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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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cena:
60,49 |
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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...
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cena:
52,40 |
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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...
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cena:
60,49 |
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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. 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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cena:
40,26 |
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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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cena:
52,40 |
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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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cena:
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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cena:
52,40 |
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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...
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cena:
60,49 |
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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:
72,63 |
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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. |
cena:
52,40 |
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Sticky Deposit Rates
ISBN: 9781503283466 / Angielski / Miękka / 2014 / 36 str. Termin realizacji zamówienia: ok. 16-18 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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cena:
52,40 |
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Bank Liquidity Hording and Financial Crisis: An Empirical Evaluation
ISBN: 9781503219984 / Angielski / Miękka / 2014 / 42 str. Termin realizacji zamówienia: ok. 16-18 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:
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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cena:
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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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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cena:
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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cena:
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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cena:
52,40 |
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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...
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cena:
52,40 |
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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...
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cena:
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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cena:
52,40 |
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