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wyszukanych pozycji: 71
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Going Public Abroad
ISBN: 9781503231221 / Angielski / Miękka / 2014 / 48 str. Termin realizacji zamówienia: ok. 16-18 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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60,49 |
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Repo Collateral Fire Sales: The Effects of Exemption from Automatic Stay
ISBN: 9781503283497 / Angielski / Miękka / 2014 / 48 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. What are the consequences of a potential fire sale stemming from the exemption of repurchase agreements (repos) from automatic stay? This paper shows that repo's exemption from stay alters firms' financing and investment decisions ex ante. Specifically, a stay exemption changes firms' investment opportunity set, enabling them to purchase assets of defaulted firms at fire sale prices. Fire sales arise endogenously because of limited capital available to purchase collateral posted by insolvent firms, i.e., cash-in-the-market pricing. A fire sale effectively creates a premium for holding on to...
What are the consequences of a potential fire sale stemming from the exemption of repurchase agreements (repos) from automatic stay? This paper shows ...
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52,40 |
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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. 16-18 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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52,40 |
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Liquidity Windfalls: The Consequences of Repo Rehypothecation
ISBN: 9781511660419 / Angielski / Miękka / 2015 / 34 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This paper presents a model of repo rehypothecation in which dealers intermediate funds and collateral between cash lenders (e.g., money market funds) and prime brokerage clients (e.g., hedge funds). Dealers take advantage of their position as intermediaries, setting different repo terms with each counterparty. In particular, the difference in haircuts represents a positive cash balance for the dealer that can be an important source of liquidity. The model shows that dealers with higher default risk are more exposed to runs by collateral providers than to runs by cash lenders, who are...
This paper presents a model of repo rehypothecation in which dealers intermediate funds and collateral between cash lenders (e.g., money market funds)...
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52,40 |
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Payday Lending Regulation
ISBN: 9781503283527 / Angielski / Miękka / 2014 / 40 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. To date the debate over payday lending has focused on whether access to such lending is on net beneficial or harmful to consumer welfare. However, payday loans are not one product but many, and different forms of lending may have different welfare implications. The current diversity in payday lending stems from the diverse ways in which states have regulated the industry. This paper attempts to quantify the effects that various regulatory approaches have had on lending terms and usage. Using a novel institutional dataset of over 56 million payday loans, covering 26 states for nearly 6 years,...
To date the debate over payday lending has focused on whether access to such lending is on net beneficial or harmful to consumer welfare. However, pay...
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52,40 |
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Cost Shifting and the Freezing of Corporate Pension Plans
ISBN: 9781503223714 / Angielski / Miękka / 2014 / 54 str. Termin realizacji zamówienia: ok. 16-18 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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52,40 |
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Have Distressed Neighborhoods Recovered? Evidence from the Neighborhood Stabilization Program
ISBN: 9781511660440 / Angielski / Miękka / 2015 / 50 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. During the 2007-2009 housing crisis, concentrations of foreclosed and vacant properties created severe blight in many cities and neighborhoods. The federal Neighborhood Stabilization Program (NSP) was established to help mitigate distress in hard-hit areas by funding the rehabilitation or demolition of troubled properties. This paper analyzes housing market changes in areas that received investments during the second round of NSP funding, focusing on seven large urban counties. Grantees used NSP to invest in census tracts with high rates of distressed and vacancy properties, and tracts that...
During the 2007-2009 housing crisis, concentrations of foreclosed and vacant properties created severe blight in many cities and neighborhoods. The fe...
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52,40 |
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Consumers' Attitudes and Their Inflation Expectations
ISBN: 9781511660471 / Angielski / Miękka / 2015 / 32 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This paper studies consumers' inflation expectations using micro-level data from the surveys of consumers conducted by university of Michigan
This paper studies consumers' inflation expectations using micro-level data from the surveys of consumers conducted by university of Michigan
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52,40 |
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Volatility, Labor Heterogeneity and Asset Prices
ISBN: 9781503287129 / Angielski / Miękka / 2014 / 50 str. Termin realizacji zamówienia: ok. 16-18 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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52,40 |
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National Bank Examinations and Operations in the Early 1890s
ISBN: 9781503231177 / Angielski / Miękka / 2014 / 46 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. We use information from examination reports to enrich our understanding of both the examination process and bank operations for National Banks in the early 1890s, the height of the National Banking Era. We describe the examination process and its frequency, as well as the information contained in the examinations relating to bank ownership and corporate governance, the composition and quality of the loan book, dividend payments made by the banks, and the use of different types of liabilities. Our sample of banks is from the larger cities, including several reserve cities, which allows us to...
