| 1. |
- Davidescu, Adriana Ana Maria, et al.
(författare)
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Shadow Economy Index for Moldova and Romania
- 2019. - 1st
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Ingår i: Subsistence Entrepreneurship: The Interplay of Collaborative Innovation, Sustainability and Social Goals. - Cham : Springer Cham. - 1431-1941. - 9783030115425 - 9783030115418 ; , s. 89-130
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Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- This report presents estimates of the size of the shadow economy in Moldova and Romania during the years 2015–2016. The estimates are based on surveys of entrepreneurs in both countries, following the method of Putniņš and Sauka (Journal of Comparative Economics 43:471–490, 2015). The components of the shadow economy captured by this approach include misreported business income, unregistered or hidden employees, and ‘envelope’ wages. Our findings suggest that both Moldova and Romania exhibit high levels of bribery, which is influenced by the number of unregistered companies. The results of this chapter highlight the importance of focusing on different forms of entrepreneurship particularly in transition economies.
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| 2. |
- Félez-Viñas, Ester, 1988-, et al.
(författare)
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Closing Time : Effects of the closing mechanism and design on market quality
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We study the effects that closing batch facilities have on liquidity, price efficiency, and market integrity by exploiting the change in closing mechanism of 43 exchanges around the world. The main analysis supports the idea that the use of batch facilities improves market quality. However, we find evidence of the importance of auction design in explaining the performance of the auction. Closing auctions tend to be more beneficial if they integrate a randomised closing time and price stabilisation systems. Transparency and flexibility are generally detrimental. The results also show that the level of development of the market and the liquidity of the stock are relevant in determining the effects of batch facilities. Our findings have implications for regulators and exchanges seeking to improve the efficiency and integrity of their capital markets.
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| 3. |
- Menkveld, Albert J., et al.
(författare)
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Nonstandard Errors
- 2024
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Ingår i: JOURNAL OF FINANCE. - : Wiley-Blackwell. - 0022-1082 .- 1540-6261. ; 79:3, s. 2339-2390
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Tidskriftsartikel (refereegranskat)abstract
- In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across researchers adds uncertainty-nonstandard errors (NSEs). We study NSEs by letting 164 teams test the same hypotheses on the same data. NSEs turn out to be sizable, but smaller for more reproducible or higher rated research. Adding peer-review stages reduces NSEs. We further find that this type of uncertainty is underestimated by participants.
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| 4. |
- Putnins, Talis, et al.
(författare)
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High frequency trading and comovement in financial markets
- 2019
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Ingår i: Journal of Financial Economics. - : Elsevier. - 0304-405X. ; 134:2, s. 381-399
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Tidskriftsartikel (refereegranskat)abstract
- Using the staggered entry of Chi-X in 12 European equity markets as a source of exogenous variation in high frequency trading (HFT), we find that HFT causes significant increases in comovement in returns and in liquidity. About one-third of the increase in return comovement is due to faster diffusion of market-wide information. We attribute the remaining two-thirds to correlated trading strategies of HFTs. The increase in liquidity comovement is consistent with HFT liquidity providers being better able to monitor other stocks and adjust their liquidity provision accordingly. Our findings suggest a channel by which HFT impacts the cost of capital.
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| 5. |
- Sauka, Arnis, et al.
(författare)
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Measuring the shadow economy using company managers
- 2015
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Ingår i: Journal of Comparative Economics. - : Elsevier: 24 months. - 1095-7227 .- 0147-5967. ; 43:2, s. 471-490
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Tidskriftsartikel (refereegranskat)abstract
- This study develops a method that uses surveys of company managers to measure the size of a shadow economy. Our method is based on the premise that company managers are the most likely to know how much business income and wages go unreported due to their unique position in dealing with both of these types of income. We use a range of survey design features to maximize the truthfulness of responses. Our method combines estimates of misreported business income, unregistered or hidden employees, and unreported wages, to arrive at an estimate of the size of a shadow economy as a percentage of GDP. This approach differs from most other studies of shadow economies, which largely focus on using macroindicators. We illustrate the application of our method to three new EU member countries. We also analyze the factors that influence companies' participation in the shadow economy.
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