Suchergebnisse

In dieser Dissertation werden drei Fragestellungen der Corporate Finance empirisch beantwortet. Kapitel 1 untersucht die negativen Auswirkungen auf Investitionen und Unternehmensfinanzierungsaktivitäten im Realsektor, die im Rahmen der Finanzkrise 2007-09 durch den Kollaps von drei führenden Investmentbanken hervorgerufen wurden. Unsere Ergebnisse zeigen, dass Firmen, die vor der Krise mit diesen Banken verbunden waren, signifikant niedrigere Investitions- und Finanzierungsaktivitäten nach der Krise aufweisen als Unternehmen, die vor der Krise keine Verbindung zu den jeweiligen Investmentbanken hatten. Die Effekte variieren systematisch mit den Charakteristika der Geschäftsbeziehungen zwischen Bank und Klient. Unsere Ergebnisse sind robust gegenüber mehreren Modellmodulationen und -erweiterungen als auch generell inkonsistent mit alternativen Erklärungsmöglichkeiten. Kapitel 2 untersucht die Bepreisung von impliziten Kreditrisiken in strukturierten Produkten. Unsere Ergebnisse zeigen, dass Investoren erst nach der Unternehmensinsolvenz von Lehman Brothers für das in strukturierten Produkten enthaltene Kreditrisiko entlohnt werden. Die Kompensation beschränkt sich auf Produkte ohne implizite Kreditabsicherung, d.h. auf Fälle ohne ausreichend positive Korrelation zwischen Produktauszahlungen und dem finanziellen Wohlstand des Emittenten. Wir argumentieren, dass Investoren erst durch die Insolvenz von Lehman Brothers gelernt haben, das in strukturierten Produkten enthaltene Kreditrisiko besser abzuschätzen. Vor der Finanzkrise als auch während der Finanzkrise aber vor der Insolvenz von Lehman Brothers werden Investoren demnach nicht für das Kreditrisiko entlohnt. Wir interpretieren dieses Ergebnis als Anhaltspunkt dafür, dass die Höhe der Kreditrisikokompensation nicht nur mit der Höhe des Kreditrisikos zusammenhängt, sondern vor allem mit dessen Salienz. Unsere Ergebnisse haben wichtige Implikationen für

This article takes a look at the nature and main features of the world financial crisis, the reasons for it, and why it became aggravated. It analyzes the influence of the world crisis on the financial, real, and social sectors of Azerbaijan's economy. It puts forward possible development scenarios of the situation in Azerbaijan in the context of the world financial crisis. It examines the anti-crisis measures adopted by the government and the Central Bank of Azerbaijan, discusses ways to overcome the crisis, and offers several solutions aimed at reducing the risks of the crisis for Azerbaijan's economy. The author believes that world oil prices, the duration of the financial crisis, and any extreme fluctuations in the national currency—the manat—will have the most profound effect on the scope of Azerbaijan's economic problems. The government's anti-crisis program should be implemented as soon as possible in order to minimize the influence of the world crisis on Azerbaijan's economy and a transfer be made to the next stage in economic transformation, with the emphasis on institutional and structural reforms, in order to maintain the economy's accelerated development.

"The Financial Crash that convulsed the world in 2008 had cataclysmic effects on the global economy, and took conventional economists completely by surprise. Many leading commentators, taken in by the hubris of economics, declared shortly before the crisis that the magical recipe for eternal stability had been found. Less than a year later, the biggest economic crisis since the Great Depression erupted. In this compelling and explosive book, Steve Keen, one of the very few economists who anticipated the crash, shows why the self-declared experts were wrong and offers a realistic, monetary approach to economics that can warn of crises before they happen. He shows how ever-rising levels of private debt make another financial crisis almost inevitable unless politicians tackle the real dynamics causing financial instability. He also identifies the economies that have become "The Walking Dead of Debt", and those that are next in line to join them - including China, Canada and Australia. A major intervention by a fearlessly iconoclastic figure in modern political economy, this book is essential reading for anyone who wants to understand the true nature of the global economic system and the challenges facing it."

