The Aggregate Demand for Treasury Debt
... and Lucas (1996), and Vayanos and Vila (1999) present general equilibrium models in which an illiquid asset (i.e. stocks) carries a transaction cost while a liquid asset (bonds) do not. In equilibrium, the liquid asset return is lowered by its liquidity feature. Woodford (1990) and Holmstrom and Tir ...
... and Lucas (1996), and Vayanos and Vila (1999) present general equilibrium models in which an illiquid asset (i.e. stocks) carries a transaction cost while a liquid asset (bonds) do not. In equilibrium, the liquid asset return is lowered by its liquidity feature. Woodford (1990) and Holmstrom and Tir ...
Infrastructure Investment Policy Blueprint
... Forum is highly optimistic that, with the right collaborations and frameworks, this problem is solvable in a world of globally available capital. The Blueprint is intended as a resource for policy-makers in an era when investors are “global shoppers” for infrastructure, and compare a potential inve ...
... Forum is highly optimistic that, with the right collaborations and frameworks, this problem is solvable in a world of globally available capital. The Blueprint is intended as a resource for policy-makers in an era when investors are “global shoppers” for infrastructure, and compare a potential inve ...
- TestbankU
... 36) From 1970 to 1993, the real price of a college education increased, and total enrollment increased. Which of the following could have caused this increase in price and enrollment? A) A shift to the right in the supply curve for college education and a shift to the left in the demand curve for co ...
... 36) From 1970 to 1993, the real price of a college education increased, and total enrollment increased. Which of the following could have caused this increase in price and enrollment? A) A shift to the right in the supply curve for college education and a shift to the left in the demand curve for co ...
Geographic dispersion and stock returns
... D. Garcı́a, Ø. Norli / Journal of Financial Economics 106 (2012) 547–565 ...
... D. Garcı́a, Ø. Norli / Journal of Financial Economics 106 (2012) 547–565 ...
Remaking the corporate bond market
... economic stability; an objective that is at the very heart of Europe’s plan to build a Capital Markets Union. Since ICMA published its report in 2014, the discourse around bond market liquidity, and its potential implications, has entered the mainstream when it comes to assessing market risks or exp ...
... economic stability; an objective that is at the very heart of Europe’s plan to build a Capital Markets Union. Since ICMA published its report in 2014, the discourse around bond market liquidity, and its potential implications, has entered the mainstream when it comes to assessing market risks or exp ...
Does Corporate Governance Predict Firms` Market
... firm market value, and are agnostic on whether the relationship is equilibrium (firm value is maximized although share price is not) or out-of-equilibrium (firms could raise their total value to all shareholders by improving their governance). 3. Data and Construction of Corporate Governance Index W ...
... firm market value, and are agnostic on whether the relationship is equilibrium (firm value is maximized although share price is not) or out-of-equilibrium (firms could raise their total value to all shareholders by improving their governance). 3. Data and Construction of Corporate Governance Index W ...
Voluntary disclosures and information production by analysts
... We take a first step in this direction by analyzing voluntary disclosure in a model that incorporates the information acquisition and processing roles of financial analysts. Financial analysts play an important role in shaping market expectations.1 They arguably engage in costly information acquisitio ...
... We take a first step in this direction by analyzing voluntary disclosure in a model that incorporates the information acquisition and processing roles of financial analysts. Financial analysts play an important role in shaping market expectations.1 They arguably engage in costly information acquisitio ...
International Reserves and Gross Capital Flows Dynamics.
... net aimed at limiting countries’ incentives to accumulate reserves. As such, the exercise also provides new insights to the growing literature on the dynamic behavior of gross capital flows documented above. In particular, the robust link we find between the level of reserves and the behavior of dom ...
... net aimed at limiting countries’ incentives to accumulate reserves. As such, the exercise also provides new insights to the growing literature on the dynamic behavior of gross capital flows documented above. In particular, the robust link we find between the level of reserves and the behavior of dom ...
Chapter 2 EFA
... A market is seen as any type of arrangement (which may or may not be a physical space) that facilitates exchange between buyers and sellers. The purchasers of goods and services may be households, businesses, governments or a range of other economic groups such as not-forprofit organisations. The su ...
... A market is seen as any type of arrangement (which may or may not be a physical space) that facilitates exchange between buyers and sellers. The purchasers of goods and services may be households, businesses, governments or a range of other economic groups such as not-forprofit organisations. The su ...
