The Responsiveness of Corporate Investments to Changes in Corporate Taxation during the Financial Crisis: Empirical Evidence from Slovenian Firms

2013 ◽  
Author(s):  
Matjaz Crnigoj ◽  
Miroslav Verbic
Keyword(s):  
Financial Crisis ◽  
Empirical Evidence ◽  
Corporate Taxation ◽  
Corporate Investments

scholarly journals REITs and the financial crisis: Empirical evidence from the U.S.

2009 ◽  
Vol 4 (11) ◽  
Author(s):  
Tobias Basse ◽  
Meik Friedrich ◽  
Eduardo Vazquez Bea
Keyword(s):  
Financial Crisis ◽  
Empirical Evidence ◽  
The U.S

Empirical evidence on the profitability of momentum trading strategies using ETFs

2020 ◽  
Vol 46 (11) ◽  
pp. 1321-1341
Author(s):  
Susana Yu ◽  
Gwendolyn Webb
Keyword(s):  
Financial Crisis ◽  
Empirical Evidence ◽  
Null Hypothesis ◽  
Trading Strategy ◽  
High Price ◽  
Momentum Strategy ◽  
Content Type ◽  
Relative Ease ◽  
Financial Crisis Of 2008 ◽  
Momentum Trading

PurposeWe extend empirical evidence on the profitability of momentum trading to the realm of plain-equity ETFs.Design/methodology/approachWe employ several ranking measures used in prior research, and for each we apply a traditional ranking based on total return, and a variation based only on the capital gain/loss portion of return.FindingsWhile we find that past momentum is not a strong predictor of future performance in our overall sample period, 2007 to June 2018, we find that the percent off 52-week high price results in positive performance in the recovery years following the financial crisis of 2008–2009.Research limitations/implicationsOur study is limited by the availability of ETF experience and data, and our test period covers just 2007 through June 2018. This period includes the financial crisis of 2008–2009, which previous research finding is associated with the momentum strategy's loss of profitability. When we exclude that period, we find evidence of a profitable momentum strategy based on the measure of percent off 52-week high price, enabling us to reject the null hypothesis that the momentum trading strategy is no longer profitable.Practical implicationsIt is profitable based on both return measures used in the rankings. Our finding of a profitable momentum trading strategy suggests that the null hypothesis that the momentum strategy is no longer profitable can be rejected.Originality/valueWhile perhaps not so strong as to reject the efficient markets hypothesis fully, our empirical findings are more consistent with a behavioral explanation and a market inefficiency. In view of the relative ease and low transactional costs of trading in ETFs, the markets have yet another opportunity to recognize an apparent mispricing and employ arbitrage based on it. To the extent that the relative ease of trading in ETFs makes momentum strategies easier to employ, the momentum anomaly might still be expected to disappear in an efficient market.

scholarly journals Is Lack of Morality an Explanation for the Economic and Financial Crisis? A Catholic Point of View

2020 ◽  
Vol 26 (4) ◽  
pp. 407-418
Author(s):  
Klára Katona
Keyword(s):  
Financial Crisis ◽  
Empirical Evidence ◽  
Catholic Church ◽  
Point Of View ◽  
Philosophical Tradition ◽  
Religious Doctrine ◽  
Integral Element ◽  
The Individual ◽  
Economic Thinking

AbstractBefore 2008, several studies provided empirical evidence of a positive correlation between the functions of financial intermediation and economic growth. In 2008, the financial crisis shook trust in this correlation. Several studies found that comprehensive and fundamental changes were needed in the entire financial market. Attention focused on the role of morality as an essential and integral element of the economy, arguing that without a moral attitude at the individual and institutional levels, the whole system necessarily runs into crisis. Among the moral interpretations of the economy, which are concurrently based on philosophical tradition and religious doctrine, the Catholic Church has presented some of the most consistent and unified teachings related to such questions over time, but the effect on economic thinking is less than what relevance and other merits justify. Catholic social teaching suggests morality and the economy are inseparable and highlights the moral interpretation of economic discrepancies. By analyzing theoretical and empirical evidence, this paper assesses the economic validity and legitimacy of Catholic thought about the immanent role of ethics in the economy and the financial crisis.

Intermediary Asset Pricing and the Financial Crisis

2018 ◽  
Vol 10 (1) ◽  
pp. 173-197 ◽  
Author(s):  
Zhiguo He ◽  
Arvind Krishnamurthy
Keyword(s):  
Asset Pricing ◽  
Financial Crisis ◽  
Empirical Evidence ◽  
Asset Prices ◽  
Financial Intermediation ◽  
Risk Premia

Intermediary asset pricing understands asset prices and risk premia through the lens of frictions in financial intermediation. Perhaps motivated by phenomena in the financial crisis, intermediary asset pricing has been one of the fastest-growing areas of research in finance. This article explains the theory behind intermediary asset pricing and, in particular, how it is different from other approaches to asset pricing. This article also covers selective empirical evidence in favor of intermediary asset pricing.

Bank dividend policy and the global financial crisis: Empirical evidence from Europe

2014 ◽  
Vol 34 ◽  
pp. S25-S31 ◽  
Author(s):  
Tobias Basse ◽  
Sebastian Reddemann ◽  
Johannes-Jörg Riegler ◽  
J.-Matthias Graf von der Schulenburg
Keyword(s):  
Financial Crisis ◽  
Empirical Evidence ◽  
Dividend Policy ◽  
Global Financial Crisis ◽  
The Global Financial Crisis
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