We investigate the effects of a Financial Transaction Tax (FTT) in an order-driven artificial financial market. FTTs are meant to limit short-term speculative behavior by reducing the amount of excess liquidity in the system. To quantify these effects, adjustments in trading strategies and their effects on liquidity need to be taken into account. We model an agentbased continuous double-auction...

A financial friction is a wedge between the return received by providers of financial capital—ultimately, consumers—and the cost of capital paid by businesses and consumers who use capital. I study two frictions. One raises the rental cost of capital to firms and the other raises the rental cost of housing and durable goods to consumers. My focus is on the effects of financial frictions—I take ...

This article presents a numerical study on the building integration of liquid sorption storage combined with an air-source electric heat pump. The double staging (i.e. chemical pump) and pump leads to significant electricity demand CO2 emission reductions. Further, it provides effective coupling between supply, allowing for optimal solar energy using photovoltaics. For buildings analyzed, autar...

the purpose of this paper is to investigate the impact of voluntary disclosure about corporate social responsibility (csr) on firm’s financial performance. first, a state of the art about corporate social responsibility and social reporting is presented. after that, the problems of measurement of csr are indicated and the hypotheses are proposed. in the empirical analysis, regression models are...

After adoption of International Financial Reporting Standards (IFRS) for consolidated financial statements by European-listed companies, a number of European countries still require the use of local standards in the preparation of legal entity financial statements. This study investigates whether this requirement can be explained by a low demand for high-quality financial reporting and an orien...

I review empirical research on the relation between capital markets and financial statements. The principal sources of demand for capital markets research in accounting are fundamental analysis and valuation, tests of market efficiency, and the role of accounting numbers in contracts and the political process. The capital markets research topics of current interest to researchers include tests ...

I revisit the Great Inflation and the Great Moderation for nominal and real variables. I document a dichotomy in the evolution of the cyclical volatility of financial variables since the mid-1980s. While financial price variables are smoother during the Great Moderation, financial quantity measures experience an immoderation. A model with financial frictions and financial shocks allowing for st...