Market Selection With Differential Financial Constraints

Government–Financial Market Relations after EMU New Currency, New Constraints?

The European Monetary Union (EMU) has generated a variety of changes, including the loss of national monetary policy autonomy and the creation of deeper integrated intraEuropean markets for goods, services, and financial instruments. This article explores the extent to which EMU has changed the ways in which and the extent to which international financial markets influence national policy choic...

Financial Constraints and Corporate Disclosure: Evidence from Capital Market Segmentation∗

The sharp distinction drawn between firms rated narrowly above (BBB–) and below (BB+) the investment-grade cutoff provides variation in debt financing availability unrelated to firm fundamentals. We exploit this market segmentation to identify an asymmetric effect of debt capital supply on voluntary disclosure: BB+ firms step up disclosure in response to high-yield bond mutual fund outflows. Th...

Financial market crisis and financial market channel

Financial-market Equilibrium with Friction

We show that the endogenous stochastic process of the liquidity of securities is as important to investment and valuation as the exogenous stochastic process of their cash ‡ows. We develop a general-equilibrium model with heterogeneous investors who have an every-day motive to trade and pay transactions fees. Our model delivers the optimal, market-clearing moves of each investor and the resulti...

evidence of adverse selection in irans health insurance market

در این تحقیق به مطالعه وجود انتخاب نامساعد(کژ گزینی) در بازار بیمه درمان تکمیلی ایران پرداخته شده است. داده های مورد نیاز توسط پرسشنامه و به روش نمونه گیری خوشه ای جمع آوری شده است. پرسشنامه ها در میان افراد شاغل ساکن شهر تهران توریع شد. در این تحقیق با استفاده از تخمین دو مدل لجستیک و به دست آوردن ضریب همبستگی میان تقاضای بیمه درمان تکمیلی و رخداد خسارت به بررسی موضوع مورد نظر پرداخته شده است....