The Declining Equity Premium: What Role Does Macroeconomic
... It is di¢ cult to imagine a single issue capable of eliciting near unanimous agreement among the many opposing cadres of economic thought. Yet if those who study …nancial markets are in accord on any one point, it is this: the close of the 20th century marked the culmination of the greatest surge in ...
... It is di¢ cult to imagine a single issue capable of eliciting near unanimous agreement among the many opposing cadres of economic thought. Yet if those who study …nancial markets are in accord on any one point, it is this: the close of the 20th century marked the culmination of the greatest surge in ...
NBER WORKING PAPER SERIES THE ASYMMETRIC EFFECTS OF FINANCIAL FRICTIONS
... In order to better assess the quantitative implications of my explanation, I extend the simple partial equilibrium version of the model into a general equilibrium version. I impose risk shocks to the cross-sectional variance of productivity; endogenize default rates, capital prices, and loans; and a ...
... In order to better assess the quantitative implications of my explanation, I extend the simple partial equilibrium version of the model into a general equilibrium version. I impose risk shocks to the cross-sectional variance of productivity; endogenize default rates, capital prices, and loans; and a ...
No.334 / August 2010 IIIS Discussion Paper No. 334
... There are two main types of explanation for fiscal procyclicality. First, the capacity to issue public debt may co-vary negatively with the state of the business cycle - under these conditions, a government may be compelled by conditions in the capital market to tighten fiscal policy during a recess ...
... There are two main types of explanation for fiscal procyclicality. First, the capacity to issue public debt may co-vary negatively with the state of the business cycle - under these conditions, a government may be compelled by conditions in the capital market to tighten fiscal policy during a recess ...
MyNorth PIMCO Diversified Fixed Interest Fund PDS
... Limited (ABN 15 159 557 721, AFSL 426455), a member of the AMP Group, which includes AMP Capital. As part of the AMP Group we share a heritage that spans over 160 years. The Responsible Entity is responsible for the overall operation of the Fund and can be contacted on 1800 658 404. AMP Capital Inve ...
... Limited (ABN 15 159 557 721, AFSL 426455), a member of the AMP Group, which includes AMP Capital. As part of the AMP Group we share a heritage that spans over 160 years. The Responsible Entity is responsible for the overall operation of the Fund and can be contacted on 1800 658 404. AMP Capital Inve ...
NBER WORKING PAPER SERIES THE DECLINING EQUITY PREMIUM: Martin Lettau
... It is di¢ cult to imagine a single issue capable of eliciting near unanimous agreement among the many opposing cadres of economic thought. Yet if those who study …nancial markets are in accord on any one point, it is this: the close of the 20th century marked the culmination of the greatest surge in ...
... It is di¢ cult to imagine a single issue capable of eliciting near unanimous agreement among the many opposing cadres of economic thought. Yet if those who study …nancial markets are in accord on any one point, it is this: the close of the 20th century marked the culmination of the greatest surge in ...
Access to Refinancing and Mortgage Interest Rates
... HARP (Jan 2005-Feb 2009) when lender treatment was symmetric; under the initial formulation of the program, the so-called HARP 1.0 (Mar 2009-Dec 2011), when existing lenders enjoyed some advantage; and under the revised program, the so-called HARP 2.0 (Jan 2012-Dec 2012), when the advantage received ...
... HARP (Jan 2005-Feb 2009) when lender treatment was symmetric; under the initial formulation of the program, the so-called HARP 1.0 (Mar 2009-Dec 2011), when existing lenders enjoyed some advantage; and under the revised program, the so-called HARP 2.0 (Jan 2012-Dec 2012), when the advantage received ...
Time-varying expected momentum profits
... positive following periods of up markets but negative following periods of down markets. However, these authors interpret these results as consistent with the overreaction models of Daniel et al. (1998) and Hong and Stein (1999).1 In our view, a possible reason behind the discrepancy in the above au ...
... positive following periods of up markets but negative following periods of down markets. However, these authors interpret these results as consistent with the overreaction models of Daniel et al. (1998) and Hong and Stein (1999).1 In our view, a possible reason behind the discrepancy in the above au ...
Advanced Macroeconomics - Juridica – Kolegji Evropian
... which, though subject to various limitations, should reflect my sincere efforts to study the domestic and international factors affecting macroeconomics. Words fall short to express my deep sense of gratitude to my research guide, Dr. Neeraj Hatekar, Professor, Department of Economics, University of ...
... which, though subject to various limitations, should reflect my sincere efforts to study the domestic and international factors affecting macroeconomics. Words fall short to express my deep sense of gratitude to my research guide, Dr. Neeraj Hatekar, Professor, Department of Economics, University of ...
