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Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing
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Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing
Journal Article
Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing Get access
Review of Finance, Volume 25, Issue 3, May 2021, Pages 713–743, https://doi.org/10.1093/rof/rfaa029
Published: 15 October 2020
... growth through high broad-based private-sector corporate investment. G31 G32 G34 E58 E44 Unconventional monetary policy Real investment Corporate governance Asia The Bank of Japan (BOJ) is pioneering a unique form of quantitative easing: the central bank buying and holding large equity blocks...
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Amount of BOJ ETF purchases. ( A ) BOJ cumulative ETF purchases by year-end... Get access
Published: 15 October 2020
Figure 2.
Amount of BOJ ETF purchases. ( A ) BOJ cumulative ETF purchases by year-end (trillions of yen). (B) BOJ breakdown of holdings of non-government securities.
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Stock return reactions to BOJ ETF purchases. ( A ) Event-time impact of BOJ... Get access
Published: 15 October 2020
Figure 1.
= 0 is the date of a BOJ ETF purchase. Vertical lines represent 95% confidence intervals from standard errors clustered by day and by stock. All regressions include firm and industry–day fixed effects. Panel A graphs coefficients averaged across all stocks over all time in a regression including
Journal Article
Global Banking: Recent Developments and Insights from Research Get access
Review of Finance, Volume 21, Issue 4, July 2017, Pages 1513–1555, https://doi.org/10.1093/rof/rfw045
Published: 06 September 2016
... markets and developing countries continued their foreign bank expansion, representing close to 60% of the new entries. Indeed, while banks from OECD countries tend to drive exits, banks from non-OECD countries tend to drive entries. Although bank ownership by OECD countries as of the end of 2013 still...
Journal Article
Escaping Air Pollution: Immigrants, Students, and Spillover Effects on Property Prices Abroad Get access
Review of Finance, Volume 27, Issue 5, September 2023, Pages 1699–1741, https://doi.org/10.1093/rof/rfac070
Published: 02 November 2022
..., and incur substantial economic costs. Finally, we contribute to recent research documenting that beliefs about long-term environmental or climate risk have significant effects on asset prices. Much of the current financial research on the salience of climate risk has examined whether extreme climate events...
Journal Article
Liquidity Risk and Funding Cost
Review of Finance, Volume 27, Issue 2, March 2023, Pages 399–422, https://doi.org/10.1093/rof/rfac020
Published: 25 March 2022
... includes bonds from Austria, Belgium, France, Germany, Slovenia, the Netherlands, and international Eurobonds (XS ISINs). The bond issuer must be established in the European Economic Area (EEA) or in one of the non-EEA G10 countries (i.e., the USA, Canada, Japan, or Switzerland). Our data set includes...
Journal Article
The World of Cross-Listings and Cross-Listings of the World: Challenging Conventional Wisdom Get access
Review of Finance, Volume 10, Issue 1, 2006, Pages 99–152, https://doi.org/10.1007/s10679-006-6980-8
Published: 01 January 2006
... to
THE WORLD OF CROSS-LISTINGS AND CROSS-LISTINGS OF THE WORLD 107
Figure 2. Cumulative net purchases by U.S. residents of foreign equities. Source: U.S.
Treasury International Capital (TIC), 2005.
Figure 3. Number of non-US stocks cross-listing on US markets...
Journal Article
The Interest Rate Exposure of Nonfinancial Corporations Get access
Review of Finance, Volume 6, Issue 1, 2002, Pages 101–125, https://doi.org/10.1023/A:1015024825914
Published: 01 April 2002
... are traditionally of foremost
interest to banks and other financial institutions, since they generate significant
contributions to their earnings by successfully managing interest rate risk. At the
same time, companies in the financial sector can manage their interest rate risk
effectively because they own...
Journal Article
Speculative Trading and Stock Returns Get access
Review of Finance, Volume 20, Issue 5, August 2016, Pages 1835–1865, https://doi.org/10.1093/rof/rfv059
Published: 14 December 2015
... similar and available upon request. The price effect of ATR survives after controlling for size, BM ratio, PE ratio, leverage, and floating ratios. 7 7 Floating ratio indicate the percentage of floatable shares over total shares. Chinese stocks are originally split into floatable and non...
Journal Article
Currency Carry Trade by Trucks: The Curious Case of China’s Massive Imports from Itself Get access
Review of Finance, Volume 27, Issue 2, March 2023, Pages 469–493, https://doi.org/10.1093/rof/rfac015
Published: 17 March 2022
... of time before moving the investment out of China again to reap the profits. When an agent in Hong Kong imports a product from China, it has a legitimate reason to take out a loan from a Hong Kong bank to finance the purchase. This loan has a relatively low-interest rate by assumption. The money...
Journal Article
Empirical determinants of momentum: a perspective using international data
Review of Finance, Volume 29, Issue 1, January 2025, Pages 241–273, https://doi.org/10.1093/rof/rfae038
Published: 24 September 2024
... ( https://creativecommons.org/licenses/by-nc-nd/4.0/ ), which permits non-commercial reproduction and distribution of the work, in any medium, provided the original work is not altered or transformed in any way, and that the work is properly cited. For commercial re-use, please contact...
Journal Article
Political Beta Get access
Review of Finance, Volume 26, Issue 5, September 2022, Pages 1179–1215, https://doi.org/10.1093/rof/rfac012
Published: 16 February 2022
... of country-level political risk in a given firm’s (political) portfolio. 6 Notably, as in standard portfolio theory, we find that it is “not” the volatility of political relations with a given country, per se (political σ ), that has an effect on firm’s exporting behavior, but rather the non...