We use information from examination reports to enrich our understanding of both the examination process and bank operations for National Banks in the ...
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60,49 |
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Taxpayer Confusion over Predictable Tax Liability Changes: Evidence from the Child Tax Credit
ISBN: 9781499136760 / Angielski / Miękka / 2014 / 42 str. Termin realizacji zamówienia: ok. 16-18 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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40,26 |
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A Global Trade Model for the Euro Area
ISBN: 9781511660518 / Angielski / Miękka / 2015 / 36 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. We propose a model for analyzing euro area trade based on the interaction between macroeconomic and trade variables. First, we show that macroeconomic variables are necessary to generate accurate short-term trade forecasts; this result can be explained by the high correlation between trade and macroeconomic variables, with the latter being released in a more timely manner. Second, the model tracks well the dynamics of trade variables conditional on the path of macroeconomic variables during the great recession; this result makes our model a reliable tool for scenario analysis. Third, we...
We propose a model for analyzing euro area trade based on the interaction between macroeconomic and trade variables. First, we show that macroeconomic...
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52,40 |
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Financing Constraints and Unemployment: Evidence from the Great Recession
ISBN: 9781507563014 / Angielski / Miękka / 2015 / 54 str. Termin realizacji zamówienia: ok. 16-18 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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52,40 |
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The Federal Reserve's Framework for Monetary Policy-Recent Changes and New Questions
ISBN: 9781503287174 / Angielski / Miękka / 2014 / 68 str. Termin realizacji zamówienia: ok. 16-18 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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52,40 |
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Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Cr
ISBN: 9781511467216 / Angielski / Miękka / 2015 / 38 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. |
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52,40 |
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Systemic Risk, International Regulation, and the Limits of Coordination
ISBN: 9781503283459 / Angielski / Miękka / 2014 / 62 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This study examines the incentives of national regulators to coordinate regulatory policies in the presence of systemic risk in global financial markets. In a two-country and three-period model, correlated asset fire sales by banks generate systemic risk across national financial mar- kets. Relaxing regulatory standards in one country increases both the cost and the severity of crises for both countries in this framework. In the absence of coordination, independent regulators choose inefficiently low levels of macro-prudential regulation. A central regulator internalizes the systemic risk and...
This study examines the incentives of national regulators to coordinate regulatory policies in the presence of systemic risk in global financial marke...
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52,40 |
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Taxpayer Confusion over Predictable Tax Liability Changes: Evidence from the Child Tax Credit
ISBN: 9781503283480 / Angielski / Miękka / 2014 / 42 str. Termin realizacji zamówienia: ok. 16-18 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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52,40 |
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Aggregate Supply in the United States: Recent Developments and Implications for the Conduct of Monetary Policy
ISBN: 9781503222908 / Angielski / Miękka / 2014 / 62 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. The recent financial crisis and ensuing recession appear to have put the productive capacity of the economy on a lower and shallower trajectory than the one that seemed to be in place prior to 2007. Using a version of an unobserved components model introduced by Fleischman and Roberts (2011), we estimate that potential GDP is currently about 7 percent below the trajectory it appeared to be on prior to 2007. We also examine the recent performance of the labor market. While the available evidence is still inconclusive, some indicators suggest that hysteresis should be a more present concern now...
The recent financial crisis and ensuing recession appear to have put the productive capacity of the economy on a lower and shallower trajectory than t...
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52,40 |
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Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey
ISBN: 9781511660396 / Angielski / Miękka / 2015 / 34 str. Termin realizacji zamówienia: ok. 16-18 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:
52,40 |
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Payday Loans and Consumer Financial Health
ISBN: 9781503283510 / Angielski / Miękka / 2014 / 34 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. For a two-week $300 payday advance loan, payday lenders typically charge in excess of $45, a cost so high that many believe the loan could not possibly be in the best interest of the borrower. Nevertheless, some estimates indicate that payday loan volume grew more than fivefold to almost $50 billion from the late 1990s to the mid 2000s (Stegman 2007). With the recent rise of the payday lending industry, questions abound about the characteristics and circumstances of payday loan borrowers, and the ultimate impact of such loans on their welfare. Interest in payday lending has grown among...
For a two-week $300 payday advance loan, payday lenders typically charge in excess of $45, a cost so high that many believe the loan could not possibl...
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cena:
52,40 |
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