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Int. J. Financial Stud., Volume 1, Issue 3 (September 2013), Pages 45-118

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Research

Open AccessArticle Quantity versus Price Rationing of Credit: An Empirical Test
Int. J. Financial Stud. 2013, 1(3), 45-53; doi:10.3390/ijfs1030045
Received: 21 May 2013 / Revised: 18 June 2013 / Accepted: 19 June 2013 / Published: 1 July 2013
Cited by 1 | PDF Full-text (164 KB) | HTML Full-text | XML Full-text
Abstract
One proxy of price rationing of credit is an aggregation of information on interest rates, while loan officer survey data measures quantity rationing of credit, meaning some borrowers are denied loans. The latter Granger causes real GDP but the former does not. The
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One proxy of price rationing of credit is an aggregation of information on interest rates, while loan officer survey data measures quantity rationing of credit, meaning some borrowers are denied loans. The latter Granger causes real GDP but the former does not. The loan officer survey is a better leading indicator of credit market conditions that affect real activity. Full article
(This article belongs to the Special Issue Recent Developments in Finance and Banking after the 2008 Crisis)
Open AccessCommunication On the Choice of the Discount Rate and the Role of Financial Variables and Physical Parameters in Estimating the Levelized Cost of Energy
Int. J. Financial Stud. 2013, 1(3), 54-61; doi:10.3390/ijfs1030054
Received: 14 June 2013 / Revised: 3 July 2013 / Accepted: 12 July 2013 / Published: 18 July 2013
Cited by 2 | PDF Full-text (189 KB) | HTML Full-text | XML Full-text
Abstract
The levelized cost of energy (LCOE) approach has become popular, especially in the field of renewable energy. We argue that when assessing levelized cost of energy, different rates should be used for borrowing and discount rates. We further argue that the risk-free rate
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The levelized cost of energy (LCOE) approach has become popular, especially in the field of renewable energy. We argue that when assessing levelized cost of energy, different rates should be used for borrowing and discount rates. We further argue that the risk-free rate should be used for discounting when assessing and comparing the cost of energy across different producers and technologies. Recent analyses used the same rate for borrowing and discounting, which leads to underestimation of the cost for risky borrowers and to distorted sensitivities of the cost to financial and non-financial factors. Specifically, it is shown that they may lead to gross underestimation of the importance of solar-to-electricity conversion efficiency when applied to photovoltaics. The importance of device efficiency is re-established under the treatment of the discount rate proposed here. Full article
Open AccessArticle New Evidence on the Information and Predictive Content of the Baltic Dry Index
Int. J. Financial Stud. 2013, 1(3), 62-80; doi:10.3390/ijfs1030062
Received: 13 May 2013 / Revised: 15 July 2013 / Accepted: 16 July 2013 / Published: 24 July 2013
Cited by 3 | PDF Full-text (136 KB) | HTML Full-text | XML Full-text
Abstract
This empirical study analyzes the information and predictive content of the Baltic Dry Index (BDI) with respect to a range of financial assets and the macroeconomy. By using panel methodological approaches and daily data spanning the period 1985–2012, the empirical analysis documents the
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This empirical study analyzes the information and predictive content of the Baltic Dry Index (BDI) with respect to a range of financial assets and the macroeconomy. By using panel methodological approaches and daily data spanning the period 1985–2012, the empirical analysis documents the joint predictability capacity of the BDI for both financial assets and industrial production. The results reveal the role of the BDI in predicting the future course of the real economy, yielding a link between financial asset markets and the macroeconomy. Full article
(This article belongs to the Special Issue Recent Developments in Finance and Banking after the 2008 Crisis)
Open AccessArticle How Does the Financial Crisis Affect Volatility Behavior and Transmission Among European Stock Markets?
Int. J. Financial Stud. 2013, 1(3), 81-101; doi:10.3390/ijfs1030081
Received: 24 June 2013 / Revised: 24 July 2013 / Accepted: 2 August 2013 / Published: 13 August 2013
Cited by 2 | PDF Full-text (1197 KB) | HTML Full-text | XML Full-text
Abstract
The spread of the global financial crisis of 2008/2009 was rapid, and impacted the functioning and the performance of financial markets. Due to the importance of this phenomenon, this study aims to explain the impact of the crisis on stock market behavior and
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The spread of the global financial crisis of 2008/2009 was rapid, and impacted the functioning and the performance of financial markets. Due to the importance of this phenomenon, this study aims to explain the impact of the crisis on stock market behavior and interdependence through the study of the intraday volatility transmission. This paper investigates the patterns of linkage dynamics among three European stock markets—France, Germany, and the UK—during the global financial crisis, by analyzing the intraday dynamics of linkages among these markets during both calm and turmoil phases. We apply a VAR-EGARCH (Vector Autoregressive Exponential General Autoregressive Conditional Heteroscedasticity) framework to high frequency five-minute intraday returns on selected representative stock indices. We find evidence that interrelationship among European markets increased substantially during the period of crisis, pointing to an amplification of spillovers. In addition, during this period, French and UK markets herded around German market, possibly explained by behavior factors influencing the stock markets on or near dates of extreme events. Germany was identified as the hub of financial and economic activity in Europe during the period of study. These findings have important implications for both policymakers and investors by contributing to better understanding the transmission of financial shocks in Europe. Full article
Open AccessArticle The Influence of Marketing Scholarship’s Legacy on Nonprofit Marketing
Int. J. Financial Stud. 2013, 1(3), 102-118; doi:10.3390/ijfs1030102
Received: 31 July 2013 / Revised: 29 August 2013 / Accepted: 3 September 2013 / Published: 9 September 2013
Cited by 2 | PDF Full-text (205 KB) | HTML Full-text | XML Full-text
Abstract
This inquiry contributes to the literature on the development of “nonprofit marketing thought” by describing how the field’s early period established a legacy effect on nonprofit marketing scholarship to the present day. This qualitative work uses a wide variety of sources from a
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This inquiry contributes to the literature on the development of “nonprofit marketing thought” by describing how the field’s early period established a legacy effect on nonprofit marketing scholarship to the present day. This qualitative work uses a wide variety of sources from a protracted historical period in order to more fully inform a perspective on the relevant issues that have influenced the development of nonprofit marketing scholarship. The investigation suggests that, although the debate on whether or not marketing is a science was nominally resolved years ago, the origins of marketing scholarships as an applied business discipline remain influential. The effects on this influence is a body of research that is fragmented, conflicted, sometimes invalid, and has produced few general theories indicative of a social science. Recommendations are offered for improving the quality of nonprofit marketing scholarship. Full article
(This article belongs to the Special Issue Marketing of Nonprofit Organizations)

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