In May 1927, the German central bank intervened indirectly to reduce lending to equity investors. The crash that followed ended the only stock market boom during Germany’s relative stabilization 1924-28. This paper examines the factors that lead to the intervention as well as its consequences. We argue that genuine concern about the ‘exuberant’ level of the stock market, in addition to worries ...

Do Government Subsidies Stimulate Training Expenditure? Microeconometric Evidence from Plant Level Data This paper examines whether financial assistance provided by government induces firms to spend more of their own funds on training expenditures, using plant level data for the Republic of Ireland. We pay particular attention to the potential problems in such an evaluation study, namely select...

This paper examines whether financial assistance provided by government induces firms to spend more of their own funds on training expenditures, using plant level data for the Republic of Ireland. We pay particular attention to the potential problems in such an evaluation study, namely selectivity and endogeneity, by first identifying a valid counterfactual for grant receiving plants via a matc...

This paper examines whether financial assistance provided by government induces firms to spend more of their own funds on training expenditures, using plant level data for the Republic of Ireland. We pay particular attention to the potential problems in such an evaluation study, namely selectivity and endogeneity, by first identifying a valid counterfactual for grant receiving plants via a matc...

The term risk management can mean different things to different people. In the last few decades, with the rise of financial engineering, the term risk management has become strongly associated with the derivatives trading desks of investment banking houses and hedge funds. In a few commodity industries certain firms have developed profitable trading operations built on the same principles. In n...

The current stagnation in the development of Russian stock market determines need to master new investment instruments or improve activities existing ones. global markets clearly emphasizes “immaturity” market. Present situation indicates for introduction and instruments. This fact encouraged ETFs Russia. have a relatively short story, but this does not prevent them from expanding scope activit...

Pension fund assets have been accumulated rapidly during past decades, and there are signs that such trend will continue. An immediate problem arising from the rapid accumulation of such a large volume of assets across countries is how to invest them. Pension funds differ from other institutional investors, e.g. mutual funds, in that their investment horizons are relatively long, typically 30-4...

Abstract We investigate whether international operations enhance information links between firms and foreign investors. Exploiting novel subsidiary-level data within-location variations, we show that, after expanding into another country, a firm attracts greater investment allocation from funds that country than other funds. This increase is economically significant, equivalent to one-fifth of ...