NBER WORKING PAPER SERIES Mark Aguiar Gita Gopinath
... 2,500 years. The intuition for this is described in detail in Section 3. The weakness of the standard model begins with the fact that autarky is not a severe punishment, even adjusting for the relatively large income volatility observed in emerging markets. The welfare gain of smoothing transitory s ...
... 2,500 years. The intuition for this is described in detail in Section 3. The weakness of the standard model begins with the fact that autarky is not a severe punishment, even adjusting for the relatively large income volatility observed in emerging markets. The welfare gain of smoothing transitory s ...
Externalities
... In panel (a), the EPA sets a price on pollution by levying a corrective tax, and the demand curve determines the quantity of pollution. In panel (b), the EPA limits the quantity of pollution by limiting the number of pollution permits, and the demand curve determines the price of pollution. ...
... In panel (a), the EPA sets a price on pollution by levying a corrective tax, and the demand curve determines the quantity of pollution. In panel (b), the EPA limits the quantity of pollution by limiting the number of pollution permits, and the demand curve determines the price of pollution. ...
Pensions and Investments Trends in Emerging
... potential changes to fundamentals are part of this analysis. “Within our investment universe, corporate governance and the quality of a company [are] very significant,” he said, resulting in investments in strong companies and possibilities for superior returns with lower absolute risk. Emerging mar ...
... potential changes to fundamentals are part of this analysis. “Within our investment universe, corporate governance and the quality of a company [are] very significant,” he said, resulting in investments in strong companies and possibilities for superior returns with lower absolute risk. Emerging mar ...
The Economics of Primary Markets
... Bookbuilding has two characteristics that often raise concerns. First, research has shown that the offer price does not fully incorporate supply and demand and, in some cases, even current public market information (Loughran and Ritter (2002) and Lowry and Schwert (2004)). Thus, the underwriter and ...
... Bookbuilding has two characteristics that often raise concerns. First, research has shown that the offer price does not fully incorporate supply and demand and, in some cases, even current public market information (Loughran and Ritter (2002) and Lowry and Schwert (2004)). Thus, the underwriter and ...
Chapter 11 Dividend Policy
... invested in all projects with a positive net present value (its optimal investment schedule). 3.2.3 The company could pay any level of dividend and if it had insufficient finance, make up the shortfall by issuing new equity. 3.2.4 Since investors had perfect information, they were indifferent betwee ...
... invested in all projects with a positive net present value (its optimal investment schedule). 3.2.3 The company could pay any level of dividend and if it had insufficient finance, make up the shortfall by issuing new equity. 3.2.4 Since investors had perfect information, they were indifferent betwee ...
the research on the impact of the changes of commodity price level
... In this paper to analyse the changes of general price level the period of the year 20002013 was chosen. As it was mention before commodity prices in global commodity exchanges are constantly changing. For example, from January 2007 to July 2008, the price of oil per barrel has risen more than twice ...
... In this paper to analyse the changes of general price level the period of the year 20002013 was chosen. As it was mention before commodity prices in global commodity exchanges are constantly changing. For example, from January 2007 to July 2008, the price of oil per barrel has risen more than twice ...
Shadow Bank Monitoring - Federal Reserve Bank of New York
... banks through short-term repo, CP, and ABCP instruments, fixed-income mutual funds, pension funds, and insurance companies also fund shadow banks by investing in their longer-term MTNs and bonds. ...
... banks through short-term repo, CP, and ABCP instruments, fixed-income mutual funds, pension funds, and insurance companies also fund shadow banks by investing in their longer-term MTNs and bonds. ...
Using Cash Flow Dynamics to Price Thinly Traded Assets
... approach, focusing on cash flow dynamics to account for risk. This is not a new concept, although, as far as we are aware, so far this approach has not been used to explicitly infer cash flow yields of untraded investment assets. In the literature so far, for example, Da and Warachka (2009) show tha ...
... approach, focusing on cash flow dynamics to account for risk. This is not a new concept, although, as far as we are aware, so far this approach has not been used to explicitly infer cash flow yields of untraded investment assets. In the literature so far, for example, Da and Warachka (2009) show tha ...
dollar deposed stress test scenario
... The historical record shows that multiple market catastrophes tend to occur at the same time and impacts cascade from one crisis to the next. The recent Great Financial Crisis (GFC) is one example of this. The financial crisis started in the US as a sub-prime asset bubble but quickly spread to the b ...
... The historical record shows that multiple market catastrophes tend to occur at the same time and impacts cascade from one crisis to the next. The recent Great Financial Crisis (GFC) is one example of this. The financial crisis started in the US as a sub-prime asset bubble but quickly spread to the b ...
