Oil Price Shocks and Stock Markets in Oil Importing Countries: Evidence from Egypt, Morocco, and Jordan

This study aims to investigate the dynamic relationship between Oil price Shocks and stock markets returns in Egypt, Morocco, and Jordan as oil-importing countries in the MENA region, over the period (2005-2018). Vector auto regressive regressions (VAR), Granger causality tests, and Impulse Response technique are employed to achieve the objectives of the study. Using weekly data, the results point to a causal relation flowing from oil prices to stock market returns in all the three countries under investigation although with different lags and different patterns of the response according to the impulse response function outcomes. These findings have important implications for academics, domestic and international investor, investment manager and policy makers.JEL Codes - Q41; E44; N1

The Effects of Capital on Bank Risk-Taking: New Evidence for the European Banking System

After the eruption of the global financial crisis, the banking sector has gone through profound regulatory reforms aimed at strengthening the stability of the entire financial system. Based on a sample of 62 listed banks in the European Economic Area Region, during the period 2005q1-2018q4, this paper investigates the impact of capital policies on bank risk-taking. Results show how the Tier 1 capital ratio and the Tier 1 leverage ratio represent a crucial factor in explaining bank risk, especially for small banks and during financial turmoil periods. Additionally, we find that the introduction of mandatory disclosure of the Tier 1 leverage ratio and the Tier 1 capital ratio reduced the bank risk-taking of higher leveraged and capitalized banks. Our findings have significant implications for both the banking industry and policymakers alike

Società di gestione quotate: organizzazione e governance nel nuovo assetto competitivo

2reservedmixedFLOREANI J; POLATO MFloreani, Josanco; Polato, Maurizi