infonet-economy

This paper theoretically and empirically investigates how debt structure and strategic interaction among shareholders and debt holders in the event of default affect expected stock returns. The model predicts that expected stock returns are higher for firms that face high debt renegotiation difficulties and that have a large fraction of secured or convertible debt. Using a large…

The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short-term interest rates varied substantially across countries in the period 2003–2010. We use this cross-country variation in the (local)tightness of monetary policy to examine its influence on equity and money market flows. In line with a powerful risk-shifting channel, we…

The recent events since the onset of the subprime crisis in 2007 have put forward the central role of the financial market in developed economies and its close linkages with other markets, such as the sovereign one. The extreme (co)variations in the financial market are difficult to explain by the value of the fundamentals, and factors like investor sentiment, liquidity and…

In his presidential address, Zingales (2015) observes that large parts of society perceive finance as a rent-seeking activity and that complex financial regulation is prone to arbitrage and capture. In my dissertation, I investigate whether there is some truth in these allegations. In Chapter 1, I estimate the extent of regulatory arbitrage by banks in the securitization market. In…

This paper explores the hypothesis that the electoral participation of Muslims varies according to two main types of opportunities, namely, institutional and discursive opportunities (DOs), characterising their country of residence. More specifically, we assess the impact of institutional opportunities (IOs) in terms of civic and cultural dimensions. We then add up the analysis of…

This book examines patterns of political engagement of long-term unemployed youth. The authors show how unemployment affects the personal, social, and political life of young people. Focusing on the case of Geneva in Switzerland, the study shows the importance of socioeconomic, relational, psychological, and institutional resources for the political engagement of unemployed youth.…

The economic crisis that started in 2008 has negatively affected European nations to different degrees. The sudden rise in demonstrations particularly in those countries most hard hit by the crisis suggests that grievance theories, dismissed in favour of resource-based models since the 1970s, might have a role to play in explaining protest behaviour. While most previous studies have…