Corporate Default Modelling
... a measure of the risk of financial instability • The Icelandic corporate sector represents the largest credit risk in the Icelandic banking system • Neither loan losses nor defaults are leading or lagging the other variable • Loan losses are more complex to forecast due to operational risks and chan ...
... a measure of the risk of financial instability • The Icelandic corporate sector represents the largest credit risk in the Icelandic banking system • Neither loan losses nor defaults are leading or lagging the other variable • Loan losses are more complex to forecast due to operational risks and chan ...
P(x | i )
... observe a sea bass or salmon; these probabilities may depend on time of the year or the fishing area! ...
... observe a sea bass or salmon; these probabilities may depend on time of the year or the fishing area! ...
Dividend Policy as a Signaling Mechanism Under Different Market
... fear that insiders might misuse cash retained within firm (Easterbook, 1984; Jensen, 1986). That is to say, dividends payments reduce agency costs, provide more near term cash flows, and motivate managers to distribute cash rather than investing at below cost of capital or wasting it on unprofitable ...
... fear that insiders might misuse cash retained within firm (Easterbook, 1984; Jensen, 1986). That is to say, dividends payments reduce agency costs, provide more near term cash flows, and motivate managers to distribute cash rather than investing at below cost of capital or wasting it on unprofitable ...
Kahan - NYU School of Law
... corporation’s assets. What could the company get if it were to sell all of its assets? Often used when successor is likely to sell assets in the near future. c. Earnings Value - construction of the firm’s investment or earnings value. Ct hears experts on both sides project the future earnings of the ...
... corporation’s assets. What could the company get if it were to sell all of its assets? Often used when successor is likely to sell assets in the near future. c. Earnings Value - construction of the firm’s investment or earnings value. Ct hears experts on both sides project the future earnings of the ...
Business Models in Accounting
... measurement, but we argue that one way of relating the two to each other is via firms’ business models. Assumptions about business models have always been implicit in financial reporting standards, as it has always been the case that different businesses will account for the same asset in different ...
... measurement, but we argue that one way of relating the two to each other is via firms’ business models. Assumptions about business models have always been implicit in financial reporting standards, as it has always been the case that different businesses will account for the same asset in different ...
direct investment enterprise
... A foreign direct investor is an entity (an institutional unit) that has acquired at least 10% of the voting power of a corporation, or equivalent for an unincorporated enterprise, resident in an economy other than its own. A direct investor could be from any sector of the economy and could be any of ...
... A foreign direct investor is an entity (an institutional unit) that has acquired at least 10% of the voting power of a corporation, or equivalent for an unincorporated enterprise, resident in an economy other than its own. A direct investor could be from any sector of the economy and could be any of ...
1 - Blackwell Publishing
... According to the pecking order hypothesis, firms prefer internal financing (retained earnings) to external financing. Firms choose their long-term dividend payouts to avoid having to raise funds externally in the capital markets. Changes in both profitability and capital expenditure needs necessitat ...
... According to the pecking order hypothesis, firms prefer internal financing (retained earnings) to external financing. Firms choose their long-term dividend payouts to avoid having to raise funds externally in the capital markets. Changes in both profitability and capital expenditure needs necessitat ...
International Accounting Standards and Value Relevance of Book
... increase funds needed but the major responsibility of the board is to set the accounting standards. And this new structure has started its work from January 1, 2001 which is now known as IASB (International Accounting Standards Board). IASB’s major job is to create harmonization which give lots of b ...
... increase funds needed but the major responsibility of the board is to set the accounting standards. And this new structure has started its work from January 1, 2001 which is now known as IASB (International Accounting Standards Board). IASB’s major job is to create harmonization which give lots of b ...
Learning Objectives
... 14. Statement of cash flows is a financial statement that reports a firm’s financial conditions at a specific time. Learning Objective 14.4 Answer – False ...
... 14. Statement of cash flows is a financial statement that reports a firm’s financial conditions at a specific time. Learning Objective 14.4 Answer – False ...
M. Boeuf - European Commission
... (1) Increased EIB senior lending Proposal € 50 billion over period 2003-2010. Extra long maturities (35 years). Longer grace periods. Special arrangements for exceptional cases (e.g. up to 75%). ...
... (1) Increased EIB senior lending Proposal € 50 billion over period 2003-2010. Extra long maturities (35 years). Longer grace periods. Special arrangements for exceptional cases (e.g. up to 75%). ...
