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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. 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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67,58 zł |
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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. 13-18 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. ...
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58,54 zł |
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Tradability of Output, Business Cycles, and Asset Prices
ISBN: 9781508847403 / Angielski / Miękka / 2015 / 50 str. Termin realizacji zamówienia: ok. 13-18 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
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58,54 zł |
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Repo Collateral Fire Sales - The Effects of Exemption from Automatic Stay
ISBN: 9781499136821 / Angielski / Miękka / 2014 / 48 str. Termin realizacji zamówienia: ok. 13-18 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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44,97 zł |
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Unemployment Insurance Experience Rating and Labor Market Dynamics
ISBN: 9781503287136 / Angielski / Miękka / 2014 / 68 str. Termin realizacji zamówienia: ok. 13-18 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...
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58,54 zł |
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Payday Loans and Consumer Financial Health
ISBN: 9781503283510 / Angielski / Miękka / 2014 / 34 str. Termin realizacji zamówienia: ok. 13-18 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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58,54 zł |
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Sticky Deposit Rates
ISBN: 9781503283466 / Angielski / Miękka / 2014 / 36 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. We examine the dynamics of eleven different deposit rates for a panel of over 2,500 branches of about 900 depository institutions observed weekly over ten years. We replicate previous work showing that rates are downwards-flexible and upwards-sticky, and show that a simple menu cost model can generate this behavior. The degree of asymmetric rigidity varies substantially by deposit type, bank size, and across branches of the same bank. In the absence of such stickiness, depositors would have received as much as $100 billion more in interest per year during periods when market rates were...
We examine the dynamics of eleven different deposit rates for a panel of over 2,500 branches of about 900 depository institutions observed weekly over...
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58,54 zł |
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Learning from the Test: Raising Selective College Enrollment by Providing Information
ISBN: 9781503231207 / Angielski / Miękka / 2014 / 62 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. In the last decade, five U.S. states adopted mandates requiring high school juniors to take a college entrance exam. In the two earliest-adopting states, nearly half of all students were induced into testing, and 40-45% of them earned scores high enough to qualify for selective schools. Selective college enrollment rose by 20% following implementation of the mandates, with no effect on overall attendance. I conclude that a large number of high-ability students appear to dramatically underestimate their candidacy for selective colleges. Policies aimed at reducing this information shortage are...
In the last decade, five U.S. states adopted mandates requiring high school juniors to take a college entrance exam. In the two earliest-adopting stat...
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67,58 zł |
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Consumers' Attitudes and Their Inflation Expectations
ISBN: 9781511660471 / Angielski / Miękka / 2015 / 32 str. Termin realizacji zamówienia: ok. 13-18 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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58,54 zł |
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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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58,54 zł |
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Institutions and return predictability in oil-exporting countries
ISBN: 9781511660426 / Angielski / Miękka / 2015 / 32 str. Termin realizacji zamówienia: ok. 13-18 dni roboczych. We study whether stock market returns in oil-exporting countries can be predicted by oil price changes, and we investigate the link between predictability and the quality of each country's institutions. Returns are predictable for half the countries we consider, and predictability is stronger when institutional quality is lower. We argue that the relation between predictability and institutional quality re ects the preference of countries with weaker institutions to consume oil windfalls locally rather than smooth out the impact of windfalls by, for instance, investing the proceeds through a...
We study whether stock market returns in oil-exporting countries can be predicted by oil price changes, and we investigate the link between predictabi...
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58,54 zł |
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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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cena:
58,54 zł |
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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:
58,54 zł |
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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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58,54 zł |
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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. 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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58,54 zł |
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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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44,97 zł |
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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:
58,54 zł |
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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. 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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58,54 zł |
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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:
67,58 zł |
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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. 13-18 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
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cena:
58,54 zł |
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