NBER WORKING PAPER SERIES THE PHILLIPS CURVE IS BACK? USING
... 1960s that the Phillips curve would not survive if policy makers tried to exploit it, and the \stag ation" of the 1970s, economists' views about the Phillips curve diverged sharply. No consensus seems to have emerged. Some economists \continu[e] to view the Phillips curve as essentially an intact st ...
... 1960s that the Phillips curve would not survive if policy makers tried to exploit it, and the \stag ation" of the 1970s, economists' views about the Phillips curve diverged sharply. No consensus seems to have emerged. Some economists \continu[e] to view the Phillips curve as essentially an intact st ...
ESLA1997-1998_en.pdf
... Latin America and the Caribbean: gross domestic product Latin America and the Caribbean: consumer prices Latin America and the Caribbean: employment rates Latin America and the Caribbean: urban unemployment Latin America and the Caribbean: current account balance Latin America and the Caribbean: exp ...
... Latin America and the Caribbean: gross domestic product Latin America and the Caribbean: consumer prices Latin America and the Caribbean: employment rates Latin America and the Caribbean: urban unemployment Latin America and the Caribbean: current account balance Latin America and the Caribbean: exp ...
Millennium Development Goals: Challenges and Prospects for
... GDP so as to reduce poverty by half by 2015 comes around 17% of GDP, which is due mainly to the responsiveness of poverty to economic growth. The report also came to the assumption that Ethiopia is required to grow at the rate of 5.7% per annum over the next years to be able to achieve the goal set ...
... GDP so as to reduce poverty by half by 2015 comes around 17% of GDP, which is due mainly to the responsiveness of poverty to economic growth. The report also came to the assumption that Ethiopia is required to grow at the rate of 5.7% per annum over the next years to be able to achieve the goal set ...
Ill. ii - Informetrica Limited
... and Samson (1985) in Canada) have used a reduced form methodology which attributes much of the recent rise in unemployment rates to the effects of changes in industrial structure. Estimates of the natural rate of unemployment (NRU) deriving from these studies have been very close to the observed rat ...
... and Samson (1985) in Canada) have used a reduced form methodology which attributes much of the recent rise in unemployment rates to the effects of changes in industrial structure. Estimates of the natural rate of unemployment (NRU) deriving from these studies have been very close to the observed rat ...
QUESTIONS
... $675,000. Earnings before taxes are $2,325,000 ($3,000,000 EBIT – $675,000 interest). At a 40% tax rate, taxes are $930,000, which leaves a net income of $1,395,000. Return on equity is calculated by dividing the $1,395,000 by the $12,500,000 of equity capital, giving an ROE of 11.16%. Answer (B) is ...
... $675,000. Earnings before taxes are $2,325,000 ($3,000,000 EBIT – $675,000 interest). At a 40% tax rate, taxes are $930,000, which leaves a net income of $1,395,000. Return on equity is calculated by dividing the $1,395,000 by the $12,500,000 of equity capital, giving an ROE of 11.16%. Answer (B) is ...
clear invest
... range of assets increases the diversification of each Multi Asset Portfolio Fund. We recommend that you diversify your investment by not putting all your ‘eggs in one basket’ and these funds allow you to do just that. Greater diversification also aims to reduce the volatility of the fund, which is a ...
... range of assets increases the diversification of each Multi Asset Portfolio Fund. We recommend that you diversify your investment by not putting all your ‘eggs in one basket’ and these funds allow you to do just that. Greater diversification also aims to reduce the volatility of the fund, which is a ...
words
... Our EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase and Coalesse brands, with an emphasis on freestanding furniture systems, storage and seating solutions. Our largest presence is in Western Europe, where we believe we have the leading market share i ...
... Our EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase and Coalesse brands, with an emphasis on freestanding furniture systems, storage and seating solutions. Our largest presence is in Western Europe, where we believe we have the leading market share i ...
SCHULMAN A INC - Nasdaq`s INTEL Solutions
... The Company considers its operating structure and the types of information subject to regular review by its President and Chief Executive Officer (“CEO”), who is the Chief Operating Decision Maker (“CODM”), to identify reportable segments. During fiscal 2010, the Company completed the purchase of Mc ...
... The Company considers its operating structure and the types of information subject to regular review by its President and Chief Executive Officer (“CEO”), who is the Chief Operating Decision Maker (“CODM”), to identify reportable segments. During fiscal 2010, the Company completed the purchase of Mc ...
The role of inflation-linked bonds Increasing, but still modest
... with nominal bonds that unexpected inflation reduces the debt service in real terms and therefore do not invite the monetary policymaker to produce unexpected inflation (Kydland and Prescott, 1977). Hence, ILBs may help to lower inflation expectations and thus inflation, which benefits societies tha ...
... with nominal bonds that unexpected inflation reduces the debt service in real terms and therefore do not invite the monetary policymaker to produce unexpected inflation (Kydland and Prescott, 1977). Hence, ILBs may help to lower inflation expectations and thus inflation, which benefits societies tha ...
