Suchergebnisse

This paper studies the impact of uncertainty on the investors' reactions to news on macroeconomic statistics. With daily data on realized volatility and trading volume, we show that the investors in the US Treasury bond futures market react significantly stronger to US macroeconomic news in times of low macroeconomic, financial and political uncertainty. We also find that investors are more sensitive to the uncertainty in the financial market compared to the macroeconomic and political uncertainties. Our results might partly explain the sudden freeze and low liquidity in some financial markets during the latest financial crisis.

We analyze stock market reactions to announcements of political appointments from the private sector and corporate appointments of former government officials. Using unique data on corporate affiliations and announcements of all Senate-confirmed U.S. Defense Department appointees of six administrations, we find positive abnormal returns for political appointments. These estimates are not driven by important observations, volatile stocks, industry-wide developments or the omission of further commonly used return predictors. Placebo events for close competitors and alternative dates yield no effects. Effects are larger for top government positions and less anticipated announcements. We also find positive abnormal returns for corporate appointments and positive effects of political connections on procurement volume. Our results suggest that concerns over conflicts of interest created by the revolving door are not unfounded, even in a country with strong institutions.

We provide empirical evidence of a novel liquidity-based transmission mechanism through which monetary policy influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the evidence. (JEL E44, E52, G12, G14, G35)

In December 2019, Coronavirus Disease 2019 (COVID-19) was identified and within a month its outbreak was seen across the world, with more than 180 countries being affected. This outbreak resulted in lockdowns and some major precautionary steps to contain the pandemic in various countries. To analyse its effect on the sharing economy model, we will study the two major companies in ride-sharing business and hospitality business – Airbnb and Uber. The approach is to have a comparative study on how the shared economy services helped in the internet community, and its prospects post-pandemic. The study will use the discussions and analyses of interviews collected from various shared economy industrial experts and customers. The paper will also assess the importance of the institutional and government regulation framework to improve the sharing economy business model. The research paper also provides a detailed comparison of companies' customer responses post-pandemic on the basis of a few parameters, and the frequency of usage of these services.