Using a quantile vector autoregressive model to capture return dynamics in extreme market conditions, we find that the cryptocurrency exhibits high level of connectedness. Bitcoin is net transmitter spillovers during busts and receiver booms. Analysis timing bubble crash periods uncovers presence interdependence contagion effects. Asset driven great extent by technology, particular consensus pr...

We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. In equilibrium, the efficiency of asset prices is linked to the efficiency of the asset management market: (1) if investors can find managers more easily then more money is allocated to active management, fees are lower, and asset pri...

The world has a shortage of financial assets. Asset supply is having a hard time keeping up with the global demand for store of value and collateral by households, corporations, governments, insurance companies, and financial intermediaries more broadly. These shortages have been a perennial problem in emerging markets, where many of their economic perils and idiosyncrasies stem from this featu...

This study aims to examine the differences in financial performance of non-financial companies before and after mergers acquisitions listed on Indonesia Stock Exchange. The company's is measured by four ratios. ratios used are liquidity ratio proxied current ratio, solvency debt activity total asset turnover, profitability net profit margin. data analysis technique this paired sample t-test nor...

We investigate the extent to which hedge fund managers smooth self-reported returns. In contrast to prior research on the “anomalous” properties of hedge fund returns, we observe the mechanisms used to price the fund's investment positions and report the fund's performance to investors, thereby allowing us to differentiate between asset illiquidity and misreporting-based explanations. We find t...

Liquidity is generally viewed as a positive characteristic of a traded asset in positive net supply. Ceteris paribus, the higher liquidity of a given asset should be reflected in a higher price or a lower required return. This issue is of particular interest if the same asset is traded in multiple markets. In this setting, apart from the effect of liquidity on pricing in each market, there is t...

Legal restrictions on international capital movements are imposed in many countries in an attempt to (partially) insulate their economies from abroad and pursue some degree of domestic policy independence. But is the imposition of capital controls effective in achieving these goals? We investigate this issue from a new angle by linking de jure restrictions on three specific asset categories of ...

We are passing through information age with lightning communication speed. Information asset storage in Cloud and retrieval in the net has become the new invisible corporate voyage into the information space. Information Assets are a valuable source of Knowledge for both Information asset creator as well as the user. These are fluid assets that change overtime based on several internal and envi...

This paper provides an overview of how taxation affects household portfolio structure. It begins by outlining six aspects of portfolio behavior that may be influenced by the tax system. These are asset selection, asset allocation, borrowing, asset location in taxable and tax-deferred accounts, asset turnover, and whether to hold assets directly or through financial intermediaries. The analysis ...