Article III, Section 49-k of the Texas Constitution created the Texas
... Pursuant to a Master Resolution, a First Supplemental Resolution, and a Second Supplemental Resolution each adopted on May 4, 2005; a Third Supplemental Resolution adopted on May 25,2006; a Fourth Supplemental Resolution and Fifth Supplemental Resolution each adopted on September 28, 2006; a Sixth S ...
... Pursuant to a Master Resolution, a First Supplemental Resolution, and a Second Supplemental Resolution each adopted on May 4, 2005; a Third Supplemental Resolution adopted on May 25,2006; a Fourth Supplemental Resolution and Fifth Supplemental Resolution each adopted on September 28, 2006; a Sixth S ...
Cash Holdings and Firm Value during Latin American Financial Crises
... Opler, et al., 1999; Colquitt, Sommer, and Godwin, 1999; Pinkowitz and Williamson, 2001; Dittmar, Mahrt-Smith, and Servaes, 2003). In view of the strong consensus in the literature on the determinants of cash holdings, we adopt the aforementioned relationships as the expected effects of firm charact ...
... Opler, et al., 1999; Colquitt, Sommer, and Godwin, 1999; Pinkowitz and Williamson, 2001; Dittmar, Mahrt-Smith, and Servaes, 2003). In view of the strong consensus in the literature on the determinants of cash holdings, we adopt the aforementioned relationships as the expected effects of firm charact ...
15.1 expenditure plans and real gdp
... A change in disposable income leads to a change in consumption expenditure and a movement along the consumption function. A change in any other influence on planned consumption shifts the consumption function, C. For example, C shifts upward when • The real interest rate decreases • The buying power ...
... A change in disposable income leads to a change in consumption expenditure and a movement along the consumption function. A change in any other influence on planned consumption shifts the consumption function, C. For example, C shifts upward when • The real interest rate decreases • The buying power ...
Non-Performing Loans in CESEE
... management.” In particular, this hypothesis argues that low cost efficiency is a signal of poor management practices, thus implying that as a result of poor loan underwriting, monitoring and control, NPLs are likely to increase. Williams (2004) who focused on the relationship between loan quality an ...
... management.” In particular, this hypothesis argues that low cost efficiency is a signal of poor management practices, thus implying that as a result of poor loan underwriting, monitoring and control, NPLs are likely to increase. Williams (2004) who focused on the relationship between loan quality an ...
Government debt: causes, effects and limits
... working group called “Government Debt in Democracies: Causes, Effects and Limits”, composed of the Berlin-Brandenburgische Akademie der Wissenschaften (Berlin-Brandenburg Academy of Sciences and Humanities) (lead), acatech – Deutsche Akademie der Technikwissenschaften (National Academy of Science an ...
... working group called “Government Debt in Democracies: Causes, Effects and Limits”, composed of the Berlin-Brandenburgische Akademie der Wissenschaften (Berlin-Brandenburg Academy of Sciences and Humanities) (lead), acatech – Deutsche Akademie der Technikwissenschaften (National Academy of Science an ...
1 DIVIDEND DECISIONS OF UK FIRMS AND EFFECTS OF THE
... between capital gains from repurchases and dividends. It may be noted that even in countries where the tax regime has favoured capital gains in the past, most firms have tended to pursue dividend payouts. 2.2 Signalling under asymmetric information and dividend smoothing. The least restrictive versi ...
... between capital gains from repurchases and dividends. It may be noted that even in countries where the tax regime has favoured capital gains in the past, most firms have tended to pursue dividend payouts. 2.2 Signalling under asymmetric information and dividend smoothing. The least restrictive versi ...
Sec 0 Cover - 2 Title TOC Tabs Etc.XLS
... The Board of County Commissioners Mike Shalati, County Manager Citizens of Union County, North Carolina Laws of the State of North Carolina, along with policies and procedures of the North Carolina Local Government Commission, require that all local governments in the State publish a complete set of ...
... The Board of County Commissioners Mike Shalati, County Manager Citizens of Union County, North Carolina Laws of the State of North Carolina, along with policies and procedures of the North Carolina Local Government Commission, require that all local governments in the State publish a complete set of ...
Inflation, Disinflation, and Deflation
... The Classical Model of Money and Prices In Chapter 15, we learned that in the short run an increase in the money supply increases real GDP by lowering the interest rate and stimulating investment spending and consumer spending. However, in the long run, as nominal wages and other sticky prices rise, ...
... The Classical Model of Money and Prices In Chapter 15, we learned that in the short run an increase in the money supply increases real GDP by lowering the interest rate and stimulating investment spending and consumer spending. However, in the long run, as nominal wages and other sticky prices rise, ...