NBER WORKING PAPER SERIES INTERNATIONAL CAPITAL FLOWS AND HOUSE PRICES: Jack Favilukis
... bankrolled sharply higher trade de…cits. Economists have debated the role of international capital ‡ows in explaining these movements in house prices and asset market volatility more generally. A common hypothesis is that house price increases are positively related to a rise in the country’s net fo ...
... bankrolled sharply higher trade de…cits. Economists have debated the role of international capital ‡ows in explaining these movements in house prices and asset market volatility more generally. A common hypothesis is that house price increases are positively related to a rise in the country’s net fo ...
Bubbles and capital flows
... To study the implications of this observation, I construct a stylized world equilibrium model in which the cost of trading goods is negligible while the cost of trading assets is prohibitive. This is a crude but effective way to capture the two maintained hypotheses discussed above. The model has eq ...
... To study the implications of this observation, I construct a stylized world equilibrium model in which the cost of trading goods is negligible while the cost of trading assets is prohibitive. This is a crude but effective way to capture the two maintained hypotheses discussed above. The model has eq ...
Entrepreneurial Capability and New Product Development Performance in
... support new idea, creativity, novelty, experimentation that may lead to new products development (Lumpkin & Dess, 1996, Mengue & Auh, 2006). Innovativeness shows the company's desire to depart from existing technologies and practices. Frishammar and Horte (2007) show that innovativeness has a positi ...
... support new idea, creativity, novelty, experimentation that may lead to new products development (Lumpkin & Dess, 1996, Mengue & Auh, 2006). Innovativeness shows the company's desire to depart from existing technologies and practices. Frishammar and Horte (2007) show that innovativeness has a positi ...
Asset Pricing When Traders Sell Extreme Winners and Losers
... schedule (selling – buying), which corresponds to investors’ demand. Second, I estimate the relative magnitude of demand perturbation on the gain side versus that on the loss side, so that later we can see if the price effects from the two sides are consistent with this relation. I conduct analysis ...
... schedule (selling – buying), which corresponds to investors’ demand. Second, I estimate the relative magnitude of demand perturbation on the gain side versus that on the loss side, so that later we can see if the price effects from the two sides are consistent with this relation. I conduct analysis ...
Margin Requirements, Volatility, and Market Integrity
... The purpose of this study is to assess the state of the margin policy debate using both the direct and indirect evidence that has accumulated since the 1987 Crash. In contrast to earlier literature reviews by France (1991) and Chance (1990), this study will not only discuss more recent evidence, bu ...
... The purpose of this study is to assess the state of the margin policy debate using both the direct and indirect evidence that has accumulated since the 1987 Crash. In contrast to earlier literature reviews by France (1991) and Chance (1990), this study will not only discuss more recent evidence, bu ...
Session 1 - Fisher College of Business
... • The automation of information systems has changed the nature of accounting and the other business functions. • Even new employees must interact with many levels of management early in their careers. ...
... • The automation of information systems has changed the nature of accounting and the other business functions. • Even new employees must interact with many levels of management early in their careers. ...
Risk Perception and Foreign Exchange Risk Management in
... regarding the perception of risks and the risk management between small and large, established MFIs. To analyze this point we split the complete MFI sample, consisting of 95 answers, into two subsamples. Subsample ‘large’ consists of 52 MFIs with a total loan portfolio size larger than 10 mio. USD a ...
... regarding the perception of risks and the risk management between small and large, established MFIs. To analyze this point we split the complete MFI sample, consisting of 95 answers, into two subsamples. Subsample ‘large’ consists of 52 MFIs with a total loan portfolio size larger than 10 mio. USD a ...
The Problem of Estimating the Volatility of Zero Coupon
... they exclude in their estimation all Treasury bills and the on-the-run and the “first-offthe-run” issues of bond and notes. Second, we analyze the YC reported by the U.S Department of the Treasury.3 We consider this data set even when they use a different YC method, a quasi-cubic hermite spline func ...
... they exclude in their estimation all Treasury bills and the on-the-run and the “first-offthe-run” issues of bond and notes. Second, we analyze the YC reported by the U.S Department of the Treasury.3 We consider this data set even when they use a different YC method, a quasi-cubic hermite spline func ...
securities trading policy
... Company has had a number of consecutive Closed Periods and the restricted person could not reasonably have been expected to exercise it at a time when free to do so; or xiv. trade under a non-discretionary trading plan for which prior written clearance has been provided in accordance with procedures ...
... Company has had a number of consecutive Closed Periods and the restricted person could not reasonably have been expected to exercise it at a time when free to do so; or xiv. trade under a non-discretionary trading plan for which prior written clearance has been provided in accordance with procedures ...
impact on the stability of European banks Anissa
... to rescue them it they get into trouble.” From this perspective, Hoggarth et al. (2003) examined the correlation between the Fitch Support Ratings and the average capital ratio and found a strong negative correlation, which is consistent with the hypothesis that a greater likelihood of official sup ...
