Local Bias and Stock Market Conditions Author(s): Mariassunta Giannetti, Luc Laeven CEPR Discussion Paper Number 8969 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 23/05/2012 Keyword(s): behavioral finance, financial cycles, home bias, institutional investors, investor sentiment, local bias, market uncertainty, mutual funds, stock market JEL(s): E32 Abstract: We show that the local bias in U.S. mutual fund portfolios varies significantly over time and is more pronounced at times of...

The Return of Financial Repression Author(s): Carmen Reinhart CEPR Discussion Paper Number 8947 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/04/2012 Keyword(s): capital controls, debt, financial repression, inflation, interest rates, regulation JEL(s): E2, E3, E6, F3, F4, H6, N10 Abstract: Periods of high indebtedness have historically been associated with a rising incidence of default or restructuring of public and private debts. Sometimes the debt restructuring is more subtle and...

Transparency, Tax Pressure and Access to Finance Author(s): Andrew Ellul, Tullio Jappelli, Marco Pagano, Fausto Panunzi CEPR Discussion Paper Number 8939 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/04/2012 Keyword(s): access to finance, tax pressure, Transparency JEL(s): G31, G32, G38, H25, H26 Abstract: In choosing transparency, firms must trade off the benefits from better access to finance against the cost of a greater tax burden. We study this trade-off in a model with...