The Experts below are selected from a list of 1062159 Experts worldwide ranked by ideXlab platform
Yuchao Peng - One of the best experts on this subject based on the ideXlab platform.
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corporate financial asset holdings under Economic Policy uncertainty precautionary saving or speculating
International Review of Economics & Finance, 2021Co-Authors: Jialin Huang, Yu Luo, Yuchao PengAbstract:Abstract Non-financial corporations invest heavily in financial assets nowadays, raising questions about the traditional boundaries of non-financial firms. We investigate how Economic Policy uncertainty affects firms’ holdings of non-currency financial assets and portfolios in China. We find that Economic Policy uncertainty has a negative effect on firms’ non-currency financial asset allocation, especially for less financially constrained firms. This result implies that other than precautionary saving, speculation is the underlying motive that drives firms to increase their non-currency financial asset holdings. Furthermore, Economic Policy uncertainty has a negative but weaker impact on financial asset holdings for firms in industries/regions with intensive competition.
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corporate financial asset holdings under Economic Policy uncertainty precautionary saving or speculating
Social Science Research Network, 2019Co-Authors: Jialin Huang, Yu Luo, Yuchao PengAbstract:Nowadays, non-financial corporations invest heavily in financial assets, questioning the traditional boundaries of non-financial firms. We investigate how Economic Policy uncertainty affects firms’ holding of non-currency financial assets and portfolios of such assets in China. We find that Economic Policy uncertainty has a negative effect on firms’ non-currency financial asset allocation, and the effect is more pronounced for less financially constrained firms. This result implies that other than precautionary saving,speculation is the underlying motive that drives firms to increase their non-currency financial asset holdings. Further investigation shows that Economic Policy uncertainty has a negative but weaker impact on financial asset holdings for firms in industries with intensive competition. The results are robust to the use of a variety of specifications and estimation methods.
Jialin Huang - One of the best experts on this subject based on the ideXlab platform.
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corporate financial asset holdings under Economic Policy uncertainty precautionary saving or speculating
International Review of Economics & Finance, 2021Co-Authors: Jialin Huang, Yu Luo, Yuchao PengAbstract:Abstract Non-financial corporations invest heavily in financial assets nowadays, raising questions about the traditional boundaries of non-financial firms. We investigate how Economic Policy uncertainty affects firms’ holdings of non-currency financial assets and portfolios in China. We find that Economic Policy uncertainty has a negative effect on firms’ non-currency financial asset allocation, especially for less financially constrained firms. This result implies that other than precautionary saving, speculation is the underlying motive that drives firms to increase their non-currency financial asset holdings. Furthermore, Economic Policy uncertainty has a negative but weaker impact on financial asset holdings for firms in industries/regions with intensive competition.
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corporate financial asset holdings under Economic Policy uncertainty precautionary saving or speculating
Social Science Research Network, 2019Co-Authors: Jialin Huang, Yu Luo, Yuchao PengAbstract:Nowadays, non-financial corporations invest heavily in financial assets, questioning the traditional boundaries of non-financial firms. We investigate how Economic Policy uncertainty affects firms’ holding of non-currency financial assets and portfolios of such assets in China. We find that Economic Policy uncertainty has a negative effect on firms’ non-currency financial asset allocation, and the effect is more pronounced for less financially constrained firms. This result implies that other than precautionary saving,speculation is the underlying motive that drives firms to increase their non-currency financial asset holdings. Further investigation shows that Economic Policy uncertainty has a negative but weaker impact on financial asset holdings for firms in industries with intensive competition. The results are robust to the use of a variety of specifications and estimation methods.
Dermot Hodson - One of the best experts on this subject based on the ideXlab platform.
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uk Economic Policy and the global financial crisis paradigm lost
Journal of Common Market Studies, 2009Co-Authors: Dermot Hodson, Deborah MabbettAbstract:The global financial crisis of 2007–08 produced a sudden change in the Economic Policy of the United Kingdom (UK). Prior to the crisis, the government preached the gospel of price stability, fiscal prudence and light-touch financial regulation. In the wake of the crisis, the government countenanced unconventional monetary policies, a surge in public-sector borrowing and the need for a rethink of financial supervision. This article seeks to understand the significance of these changes using Peter Hall's theory of Policy paradigms. Its central argument is that, contrary to appearances, the UK has not yet experienced a fundamental reordering of the instruments, institutions and aims of Economic Policy. Third-order change cannot be ruled out as the crisis unfolds but the Economic ideas underpinning UK Economic Policy have, for better or worse, demonstrated remarkable resilience thus far.
