wyszukanych pozycji: 71
Going Public Abroad
ISBN: 9781503231221 / Angielski / Miękka / 2014 / 48 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. This study examines the decision to go public abroad using a sample of 17,808 IPOs. Although only 6% of initial public offerings are offered abroad, these represent approximately 25% of total IPO proceeds. We find that alleviating informational frictions in order to obtain greater offering proceeds is an important determinant of the decision to go public abroad. Foreign and global IPOs originate from countries with significantly fewer recent IPOs in the same industry, less developed capital markets, and lower disclosure standards. Contrary to assumptions in prior research, we also show that...
This study examines the decision to go public abroad using a sample of 17,808 IPOs. Although only 6% of initial public offerings are offered abroad, t...
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64,45 zł |
Cost Shifting and the Freezing of Corporate Pension Plans
ISBN: 9781503223714 / Angielski / Miękka / 2014 / 54 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. Many U.S. corporations have frozen defined benefit (DB) pension plans, replacing new DB promises with contributions to defined contribution (DC) plans. We estimate expected DB accruals from the age-service and salary distributions of a large sample of U.S. corporate pension plans with more than 1,000 employees. Comparing the counterfactual DB accruals to the actual increase in 401(k) and other DC contributions for firms that freeze, we find only partial compensation to employees for the lost DB accruals. Net of the increase in total DC contributions, firms save 2.7-3.6% of payroll per year,...
Many U.S. corporations have frozen defined benefit (DB) pension plans, replacing new DB promises with contributions to defined contribution (DC) plans...
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55,83 zł |
The Real Effects of Credit Line Drawdowns
ISBN: 9781511467223 / Angielski / Miękka / 2015 / 54 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. |
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55,83 zł |
Are Banks' Internal Risk Parameters Consistent? Evidence from Syndicated Loans
ISBN: 9781503222885 / Angielski / Miękka / 2014 / 36 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. This study examines consistency in the estimates of probability of default (PD) and loss given default (LGD) that nine large U.S. banks assign to syndicated loans for regulatory capital purposes. Using internal bank data on loans that had PDs and LGDs assigned by more than one bank, we find substantial dispersion in these parameters. Banks differ substantially in PDs, but only a few set PDs systematically higher or lower than the median bank. However, many banks differ from the median bank systematically in LGDs, and these differences affect their Basel II minimum regulatory capital...
This study examines consistency in the estimates of probability of default (PD) and loss given default (LGD) that nine large U.S. banks assign to synd...
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cena:
55,83 zł |
Financing Constraints and Unemployment: Evidence from the Great Recession
ISBN: 9781506127743 / Angielski / Miękka / 2015 / 54 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. Exploiting the differential financing needs across industrial sectors, this paper shows that financing constraints of small businesses in the United States are one of the drivers explaining the unemployment dynamics during the Great Recession. We show that workers in small firms are more likely to become unemployed during the 2007-09 financial crisis if they work in industries with high external financing needs. We find very similar results for the 1990-91 recession, but not for the 2001 recession, where only the former was associated with a reduction in loan supply. These findings further...
Exploiting the differential financing needs across industrial sectors, this paper shows that financing constraints of small businesses in the United S...
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55,83 zł |
The Federal Reserve's Framework for Monetary Policy-Recent Changes and New Questions
ISBN: 9781503287174 / Angielski / Miękka / 2014 / 68 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. In recent years, the Federal Reserve has made substantial changes to its framework for monetary policymaking by providing greater clarity regarding its objectives, its intentions regarding the use of monetary policy- including nontraditional policy tools such as forward guidance and asset purchases-in the pursuit of those objectives, and its broader policy strategy. These changes reflected both a response to changes in economists' understanding of the most effective way to implement monetary policy and a response to specific challenges posed by the financial crisis and its aftermath,...
In recent years, the Federal Reserve has made substantial changes to its framework for monetary policymaking by providing greater clarity regarding it...
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cena:
55,83 zł |
Is the Information Technology Revolution Over
ISBN: 9781497517462 / Angielski / Miękka / 2014 / 50 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. Given the slowdown in labor productivity growth in the mid-2000s, some have argued that the boost to labor productivity from IT may have run its course. This paper contributes three types of evidence to this debate. First, we show that since 2004, IT has continued to make a significant contribution to labor productivity growth in the United States, though it is no longer providing the boost it did during the productivity resurgence from 1995 to 2004. Second, we present evidence that semiconductor technology, a key ingredient of the IT revolution, has continued to advance at a rapid pace and...
Given the slowdown in labor productivity growth in the mid-2000s, some have argued that the boost to labor productivity from IT may have run its cours...
