Are Sovereign Debt Secondary Market Returns Sensitive to Macroeconomic Fundamentals?: - Evidence from the Contemporary and Interwar Markets -

Objectives: Europe is one of the important markets for traditional tobacco. We analyzed the impact of exchange consolidation on securities market efficiency, so as to enable tobacco enterprises to improve the financing efficiency of the stock market and carry out transformation and upgrading. Methods: In this work. We’re based on efficient market theory, the merger of Pan-European Stock Exchange and Oslo Stock Exchange, Norway in June 2019 is analyzed through empirical analysis. The logarithmic returns of 25 listed companies in the Oslo Stock Exchange OBX-25 index were analyzed using OLSN Chow and KPSS tests. Results: It is found that of 72% of securities, the explanatory power of market returns for securities returns is increased, which shows significant improvement in market efficiency. The merger of stock exchanges can indeed improve the market efficiency. In addition, through the KPSS test, it is found that the merger of stock exchanges can improve the market efficiency. As time goes by, however, the validity decreases. Conclusion: The improvement of the efficiency of the securities market will be conducive to the financing efficiency of listed tobacco companies in the secondary market, promote the transformation of enterprises, and contribute to the tobacco control and the health of the population in Europe.

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Greek Debt Restructuring Case

International Law Reports ◽

10.1017/ilr.2021.39 ◽

2021 ◽

Vol 195 ◽

pp. 227-238

Keyword(s):

International Law ◽

Financial Stability ◽

Sovereign Debt ◽

Debt Crisis ◽

Secondary Market ◽

Federal Republic Of Germany ◽

Debt Restructuring ◽

Content Type ◽

State Immunity ◽

Basic Law

227State immunity — Jurisdictional immunity — Exceptions — Acta jure gestionis — Acta jure imperii — Once a trader always a trader — State of emergency — Law-making — Legislature regulating legal relations initially established by acta jure gestionis qualifying as acta jure imperiiEconomics, trade and finance — European Monetary Union — Hellenic Republic — Public debt — Bonds — Greek sovereign debt crisis — Sovereign debt restructuring — Collective Action Clauses — Secondary market — Bond exchange — Financial stabilityRelationship of international law and municipal law — Compatibility with Basic Law of the Federal Republic of Germany — General principle of international law — Article 25 of German Basic Law — Right to a lawful judge — The law of Germany

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The Sensitivity of Secondary Sovereign Loan Market Returns to Macroeconomic Fundamentals

SSRN Electronic Journal ◽

10.2139/ssrn.884850 ◽

1990 ◽

Author(s):

Mark Stone

Keyword(s):

Market Returns ◽

Loan Market ◽

Macroeconomic Fundamentals

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Testing the white noise hypothesis in high-frequency housing returns of the United States

Economics and Business Letters ◽

10.17811/ebl.9.3.2020.178-188 ◽

2020 ◽

Vol 9 (3) ◽

pp. 178-188

Author(s):

Aviral Kumar Tiwari ◽

Rangan Gupta ◽

Juncal Cunado ◽

Xin Sheng

Keyword(s):

United States ◽

White Noise ◽

Housing Market ◽

Sovereign Debt ◽

Debt Crisis ◽

The United States ◽

Market Returns ◽

Subprime Mortgage ◽

Economic Agents ◽

Rolling Window

Utilizing a daily dataset of aggregate housing market returns of the United States, we test whether housing market returns are white noise using the blockwise wild bootstrap in a rolling-window framework. We investigate the dynamic evolution of housing market efficiency and find that the white noise hypothesis is accepted in most windows associated with non-crisis periods. However, for some periods before the burst of the housing market bubbles, and during the subprime mortgage crisis, European sovereign debt crisis and the Brexit, the white noise hypothesis is rejected, indicating that the housing market is inefficient in periods of turbulence. Our results have important implications for economic agents.

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