topmenu
Wyniki wyszukiwania:
wyszukanych pozycji: 71
 |
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...
|
cena:
59,66 |
 |
Sectoral Allocation, Risk Efficiency and the Great Moderation
ISBN: 9781503283473 / Angielski / Miękka / 2014 / 40 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This paper argues that the decline in U.S. real GDP growth volatility after the mid 1980s was an outcome of more risk efficient and more diversified sectoral allocations. Using a portfolio approach, I distinguish between the two determinants of GDP growth volatility: sectoral covariances and sectoral allocations. I use the sectoral growth and covariances to com- pute the growth-volatility frontier of the economy. I define the efficiency of the actual sectoral allocation as the distance of the economy from the frontier, measured in the (volatility, growth) space. There are three main findings....
This paper argues that the decline in U.S. real GDP growth volatility after the mid 1980s was an outcome of more risk efficient and more diversified s...
|
cena:
51,68 |
 |
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...
|
cena:
51,68 |
 |
Are Banks' Internal Risk Parameters Consistent? Evidence from Syndicated Loans
ISBN: 9781503222885 / Angielski / Miękka / 2014 / 36 str. Termin realizacji zamówienia: ok. 16-18 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...
|
cena:
51,68 |
 |
Policy Uncertainty, Irreversibility, and Cross-Border Flows of Capital
ISBN: 9781503283503 / Angielski / Miękka / 2014 / 50 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. We examine the effects of government policy uncertainty on cross-border capital flows. FDI flows from US companies to foreign affiliates drop significantly during the period just before an election. The election effect for FDI is larger than election cycles in domestic investment. The electoral patterns in FDI flows are more pronounced in countries with higher propensities for policy reversals and when election outcomes are more uncertain. Our identification strategy compares variation in different types of capital flows into the same country around the timing of national elections. The...
We examine the effects of government policy uncertainty on cross-border capital flows. FDI flows from US companies to foreign affiliates drop signific...
|
cena:
51,68 |
 |
Inflation Dynamics During the Financial Crisis
ISBN: 9781511660433 / Angielski / Miękka / 2015 / 52 str. Termin realizacji zamówienia: ok. 16-18 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...
|
cena:
51,68 |
 |
Discovering the Universe: Measuring the Role of Finance Companies in the U.S. Economy
ISBN: 9781503223677 / Angielski / Miękka / 2014 / 38 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. Credit to consumers and business is critical to the efficient functioning of the U.S. economy, and finance companies are a key source of such credit. Every five years, the Federal Reserve conducts a two-part survey: the Census of Finance Companies (CFC) to identify the universe of such firms and the Survey of Finance Companies (SFC) to obtain balance-sheet data from firms identified in the CFC. In 2010, this survey underwent a major revision that addressed both the absence of a comprehensive list frame and low response rates. A follow-up study of nonrespondents to the CFC was conducted to...
Credit to consumers and business is critical to the efficient functioning of the U.S. economy, and finance companies are a key source of such credit. ...
|
cena:
51,68 |
 |
Computing Arbitrage-Free Yields in Multi-Factor Gaussian Shadow-Rate Term Structure Models
ISBN: 9781503223738 / Angielski / Miękka / 2014 / 36 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This paper develops a method to approximate arbitrage-free bond yields within a term structure model in which the short rate follows a Gaussian process censored at zero (a shadow-rate model as proposed by Black, 1995). The censoring ensures that model-implied yields are constrained to be positive, but it also introduces non-linearity that renders standard bond pricing formulas inapplicable. In particular, yields are not linear functions of the underlying state vector as they are in a ne term structure models (see Piazzesi, 2010). Existing approaches towards computing yields in shadow-rate...