PurposeThe purpose of this paper is to examine the response of industrial relations systems to the current financial crisis.Design/methodology/approachThis editorial outlines the effect of the financial crisis on industrial output, unemployment and redundancies. It then examines the impact in the banking and manufacturing sectors of the single European market before looking more closely at the impact on individual European countries. There is also a look at public policy, labour market mechanisms design to protect employment levels and workers incomes.FindingsThe financial crisis has led to large rises in unemployment and redundancies and to large falls in industrial output. Collective bargaining has played an important problem‐solving role in achieving a peaceful adjustment at the workplace to falls in product demand. Collective agreements have been concluded designed to preserve jobs by providing for shorter working time with the state providing compensation for the corresponding fall in income.Originality/valueThe paper offers insights into the financial crisis and employee relations.

AbstractThis paper develops and estimates catastrophe‐augmented models of the financial crisis. We employ catastrophe theory to explain discontinuous jumps in state variables of dynamic systems. We estimate an augmented bank failure model showing that the buildup of risk and an increase in the Federal Funds rate combined with low reserves (negative insurance effect) have been the main drivers of the financial crisis. Therefore, macroprudential policy and rating agencies play a key role in preventing the buildup of (systemic) risk and preventing the economy from entering a bifurcation area.

The global economic crisis and governance of human mobility / Bimal Ghosh -- 2. Migration and development linkages re-examined in the context of the global economic crisis / S. Irudaya Rajan and B. A. Prakash -- 3. The global economic crisis and impact on migration from South-Asian and South-East Asian countries : what are the lessons to be learned? / Vanessa Steinmayer -- 4. The effect of the global economic imbalance on migrant workers and economies of the Gulf Cooperation Council / Olga Marzovilla -- 5. The financial crisis in the gulf and its impact on South Asian migration and remittances / S. Irudaya Rajan and D. Narayana -- 6. The Dubai model and the impact of the financial crisis on South Asian migrant workers in the United Arab Emirates / D. Narayana and Vinoj Abraham -- 7. Global financial crisis and its consequences on migrants in Qatar : macro and micro perspectives / Hrushikesh Mallick and Udaya Shankar Mishra -- 8. Global financial crisis and the migrant labour market : a study of Kuwait / K. Pushpangadan and M. Parameswaran -- 9. Low-skilled Indian construction workers in the gulf, Singapore and Malaysia : return to India, reintegration and re-migration / Auke Boere -- 10. Impact of the global recession on migration and remittances : the Kerala experience / K.C. Zachariah and S. Irudaya Rajan -- 11. Global financial crisis and return of South Asian Gulf migrants : patterns and determinants of their integration into local labour markets / Vinoj Abraham and S. Irudaya Rajan -- 12. Inclusive growth and economic crises : labour migration and poverty in India / Arjan de Haan -- 13. Food inflation and financial crisis in India : impact on women and children / S. Mahendra Dev -- 14. Migration, human rights and development / S. Irudaya Rajan and Charles Nellari -- 15. Remittances and financial participation : a household-level analysis in Kerala / Deepa Iyer -- 16. International labour migration : global words, national leads and local deeds / S. Krishna Kumar -- 17. Broadening exchanges and changing institutions : multiple sites of economic transnationalism / S. Irudaya Rajan and V. J. Varghese.

This article explores the link between the financial crisis and Euroscepticism at the level of public opinion, building on and developing further the literature on the impact of economic, identity and institutional factors on Euroscepticism. It argues that the economic crisis did not substantially bring economic factors back in as an important source of Euroscepticism, even though the most pronounced increase in Euroscepticism has taken place in the countries most affected by the crisis. By contrast, national identity and political institutions play an increasingly important role in explaining public Euroscepticism.

This edited volume is a collection of original theoretical, empirical, institutional or policy-oriented articles on all dimensions of the Asian financial crisis. A unique feature of this book is its multi-faceted, yet in-depth articles on various dimensions of the Asian financial crisis written by policy-makers and practitioners as well as scholars around the world. It includes financial, structural, cultural, and international dimensions of the Asian financial crisis regarding its causes, consequences, policies, and lessons. As such, it offers an excellent one-stop collection of in-depth research articles on the topic. The book includes nineteen articles on the overview of the crisis, international capital flows and crisis, reform in financial and industrial sectors, and cultural and post-crisis opportunities

Post-mortems of the financial crisis typically mention "black swans" as the rare events that were the Achilles heel of financial models, manifesting themselves as "25 standard deviation events occurring several days in a row". Here, we briefly discuss the implications of "black swan" events in asset pricing and risk management. We then show that the "black swans" problem virtually disappears for S&P Index returns when surprises are measured relative to the standard deviation of the conditional S&P distribution. In our illustration, we use the one-day-lagged VIX as an easy-to-understand measure of that conditional S&P standard deviation.