisis economic recovery. The article is structured into five separate components, supplemented by closing with key conclusions and recommendations.","PeriodicalId":269529,"journal":{"name":"Swiss Finance Institute Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114609110","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

Can Investors Anticipate Post-IPO Mergers and Acquisitions? 投资者能否预测ipo后的并购?

Swiss Finance Institute Research Paper Series Pub Date : 2017-02-01 DOI: 10.2139/ssrn.2922046

C. W. Anderson, Jian Huang, Gokhan Torna

{"title":"Can Investors Anticipate Post-IPO Mergers and Acquisitions?","authors":"C. W. Anderson, Jian Huang, Gokhan Torna","doi":"10.2139/ssrn.2922046","DOIUrl":"https://doi.org/10.2139/ssrn.2922046","url":null,"abstract":"Given the frequency and value implications of post-IPO merger and acquisition activity, we investigate empirically whether investors can utilize information based on IPO deal structure to predict merger and acquisition activity among newly public firms. Consistent with the hypothesis that some firms conduct IPOs to facilitate future M&A activity, we find that aspects of IPO deal structure predict whether a newly public firm subsequently becomes a bidder or target. These characteristics include underwriter quality, promotional activity, pricing, proceeds, ownership structure, and issuance activity suggestive of market timing. Investors appear to rely on these observable aspects of a firm's going public process to anticipate the implications of M&A activity for security valuation. Specifically, when newly public firms with IPO deal structures predictive of acquisition activity announce an acquisition their stock returns are indistinguishable from zero. In contrast, abnormal returns to acquisition announcements by unlikely or surprise bidders are positive on average. These results suggest that the going public process has important implications for future M&A activity and valuation.","PeriodicalId":269529,"journal":{"name":"Swiss Finance Institute Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127974396","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: 24

Which Swiss Gnomes Attract Money? Efficiency and Reputation as Performance Drivers of Wealth Management Banks 哪些瑞士侏儒能吸引金钱?效率和声誉是财富管理银行业绩的驱动因素

Swiss Finance Institute Research Paper Series Pub Date : 2016-12-17 DOI: 10.2139/ssrn.2738806

Urs W. Birchler, René Hegglin, Michael R Reichenecker, A. Wagner

{"title":"Which Swiss Gnomes Attract Money? Efficiency and Reputation as Performance Drivers of Wealth Management Banks","authors":"Urs W. Birchler, René Hegglin, Michael R Reichenecker, A. Wagner","doi":"10.2139/ssrn.2738806","DOIUrl":"https://doi.org/10.2139/ssrn.2738806","url":null,"abstract":"Wealth management constitutes an important aspect of today's banking world, but very little is known about what explains the differences among banks in their ability to attract new assets under management. Using a unique panel database of Swiss private banks, we test the hypothesis that the performance of a bank in attracting new money depends on two input factors: skill and reputation. We first estimate the unobservable skill of a bank as a deviation of observed cost efficiency from expected efficiency. In a second step, we find that relatively skilled banks -- that is, banks that are more cost-efficient than predicted by their input factors -- also perform better in attracting net new money. We also find that negative media coverage (such as in the context of fraudulent business practices related to tax evasion) strongly diminishes the future ability to attract assets under management, especially at small banks. Thus, adding to the explicit fines that many Swiss banks had to pay in the course of the U.S. Department of Justice's investigations, there are substantial implicit and reputational costs to banks. Consistent with the notion that trust plays an important role, banks with a higher service intensity (number of employees per assets under management) attract more future funds; by contrast, investment performance for clients seems not to explain future net new money growth.","PeriodicalId":269529,"journal":{"name":"Swiss Finance Institute Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125743845","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: 1

Exchange Traded Funds (ETFs) 交易所买卖基金(etf)

Swiss Finance Institute Research Paper Series Pub Date : 2016-10-01 DOI: 10.2139/ssrn.2865734

Itzhak Ben-David, Francesco Franzoni, R. Moussawi

引用次数: 11

Does Corporate Governance Matter? Evidence from the AGR Governance Rating 公司治理重要吗?来自AGR治理评级的证据

Swiss Finance Institute Research Paper Series Pub Date : 2016-09-20 DOI: 10.2139/ssrn.2836370

Alberto Plazzi, W. Torous, Umit Yilmaz

引用次数: 2

Discrete-Time Option Pricing with Stochastic Liquidity 具有随机流动性的离散时间期权定价

Swiss Finance Institute Research Paper Series Pub Date : 2016-09-06 DOI: 10.2139/ssrn.2744493

Markus Leippold, Steven Schaerer

引用次数: 28

Real Estate Research in Europe 欧洲房地产研究

Swiss Finance Institute Research Paper Series Pub Date : 2016-06-13 DOI: 10.2139/ssrn.2796202

Martin Hoesli

引用次数: 7