| SEMINAR ŞTIINŢIFIC MONEDA, FINANŢE, BĂNCI – SEMINAR ȘTIINȚIFIC |
About / Prezentare
Forthcoming seminars / Seminare viitoare Archive / Arhivă 2024-2025 Premiere 2024-2025
Democracy, Pandemic Crisis, and Dividend Policy
Marți, 27 mai 2025 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Victor Dragotă
Bucharest University of Economic Studies; victor.dragota@fin.ase.ro
Abstract:
Using as data 116750 firm-year observations from 11675 companies from 46 countries, for the period 2013-2022, we have found democracy has a positive impact on dividend payments. The COVID-19 pandemic (analyzed globally, but also through proxies counting for 3 perspectives – epidemiological, governmental measures and level of panic) has determined a decrease in dividend payments. Democracy moderates the impact of pandemic crisis on dividend payments only for the case of emerging and developing countries. Conversely, in developed economies, democracy exacerbates the economic impact of pandemic crises. Our findings remain robust across a series of additional analyses. These results offer valuable insights for forecasting dividend payments and contribute to explaining cross-country variations in dividend policies. Furthermore, our study advances the literature on the interplay between democracy and dividend payments in the context of pandemic crises.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: J’ai Bistrot
Good Sentiment, Bad Sentiment: How Different Channels of Investor Sentiment Diffusion Drive Systemic Risk
Marți, 3 iunie 2025 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Dan Gabriel Anghel
Bucharest University of Economic Studies; dan.anghel@fin.ase.ro
Abstract:
We examine how sentiment spillovers affect tail risk propagation within the network of financial stocks in the United States. Using high-frequency data, we construct and interact measures of sentiment connectedness and network-based conditional value at risk, distinguishing between direct, direct spillovers and indirect spillovers sentiment transmission channels. Results show that direct sentiment transmission mitigates extreme risks during market stress periods, whereas indirect, peer-driven effects foster herding and contagion, acting in the opposite direction. Overall, the findings reveal a significant and asymmetric role of sentiment in systemic risk dynamics.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: J’ai Bistrot