This paper develops a method to approximate arbitrage-free bond yields within a term structure model in which the short rate follows a Gaussian proces...
|
cena:
51,68 |
 |
Avoiding Nash Inflation: Bayesian and Robust Response to Model Uncertainty
ISBN: 9781505421989 / Angielski / Miękka / 2014 / 44 str. Termin realizacji zamówienia: ok. 16-18 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...
|
cena:
51,68 |
 |
Is the Information Technology Revolution Over
ISBN: 9781497517462 / Angielski / Miękka / 2014 / 50 str. Termin realizacji zamówienia: ok. 16-18 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...
|
cena:
39,71 |
 |
Yield Curve Impacts of Forward Guidance and Maturity Extension Programs
ISBN: 9781503287105 / Angielski / Miękka / 2014 / 32 str. Termin realizacji zamówienia: ok. 16-18 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...
|
cena:
51,68 |
 |
Crowding Out Effects of Refinancing on New Purchase Mortgages
ISBN: 9781511660464 / Angielski / Miękka / 2015 / 40 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. We present evidence that binding mortgage processing capacity constraints reduce mortgage originations to borrowers with low to modest credit scores. Mortgage processing capacity constraints typically bind when the demand for mortgage refinancing shifts outward, usually because of lower mortgage rates.
We present evidence that binding mortgage processing capacity constraints reduce mortgage originations to borrowers with low to modest credit scores. ...
|
cena:
51,68 |
 |
A Model of Endogenous Loan Quality and the Collapse of the Shadow Banking System
ISBN: 9781511660501 / Angielski / Miękka / 2015 / 52 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This Study shows how credit inter mediation helps reduce the impact of a crisis and the likelihood of a run
This Study shows how credit inter mediation helps reduce the impact of a crisis and the likelihood of a run
|
cena:
51,68 |
 |
Learning, Rare Disasters, and Asset Prices
ISBN: 9781503231191 / Angielski / Miękka / 2014 / 34 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. In this study, we examine how learning about disaster risk affects asset pricing in an endowment economy. We extend the literature on rare disasters by allowing for two sources of uncertainty: (1) the lack of historical data results in unknown parameters for the disaster process, and (2) the disaster takes time to unfold and is not directly observable. The model generates time variation in the risk premium through Bayesian updating of agents' beliefs regarding the likelihood and severity of disaster realization. The model accounts for the level and volatility of U.S. equity returns and...
In this study, we examine how learning about disaster risk affects asset pricing in an endowment economy. We extend the literature on rare disasters b...
|
cena:
59,66 |
 |
Financing Constraints and Unemployment: Evidence from the Great Recession
ISBN: 9781506127743 / 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...
|
cena:
51,68 |
 |
Repo Collateral Fire Sales - The Effects of Exemption from Automatic Stay
ISBN: 9781499136821 / 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 ...
|
cena:
39,71 |
 |
Unemployment Insurance Experience Rating and Labor Market Dynamics
ISBN: 9781503287136 / Angielski / Miękka / 2014 / 68 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. Unemployment insurance experience rating imposes higher payroll tax rates on firms that have laid off more workers in the past. To analyze the effects of UI tax policy on labor market dynamics, this paper develops a search model of unemployment with heterogeneous firms and realistic UI financing. The model predicts that higher experience rating reduces both job creation and job destruction. Using firm- level data from the Quarterly Census of Employment and Wages, the model is tested by comparing job creation and job destruction across states and industries with different UI tax schedules. The...
Unemployment insurance experience rating imposes higher payroll tax rates on firms that have laid off more workers in the past. To analyze the effects...
|
cena:
51,68 |
 |
Equity Market Misvaluation, Financing, and Investment
ISBN: 9781503231238 / Angielski / Miękka / 2014 / 52 str. Termin realizacji zamówienia: ok. 16-18 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...
|
cena:
59,66 |
 |
Tradability of Output, Business Cycles, and Asset Prices
ISBN: 9781508847403 / Angielski / Miękka / 2015 / 50 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. I document in this book that firms in the tradable sector have more cyclical asset returns and earning than firms in the non-tradable sector
I document in this book that firms in the tradable sector have more cyclical asset returns and earning than firms in the non-tradable sector
|
cena:
51,68 |
 |
Are Homeowners in Denial about their House Values ? Comparing Owner Perceptions with Transaction-Based Indexes
ISBN: 9781499175578 / Angielski / Miękka / 2014 / 40 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. |
cena:
71,64 |
Czytaj nas na:
Zobacz: Księgarnia Czeska | Wydawnictwo Książkowe Klimaty | Mapa strony | Lista autorów
KrainaKsiazek.PL - Księgarnia Internetowa
KrainaKsiazek.PL - Księgarnia Internetowa
