<abstract xmlns="http://www.w3.org/1999/xhtml">

Macroeconomic expectations play a major role in predicting individual choices and behavior. This paper examines the effects of public debt expectations and knowledge on demand for government spending measured by individual preferences. Using a unique survey dataset applied in Central and Eastern Europe, the results show that the most knowledgeable citizens tend to support the increase in public spending. Debt expectations also have a significant impact on public spending preferences: citizens who have negative debt expectations are less likely to support public spending increases. The results shed light on the importance of economic knowledge and information provision for shaping public attitudes about future taxation.
</abstract>

National University of Political Studies and Public Administration

Demand for Government Spending: Do Our Beliefs About Public Debt Matter?

<abstract xmlns="http://www.w3.org/1999/xhtml">

This paper investigates herding behavior of investors in three frontier Nordic countries from July 1, 2002 until July 30, 2021, under different market conditions and during three crises that occurred in this period. As estimation methods, we use both OLS and quantile regression and determine that both up and down market, high and low volatility induce a weak herding behavior for at least one quantile in almost all Nordic countries examined, except for Latvia. At the same time, we find that crises determine a more prominent herding behavior in Nordic countries, but do not influent the behavior of investors from Latvia, that tend to remain rational even in stressful conditions.
</abstract>

Herding Behavior in Frontier Nordic Countries

<abstract xmlns="http://www.w3.org/1999/xhtml">

We examine how abnormal returns and abnormal return determinants change when a company is added to S&amp;P 500. Newly added companies experience a significant increase in abnormal returns around the announcement and addition dates. This increase is accompanied by an improvement in liquidity and a decrease in associated shadow cost. While before their addition, firm-specific abnormal returns can be explained by price impact, they are explained by changes in trading activity during the addition event. Additionally, companies with higher leverage ratios benefit more from index affiliation.
</abstract>

The Price Impact of S&amp;P 500 Affiliation

<abstract xmlns="http://www.w3.org/1999/xhtml">

This paper evaluates the reaction of systemically important banks in Europe to the shock of the Russian invasion of Ukraine in 2022. Using the event study methodology and three of the most commonly used models for estimating theoretical returns (CAPM, Fama-French with 3 factors, Fama-French with 5 factors), we show that banks react differently relative to the event date (February 24, 2022) depending on the country. Overall, systemically important banks recorded massive cumulative abnormal returns in the event window. The results differ at the country level depending on the exposure of the respective banks to Russia, the dependence of countries on Russian gas and oil, and the level of informational efficiency of the markets on which they are traded.
</abstract>

The European Banks Under the Shock of the Russian Invasion of 2022: An Event Study Approach

<abstract xmlns="http://www.w3.org/1999/xhtml">

There is a growing body of research that shows the impact of culture on individual’s financial decisions. We aim to investigate how the strength of social norms and the tolerance for deviant behavior influence stock liquidity. Using a panel of 26 developed and 19 emerging countries we show that there is an inverted U-shaped relationship between the measure of cultural tightness-looseness, developed by Gelfand et al. (2011) and stock liquidity. Additionally, our results suggest that financial literacy has a moderating effect on the relationship between social norms and liquidity.
</abstract>

The Impact of Social Norms on Stock Liquidity

AHEAD OF PRINT

Volume 68 (2023): Issue 3 (December 2023)

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Volume 65 (2020): Issue 3 (December 2020)

Volume 65 (2020): Issue 2 (August 2020)

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Volume 64 (2019): Issue 3 (December 2019)

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Studia Universitatis Babes-Bolyai Oeconomica

 The journal is an official publication of the Faculty of Economics and Business Administration, Babeș-Bolyai University, from Cluj Napoca. It is focused on scientific research of general interest in a broad range of disciplines, including:   macro- and microeconomics  economic policy  international and public economics  urban, rural and regional economics  finance and banking  accounting and audit  marketing  management and business  statistics, econometrics, and other quantitative methods  mathematics, game and decision theories  The journal is edited by an international board of editors, which ensures access to an international pool of referees and guarantees a high standard of contributions. The journal maintains a balance between theoretical and empirical work.  Rejection Rate   40%   Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 

Studia Universitatis Babes-Bolyai Oeconomica

Volume 68 (2023): Issue 1 (April 2023)

Demand for Government Spending: Do Our Beliefs About Public Debt Matter?

Herding Behavior in Frontier Nordic Countries

The Price Impact of S&P 500 Affiliation

The European Banks Under the Shock of the Russian Invasion of 2022: An Event Study Approach

The Impact of Social Norms on Stock Liquidity

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