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42,89 zł |
Yield Curve Impacts of Forward Guidance and Maturity Extension Programs
ISBN: 9781503287105 / Angielski / Miękka / 2014 / 32 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. In 2011 and 2012, the Federal Reserve sold Treasury securities from the short end of the yield curve at the same time it was providing market participants with date-specific assurances that overnight interest rates would not rise. We investigate how these two policies, which had conflicting pricing pressures, were absorbed by the market. We analyze the impacts of sales on the volume and composition of inventories of the Federal Reserve's counterparties, and examine how announcements of accommodative monetary policy affected spreads and prices across maturities. Our results suggest that these...
In 2011 and 2012, the Federal Reserve sold Treasury securities from the short end of the yield curve at the same time it was providing market particip...
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cena:
55,83 zł |
Taxpayer Confusion over Predictable Tax Liability Changes: Evidence from the Child Tax Credit
ISBN: 9781503283480 / Angielski / Miękka / 2014 / 42 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. We develop a model of how taxpayers update beliefs over their tax rates when they encounter a non-salient tax liability change. We test the model's hypotheses using the loss of the Child Tax Credit when a child turns 17. Because this tax liability change is lump-sum and predictable, there should be no reaction in labor income if taxpayers are fully informed. Using this age discontinuity, we find, however, that losing the credit reduces household labor income. This finding suggests that taxpayers misperceive the source of tax liability changes, leading to under- or over-reactions to changes in...
We develop a model of how taxpayers update beliefs over their tax rates when they encounter a non-salient tax liability change. We test the model's hy...
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cena:
55,83 zł |
Banking Panics and Deflation in Dynamic General Equilibrium
ISBN: 9781511660488 / Angielski / Miękka / 2015 / 42 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. This paper develops a framework to study the interaction between banking, price dynamics, and monetary policy. Deposit contracts are written in nominal terms: if prices unexpectedly fall, the real value of banks existing obligations increases. Banks default, panics precipitate, economic activity declines. If banks default, aggregate demand for cash increases because financial intermediation provided by banks disappears. When money supply is unchanged, the price level drops, thereby providing incentives for banks to default. Active monetary policy prevents banks from failing and output from...
This paper develops a framework to study the interaction between banking, price dynamics, and monetary policy. Deposit contracts are written in nomina...
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cena:
55,83 zł |
Equity Market Misvaluation, Financing, and Investment
ISBN: 9781503231238 / Angielski / Miękka / 2014 / 52 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. We quantify how much nonfundamental movements in stock prices affect firm decisions. We estimate a dynamic investment model in which firms can finance with equity or cash (net of debt). Misvaluation affects equity values, and firms optimally issue and repurchase overvalued and undervalued shares. The funds flowing to and from these activities come from either investment, dividends, or net cash. The model fits a broad set of data moments in large heterogeneous samples and across industries. Firms respond to misvaluation by adjusting financing more than by adjusting investment. Managers'...
We quantify how much nonfundamental movements in stock prices affect firm decisions. We estimate a dynamic investment model in which firms can finance...
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cena:
64,45 zł |
Inflation Dynamics During the Financial Crisis
ISBN: 9781511660433 / Angielski / Miękka / 2015 / 52 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. Firms with limited internal liquidity significantly increased prices in 2008, while their liquidity unconstrained counterparts slashed prices. Differences in the firms' price-setting behavior were concentrated in sectors likely characterized by customer markets. We develop a model, in which firms face financial frictions, while setting prices in a customer-markets setting. Financial distortions create an incentive for firms to raise prices in response to adverse demand or financial shocks. These results reflect the firms' reaction to preserve internal liquidity and avoid accessing external...
Firms with limited internal liquidity significantly increased prices in 2008, while their liquidity unconstrained counterparts slashed prices. Differe...
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55,83 zł |
Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey
ISBN: 9781511660396 / Angielski / Miękka / 2015 / 34 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. Several U.S. panel surveys measure household wealth. At the same time, many important questions about household wealth accumulation remain somewhat unresolved. We consider whether measurement error on the existing suite of longitudinal surveys hinders their usefulness for addressing these questions. We review the features of wealth data that make it difficult to collect and assess which assets and debts households are more likely to report accurately. We suggest several considerations in choosing between improving existing surveys and starting a new one.
Several U.S. panel surveys measure household wealth. At the same time, many important questions about household wealth accumulation remain somewhat un...
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cena:
55,83 zł |
Broadband in the Labor Market: The Impact of Residential High Speed Internet on Married Women's Labor Force Participation
ISBN: 9781503223745 / Angielski / Miękka / 2014 / 68 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. This study investigates how high-speed home Internet has impacted married women's labor force participation. I estimate the net effect of individual Internet usage on labor supply using an instrumental variables strategy which exploits cross-state variation in supply-side constraints to residential broadband Internet access. Results indicate that married women who use the Internet are more likely to participate in the labor force. The average effects mask substantial heterogeneity and increases in participation are concentrated on women with higher levels of education and children. The...