... to rescue them it they get into trouble.” From this perspective, Hoggarth et al. (2003) examined the correlation between the Fitch Support Ratings and the average capital ratio and found a strong negative correlation, which is consistent with the hypothesis that a greater likelihood of official sup ...
Mapping Cross-Border Financial Linkages: A Supporting Case
... Robust yet fragile network. As argued in the financial network literature, interconnectedness is a doubleedged sword: it has the potential of making a network more robust via improved risk sharing, yet it could also render a network more fragile by increasing systemic risk. At a low level of interco ...
... Robust yet fragile network. As argued in the financial network literature, interconnectedness is a doubleedged sword: it has the potential of making a network more robust via improved risk sharing, yet it could also render a network more fragile by increasing systemic risk. At a low level of interco ...
Full Text ( Final Version , 132kb )
... There are some variables which have an influence on how firms determine their capital structure. Identifying to what extend country- and aggregated firm specific variables affect it was one of the major reasons for writing this research paper. There are large numbers of research papers with the focu ...
... There are some variables which have an influence on how firms determine their capital structure. Identifying to what extend country- and aggregated firm specific variables affect it was one of the major reasons for writing this research paper. There are large numbers of research papers with the focu ...
Determinants of capital budgeting methods and hurdle
... Since the early surveys (e.g. Klammer, 1972; Brigham, 1975) of capital budgeting methods used in firms, discounted cash flow (DCF)-based methods, such as the Internal Rate of Return (IRR) and, especially, the Net Present Value (NPV) rule, have increasingly gained ground as the main methods for evaluat ...
... Since the early surveys (e.g. Klammer, 1972; Brigham, 1975) of capital budgeting methods used in firms, discounted cash flow (DCF)-based methods, such as the Internal Rate of Return (IRR) and, especially, the Net Present Value (NPV) rule, have increasingly gained ground as the main methods for evaluat ...
Effects of Financial Globalization on Developing Countries
... What is its impact on macroeconomic volatility in these countries? (iii) What factors can help to harness the benefits of financial globalization? Developing economies’ financial linkages with the global economy have risen significantly in recent decades. However, a relatively small group of these c ...
... What is its impact on macroeconomic volatility in these countries? (iii) What factors can help to harness the benefits of financial globalization? Developing economies’ financial linkages with the global economy have risen significantly in recent decades. However, a relatively small group of these c ...
annual report - Skydive Australia
... The Board of Directors, in accordance with advice from the audit committee, are satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The directors are satisfied that the services ...
... The Board of Directors, in accordance with advice from the audit committee, are satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The directors are satisfied that the services ...
Weekly FX Insight - Citibank Hong Kong
... job data and as RBNZ governor Wheeler said medium-term core inflation may remain at the target level, which cooled rate cut expectations. However, the NZD may be restrained as the RBNZ may defer rate hikes to Q2 2016. Technical analysis: NZD/USD may consolidate inside 0.71770.7609 (5.56-5.90) since ...
... job data and as RBNZ governor Wheeler said medium-term core inflation may remain at the target level, which cooled rate cut expectations. However, the NZD may be restrained as the RBNZ may defer rate hikes to Q2 2016. Technical analysis: NZD/USD may consolidate inside 0.71770.7609 (5.56-5.90) since ...
7. Which of the following statements regarding money
... In that investors are willing to pay only 12 times above earnings for one stock but are willing to pay the higher “price” of 20 times above earnings for the other. Difficulty: moderate ...
... In that investors are willing to pay only 12 times above earnings for one stock but are willing to pay the higher “price” of 20 times above earnings for the other. Difficulty: moderate ...
basics of equity derivatives
... markets. Margining, monitoring and surveillance of the activities of various participants become extremely difficult in these kind of mixed markets. History of derivatives markets Early forward contracts in the US addressed merchants' concerns about ensuring that there were buyers and sellers for c ...
... markets. Margining, monitoring and surveillance of the activities of various participants become extremely difficult in these kind of mixed markets. History of derivatives markets Early forward contracts in the US addressed merchants' concerns about ensuring that there were buyers and sellers for c ...
Six Factors That Explain Executive Pay
... We measure the impact of pay risk on pay level by using percent equity comp to predict pay level. We find that compensation risk is richly rewarded: $8 of equity for each $1 of cash foregone. Company risk is very modestly rewarded: an increase of one standard deviation in stock volatility increases ...
... We measure the impact of pay risk on pay level by using percent equity comp to predict pay level. We find that compensation risk is richly rewarded: $8 of equity for each $1 of cash foregone. Company risk is very modestly rewarded: an increase of one standard deviation in stock volatility increases ...