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Economic Policy coordination in the european union
National Institute Economic Review, 2003Co-Authors: Iain Begg, Dermot Hodson, Imelda MaherAbstract:There are differing views about the need for Economic Policy coordination in the EU and about the adequacy of the system that has evolved under EMU. This article examines the case for such Policy coordination, then describes and assesses the current arrangements for both ‘hard’ coordination - epitomised by the much-maligned Stability and Growth Pact (SGP) - and the ‘soft’ forms of coordination that have evolved in the EU to complement formal rules. Although the system achieves more than is sometimes recognised, it is shown to have weaknesses. Options for reforming the SGP and other facets of the system are discussed.
Omrane Guedhami - One of the best experts on this subject based on the ideXlab platform.
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Economic Policy uncertainty and bank liquidity hoarding
Journal of Financial Intermediation, 2020Co-Authors: Omrane Guedhami, Hugh Hoikwang KimAbstract:Abstract We examine the impact of Economic Policy uncertainty (EPU) on bank liquidity hoarding. We create a comprehensive measure of bank liquidity hoarding that takes into account asset-, liability-, and off-balance sheet activities. Using over one million bank-quarter observations, we find that in response to EPU, banks hoard liquidity overall and through all three components. This behavior is more pronounced for banks with less liquidity, more peer-bank spillover effects, and more EPU exposure. Additional analyses of interest rate spreads on several bank products suggest that our findings reflect at least in part bank choices, rather than just the reactions of customers.
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dividends and Economic Policy uncertainty international evidence
2020Co-Authors: Najah Attig, Omrane Guedhami, Sadok El Ghoul, Xiaolan ZhengAbstract:We provide the first international evidence on the impact of Economic Policy uncertainty (EPU) on dividend Policy. Using data from 19 countries, we find that a high level of EPU is positively associated with dividend payout. This evidence is robust to using alternative dividend payout measures, to controlling for other sources of uncertainty, and to addressing endogeneity. We further find that the effect of EPU on dividend Policy is moderated by firms’ free cash flows and governance quality, and by the quality of country-level indicators of shareholder protection, disclosure, enforcement, and creditor protection. Collectively, our novel evidence suggests that dividends help mitigate agency problems during high-EPU periods.
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Economic Policy uncertainty and bank liquidity creation
Social Science Research Network, 2017Co-Authors: Omrane Guedhami, Hugh Hoikwang KimAbstract:We examine the impact of Economic Policy uncertainty (EPU) on bank liquidity hoarding. We create a comprehensive measure of bank liquidity hoarding that takes into account asset-, liability-, and off-balance sheet activities. Using over one million bank-quarter observations, we find that in response to EPU, banks hoard liquidity overall and through all three components. This behavior is more pronounced for banks with less liquidity, more peer-bank spillover effects, and more EPU exposure. Additional analyses of interest rate spreads on several bank products suggest that our findings reflect at least in part bank choices, rather than just the reactions of customers.
Hugh Hoikwang Kim - One of the best experts on this subject based on the ideXlab platform.
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Economic Policy uncertainty and bank liquidity hoarding
Journal of Financial Intermediation, 2020Co-Authors: Omrane Guedhami, Hugh Hoikwang KimAbstract:Abstract We examine the impact of Economic Policy uncertainty (EPU) on bank liquidity hoarding. We create a comprehensive measure of bank liquidity hoarding that takes into account asset-, liability-, and off-balance sheet activities. Using over one million bank-quarter observations, we find that in response to EPU, banks hoard liquidity overall and through all three components. This behavior is more pronounced for banks with less liquidity, more peer-bank spillover effects, and more EPU exposure. Additional analyses of interest rate spreads on several bank products suggest that our findings reflect at least in part bank choices, rather than just the reactions of customers.
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Economic Policy uncertainty and bank liquidity creation
Social Science Research Network, 2017Co-Authors: Omrane Guedhami, Hugh Hoikwang KimAbstract:We examine the impact of Economic Policy uncertainty (EPU) on bank liquidity hoarding. We create a comprehensive measure of bank liquidity hoarding that takes into account asset-, liability-, and off-balance sheet activities. Using over one million bank-quarter observations, we find that in response to EPU, banks hoard liquidity overall and through all three components. This behavior is more pronounced for banks with less liquidity, more peer-bank spillover effects, and more EPU exposure. Additional analyses of interest rate spreads on several bank products suggest that our findings reflect at least in part bank choices, rather than just the reactions of customers.
