| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2333 |
| DP2333 Monetary Policy Misspecification in VAR Models | |
| Fabio Canova; Joaquim Pivis Pina | |
| 发表日期 | 1999-12-17 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while invariably associated with broader equity markets, have different effects on equity returns depending on the institutional change considered and on the degree of international stock market segmentation. The model is useful to interpret the results of recent empirical work, such as La Porta et al. (1997) and Lombardo and Pagano (1999). In particular, it can rationalize the observed cross-country pattern, whereby better institutions are associated both with broader equity markets and higher risk-adjusted returns on equity |
| 主题 | Financial Economics |
| 关键词 | Corporate governance Enforcement Law Return on equity Shareholder protection |
| URL | https://cepr.org/publications/dp2333 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531423 |
| 推荐引用方式 GB/T 7714 | Fabio Canova,Joaquim Pivis Pina. DP2333 Monetary Policy Misspecification in VAR Models. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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