Suchergebnisse

This paper is motivated by the recent discussion on the need of market supervisors, regulators, and policy makers, to take into account the behavioral elements of market participant attitudes and psychological and cognitive biases when taking policy decisions. We contribute to the discussion by studying, for the first time, the relationship between conventional and unconventional central bank monetary policy and herd behavior in equity markets, and argue that the transmission channel, through which monetary policy may affect herd behavior, is economic expectations and investor sentiment. We combine a range of research methodologies to measure monetary policy, herd behavior, and their possible relation, and our results indicate that conventional and unconventional Fed monetary policy explains a significant percentage of US equity market herd behavior variance, while ECB monetary policy explains a lower percentage of Eurozone herding variance. Impulse Response Functions indicate that Fed's conventional expansionary policy and non-standard policy reduces the levels of herding in the US equity market, while conventional ECB expansionary policy induces higher levels of herding in Spain and Italy. We also detect spill-over effects from Fed monetary policy to EU market herd behavior.

This is the final report of a research project that addressed social exclusion and poverty as it relates to single parent families and their children in particular. The rising numbers of single parent families and children throughout the EU and the increased likelihood that these families will live in poverty and experience many different forms of social exclusion in their daily lives brings in sharp focus the need to address the issue as an urgent one in our efforts to eradicate poverty and social exclusion. The focus on the children of single parent families seeks to rectify a long-standing problem in our knowledge and understanding of single parent families and the social problems they face, namely, the fact that little, if anything, is known about how these children experience and understand their lives as members of these families. The research set out to contribute to policy development and the transnational exchange of best practice by adding a much-neglected dimension on single parent families. The project used a cross-national comparative qualitative research design and methods (Mangen 1999) which involved all partners in the design of each research phase including the analysis; partners were England, Cyprus and Greece.