Annual Review of Financial Economics最新文献_第8页

The Role of Housing and Mortgage Markets in the Financial Crisis 住房和抵押贷款市场在金融危机中的作用

IF 3.2 3区经济学

Annual Review of Financial Economics Pub Date : 2018-11-01 DOI: 10.1146/ANNUREV-FINANCIAL-110217-023036

Manuel Adelino, A. Schoar, Felipe Severino

引用次数: 21

Deregulating Wall Street 放松对华尔街的监管

IF 3.2 3区经济学

Annual Review of Financial Economics Pub Date : 2018-11-01 DOI: 10.1146/ANNUREV-FINANCIAL-110217-022513

M. Richardson, Kermit L. Schoenholtz, L. White

引用次数: 6

Deglobalization: The Rise of Disembedded Unilateralism 去全球化:非嵌入式单边主义的兴起

IF 3.2 3区经济学

Annual Review of Financial Economics Pub Date : 2018-11-01 DOI: 10.1146/ANNUREV-FINANCIAL-110217-022625

H. James

{"title":"Deglobalization: The Rise of Disembedded Unilateralism","authors":"H. James","doi":"10.1146/ANNUREV-FINANCIAL-110217-022625","DOIUrl":"https://doi.org/10.1146/ANNUREV-FINANCIAL-110217-022625","url":null,"abstract":"There is some evidence of deglobalization in the aftermath of the 2008 financial crisis. The economic data are mixed and indicate a stall, but not a collapse, of globalization. Cross-border financial flows have been reduced, but the overall outcome mostly reflects changes in European banking. Trade is not growing as quickly as before the crisis, but that may be the consequence of technology shortening supply chains. There are more protectionist measures, but they have not radically cut trade. But political deglobalization has advanced much further, and consequently, there is the prospect of more intense conflicts over trade and financial regulation in the future, as well as one of an increasing backlash against migration. Globalization depends on a complex system of regulating cross-border flows and on embedding domestic rules in an international order. The political momentum is directed against the existing methods or regulation and against the complex rules that had been established to manage globalization. The promise given by populist myth builders is that eliminating international entanglements can make life simpler, less regulated, and above all, less subject to the dictates of an administrative class. Modern economic nationalism or unilateralism can be understood as a reversal of the process of embedding and may thus be termed “disembedded unilateralism.”","PeriodicalId":47162,"journal":{"name":"Annual Review of Financial Economics","volume":" ","pages":""},"PeriodicalIF":3.2,"publicationDate":"2018-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/ANNUREV-FINANCIAL-110217-022625","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46001120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 45

Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty 方差、风险溢价、资产可预测性难题和宏观经济不确定性

IF 3.2 3区经济学

Annual Review of Financial Economics Pub Date : 2018-11-01 DOI: 10.1146/annurev-financial-110217-022737

Hao Zhou

引用次数: 0

Recent Research on Banks’ Financial Reporting and Financial Stability 银行财务报告与财务稳定性研究进展

IF 3.2 3区经济学

Annual Review of Financial Economics Pub Date : 2018-11-01 DOI: 10.1146/ANNUREV-FINANCIAL-110217-022700

Stephen G. Ryan

{"title":"Recent Research on Banks’ Financial Reporting and Financial Stability","authors":"Stephen G. Ryan","doi":"10.1146/ANNUREV-FINANCIAL-110217-022700","DOIUrl":"https://doi.org/10.1146/ANNUREV-FINANCIAL-110217-022700","url":null,"abstract":"Banks’ financial reporting requirements and discretionary choices may affect financial stability by altering one or more of the likelihood that banks violate regulatory capital requirements, banks’ internal discipline over risk management and financial reporting, and external market and regulatory discipline over banks. In this article, I discuss five recent empirical papers that examine these channels linking banks’ financial reporting to financial stability. I explain how these papers identify economic contexts and associated financial reporting constructs that enable powerful examinations of these channels, and how they employ research designs that meaningfully address the issues regarding valid causal inference raised by Acharya & Ryan (2016) . I conclude that, while each study examines a specific channel or two in a specific setting, collectively the literature is making steady progress in enhancing our understanding of the causal forces at play in the channels linking banks’ financial reporting and financial stability, the goal set forth by Acharya & Ryan (2016) . I also identify open questions that these papers suggest for future research on the effects of banks’ financial reporting on financial stability.","PeriodicalId":47162,"journal":{"name":"Annual Review of Financial Economics","volume":" ","pages":""},"PeriodicalIF":3.2,"publicationDate":"2018-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/ANNUREV-FINANCIAL-110217-022700","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49362265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 14

Intermediary Asset Pricing and the Financial Crisis 中介资产定价与金融危机

IF 3.2 3区经济学

Annual Review of Financial Economics Pub Date : 2018-11-01 DOI: 10.1146/annurev-financial-110217-022636

Zhiguo He, Arvind Krishnamurthy

引用次数: 0

A Primer on Portfolio Choice with Small Transaction Costs 交易成本小的投资组合选择入门

IF 3.2 3区经济学

Annual Review of Financial Economics Pub Date : 2017-11-01 DOI: 10.1146/annurev-financial-110716-032445

Johannes Muhle-Karbe, Max Reppen, H. Mete Soner

引用次数: 0

Information Disclosure in Financial Markets 金融市场的信息披露

IF 3.2 3区经济学

Annual Review of Financial Economics Pub Date : 2017-11-01 DOI: 10.1146/annurev-financial-110716-032355

Itay Goldstein,Liyan Yang

{"title":"Information Disclosure in Financial Markets","authors":"Itay Goldstein,Liyan Yang","doi":"10.1146/annurev-financial-110716-032355","DOIUrl":"https://doi.org/10.1146/annurev-financial-110716-032355","url":null,"abstract":"Information disclosure is an essential component of regulation in financial markets. In this article, we provide a cohesive analytical framework to review certain key channels through which disclosure in financial markets affects market quality, information production, efficiency of real investment decisions, and traders’ welfare. We use our framework to address four main aspects. First, we demonstrate the conventional wisdom that disclosure improves market quality in an economy with exogenous information. Second, we illustrate that disclosure can crowd out the production of private information and that its overall market-quality implications are subtle and depend on the specification of information-acquisition technology. Third, we review how disclosure affects the efficiency of real investment decisions when financial markets are not just a side show, as real decision makers can learn information from them to guide their decisions. Last, we discuss how disclosure in financial markets affects investors’ welfare through changing trading opportunities and through beauty-contest motives. Overall, our review suggests that information disclosure is an important factor for understanding the functioning of financial markets and that there are several trade-offs that should be considered in determining its optimal level.","PeriodicalId":47162,"journal":{"name":"Annual Review of Financial Economics","volume":"17 7","pages":"101-125"},"PeriodicalIF":3.2,"publicationDate":"2017-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138514534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0