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 |
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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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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55,83 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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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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42,89 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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55,83 zł |
Policy Uncertainty, Irreversibility, and Cross-Border Flows of Capital
ISBN: 9781503283503 / Angielski / Miękka / 2014 / 50 str. Termin realizacji zamówienia: ok. 13-18 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...
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cena:
55,83 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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cena:
55,83 zł |
Systemic Risk, International Regulation, and the Limits of Coordination
ISBN: 9781503283459 / Angielski / Miękka / 2014 / 62 str. Termin realizacji zamówienia: ok. 13-18 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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cena:
55,83 zł |
Learning, Rare Disasters, and Asset Prices
ISBN: 9781503231191 / Angielski / Miękka / 2014 / 34 str. Termin realizacji zamówienia: ok. 13-18 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...
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cena:
64,45 zł |
Declining Labor Force Attachment and Downward Trends in Unemployment and Participation
ISBN: 9781503223684 / Angielski / Miękka / 2014 / 26 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. The US labor market witnessed two apparently unrelated secular movements in the last 30 years: a decline in unemployment between the early 1980s and the early 2000s, and a decline in participation since the early 2000s. Using CPS micro data and a stock flow accounting framework, we show that a substantial, and hitherto unnoticed, factor behind both trends is a decline in the share of nonparticipants who are at the margin of participation. A lower share of marginal nonparticipants implies a lower unemployment rate, because marginal nonparticipants enter the labor force mostly through...
The US labor market witnessed two apparently unrelated secular movements in the last 30 years: a decline in unemployment between the early 1980s and t...
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cena:
55,83 zł |
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. 13-18 dni roboczych. |
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55,83 zł |
Bank Liquidity Hording and Financial Crisis: An Empirical Evaluation
ISBN: 9781503219984 / Angielski / Miękka / 2014 / 42 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. The Federal Reserve Board tested and found supporting evidence for the precautionary motive hypothesis of liquidity hoarding for U.S. commercial banks during the recent financial crisis. They also found that banks held more liquid assets in anticipation of future losses from securities write-downs. Exposure to securities losses in their investment portfolios and expected loan losses (measured by loan loss reserves) represent key measures of banks' on-balance sheet risks, in addition to off-balance sheet liquidity risk stemming from unused loan commitments. Furthermore, unrealized securities...
The Federal Reserve Board tested and found supporting evidence for the precautionary motive hypothesis of liquidity hoarding for U.S. commercial banks...
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cena:
55,83 zł |
Labor Force Participation: Recent Developments and Future Prospects
ISBN: 9781506127545 / 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 |
Policy Uncertainty, Irreversibility, and Cross-Border Flows of Capital
ISBN: 9781499136906 / Angielski / Miękka / 2014 / 50 str. Termin realizacji zamówienia: ok. 13-18 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...
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cena:
42,89 zł |
Trend Inflation in Advanced Economies
ISBN: 9781503287143 / Angielski / Miękka / 2014 / 48 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. We derive estimates of trend inflation for fourteen advanced economies from a framework in which trend shocks exhibit stochastic volatility. The estimated specification allows for timevariation in the degree to which longer-term inflation expectations are well anchored in each economy. Our results bring out the effect of changes in monetary regime (such as the adoption of inflation targeting in several countries) on the behavior of trend inflation. Our estimates expand on the previous literature in several dimensions: For each country, we employ a multivariate approach that pools different...
We derive estimates of trend inflation for fourteen advanced economies from a framework in which trend shocks exhibit stochastic volatility. The estim...
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cena:
55,83 zł |
Payday Lending Regulation
ISBN: 9781503283527 / Angielski / Miękka / 2014 / 40 str. Termin realizacji zamówienia: ok. 13-18 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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cena:
55,83 zł |
A Global Trade Model for the Euro Area
ISBN: 9781511660518 / Angielski / Miękka / 2015 / 36 str. Termin realizacji zamówienia: ok. 13-18 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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cena:
55,83 zł |
Downside Variance Risk Premium
ISBN: 9781511660457 / Angielski / Miękka / 2015 / 66 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. Our results are supported by a simple equilibrium consumption-based asset pricing model.
Our results are supported by a simple equilibrium consumption-based asset pricing model.
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cena:
55,83 zł |
Sectoral Allocation, Risk Efficiency and the Great Moderation
ISBN: 9781503283473 / Angielski / Miękka / 2014 / 40 str. Termin realizacji zamówienia: ok. 13-18 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...
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cena:
55,83 zł |