This study investigates how high-speed home Internet has impacted married women's labor force participation. I estimate the net effect of individual I...
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cena:
55,83 zł |
Are Homeowners in Denial about their House Values? Comparing Owner Perceptions with Transaction-Based Indexes
ISBN: 9781503222953 / Angielski / Miękka / 2014 / 28 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. The boom and bust of the housing market has been a prominent feature of the household financial landscape in recent years. The exact magnitude of the house price swings depends on whether you ask homeowners how much their houses are worth at two points in time or use the change in a transaction-based house price index (HPI). During the boom, owner-reported values rose much more rapidly than the HPI, and after the bust, owner-reported values fell slightly less than the HPI. Individual homeowner 'errors' are estimated to explain about one-third of the different in aggregate changes in the...
The boom and bust of the housing market has been a prominent feature of the household financial landscape in recent years. The exact magnitude of the ...
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cena:
55,83 zł |
Labor Force Participation: Recent Developments and Future Prospects
ISBN: 9781507564905 / Angielski / Miękka / 2015 / 70 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. More than five years after the Great Recession ended, the labor market has, by many metrics, finally shown substantial improvement. The unemployment rate is now nearly 4 percentage points below the peak reached in late 2009, and the number of nonfarm payroll jobs has returned to pre-recession levels. However, one lingering concern is the ongoing decline in the labor force participation rate and the concomitant absence of a significant rise in the percentage of the working-age population who are employed. In particular, the labor force participation rate has fallen from about 66 percent of the...
More than five years after the Great Recession ended, the labor market has, by many metrics, finally shown substantial improvement. The unemployment r...
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cena:
55,83 zł |
Testing Conflicts of Interest at Bond Ratings Agencies with Market Anticipation: Evidence the Reputation Incentives Dominate
ISBN: 9781500949433 / Angielski / Miękka / 2014 / 38 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. This book presents the first comprehensive test of whether well-known conflicts of interest at bond rating agencies importantly influence their actions. This hypothesis is tested against the alternative that rating agency actions are primarily influenced by a countervailing incentive to protect their reputations as delegated monitors. These two hypotheses generate a number of testable predictions regarding the anticipation of credit-rating downgrades by the bond market, which we investigate using a new data set of about 2,000 credit rating migrations from Moody's and Standard & Poor's, and...
This book presents the first comprehensive test of whether well-known conflicts of interest at bond rating agencies importantly influence their action...
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cena:
64,45 zł |
Avoiding Nash Inflation: Bayesian and Robust Response to Model Uncertainty
ISBN: 9781505421989 / Angielski / Miękka / 2014 / 44 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. This paper considers the design of monetary policy under uncertainty. Specifically, we use a simple model to jointly consider three things: learning by the monetary authority; model misspecification; and robust policies to counter the misspecification problems. To the best of our knowledge, this is the first paper to simultaneously consider these crucial elements of real-world policy design.
This paper considers the design of monetary policy under uncertainty. Specifically, we use a simple model to jointly consider three things: learning b...
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cena:
55,83 zł |
Taxpayer Confusion over Predictable Tax Liability Changes: Evidence from the Child Tax Credit
ISBN: 9781499136760 / Angielski / Miękka / 2014 / 42 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. This paper offers two contributions to the literature on taxpayer perceptions of the tax system. Our first contribution is that we develop a model that generates predictions over how taxpayers update their beliefs about their marginal tax rates when they experience an unexpected change in their tax liability. Our model is an extension of a standard full information, rational agent model that allows for imperfect knowledge of the income tax schedule. In the model, a household is subject to a linear tax schedule that changes from year to year. The household perceives innovations to the tax...
This paper offers two contributions to the literature on taxpayer perceptions of the tax system. Our first contribution is that we develop a model tha...
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cena:
42,89 zł |
Volatility, Labor Heterogeneity and Asset Prices
ISBN: 9781503287129 / Angielski / Miękka / 2014 / 50 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. This study shows that a firm's reliance on skilled labor is an underlying determinant of its exposure to aggregate volatility risk. I present a model in which firms make hiring and firing decisions in an environment of time-varying aggregate volatility, and face linear adjustment costs that increase with the skill of a worker. In the model, an increase in aggregate volatility slows a firm's labor demand reaction to changes in economic conditions, reducing its ability to smooth cash flows. The rise in aggregate volatility has a more pronounced impact on firms with a high share of skilled labor...
This study shows that a firm's reliance on skilled labor is an underlying determinant of its exposure to aggregate volatility risk. I present a model ...
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cena:
55,83 zł |