QUESTIONS
... REQUIRED: The effect on total shareholders’ equity of the declaration and distribution of a stock dividend. DISCUSSION: The entry to record the declaration of a small stock dividend (one less than 20% to 25% of the shares outstanding) involves a debit to one shareholders’ equity account (retained ea ...
... REQUIRED: The effect on total shareholders’ equity of the declaration and distribution of a stock dividend. DISCUSSION: The entry to record the declaration of a small stock dividend (one less than 20% to 25% of the shares outstanding) involves a debit to one shareholders’ equity account (retained ea ...
Understanding and measuring finance for productive investment
... Investment is defined as spending that has the potential to expand the capacity of the economy, by adding to capital, knowledge and technology. Investment is productive as long as the expected social return is greater than the expected social cost of capital. Investment encompasses spending on tangi ...
... Investment is defined as spending that has the potential to expand the capacity of the economy, by adding to capital, knowledge and technology. Investment is productive as long as the expected social return is greater than the expected social cost of capital. Investment encompasses spending on tangi ...
1 DIVIDEND DECISIONS OF UK FIRMS AND EFFECTS OF THE
... non-transparent. For owners also, smoothing removes the necessity to trade shares, perhaps important for less liquid holdings. The tendency to smooth dividends can also be understood through option theory. A dividend payout is hard to reverse with uncertain net benefits that depend on the future pat ...
... non-transparent. For owners also, smoothing removes the necessity to trade shares, perhaps important for less liquid holdings. The tendency to smooth dividends can also be understood through option theory. A dividend payout is hard to reverse with uncertain net benefits that depend on the future pat ...
Individual investment behaviour: a brief review of research (PDF
... There seems to be very little data about whether or not people make sensible choices when switching funds. One study in Australia highlighted problems with the advice provided to superannuation scheme members around fund switching, which involved advice to switch to higher fee funds with no counterv ...
... There seems to be very little data about whether or not people make sensible choices when switching funds. One study in Australia highlighted problems with the advice provided to superannuation scheme members around fund switching, which involved advice to switch to higher fee funds with no counterv ...
Bank of England Inflation Report May 2016
... demand, supply and the exchange rate could lead to a materially lower path for growth and a notably higher path for inflation than in the central projections set out in the May Inflation Report. In such circumstances, the MPC would face a trade-off between stabilising inflation on the one hand and o ...
... demand, supply and the exchange rate could lead to a materially lower path for growth and a notably higher path for inflation than in the central projections set out in the May Inflation Report. In such circumstances, the MPC would face a trade-off between stabilising inflation on the one hand and o ...
Crowding out disclosure: Amplification and stress test designWe
... We analyze how optimal policy changes when banks’ voluntary disclosures are endogenous, which introduces further constraints on stress test design. We show that optimally, stress tests should be made more precise than in the benchmark in order to exploit the crowding out mechanism. To understand thi ...
... We analyze how optimal policy changes when banks’ voluntary disclosures are endogenous, which introduces further constraints on stress test design. We show that optimally, stress tests should be made more precise than in the benchmark in order to exploit the crowding out mechanism. To understand thi ...
Nonrenewable Resource Scarcity Jeffrey A. Krautkraemer
... rate of return to other assets. I n t h e basic Hotelling model, t h e r e is a known, finite quantity of a homogeneous resource, and extraction cost is independent of t h e remaining s t o c k . V n this case, t h e return to a nonrenewable resource asset consists entirely of the appreciation of it ...
... rate of return to other assets. I n t h e basic Hotelling model, t h e r e is a known, finite quantity of a homogeneous resource, and extraction cost is independent of t h e remaining s t o c k . V n this case, t h e return to a nonrenewable resource asset consists entirely of the appreciation of it ...
N - Personal.psu.edu
... a) Find the nominal interest rate, the inflation rate, and the real interest rate (the actual, ex-post real interest rate). b) What was your expected real rate of interest (ex-ante real rate)? Why did your expected real rate of interest differ from the actual real rate of interest? Explain. 3. Consi ...
... a) Find the nominal interest rate, the inflation rate, and the real interest rate (the actual, ex-post real interest rate). b) What was your expected real rate of interest (ex-ante real rate)? Why did your expected real rate of interest differ from the actual real rate of interest? Explain. 3. Consi ...
Sveriges Riksbank Economic Review 2016:1
... is, the background to the tightened regulations, what these regulations mean and why they are important for Sweden and Swedish banks. • Does the capital market create problems for the economy? Thomas Franzén examines whether excessively high required return on equity in companies has contributed t ...
... is, the background to the tightened regulations, what these regulations mean and why they are important for Sweden and Swedish banks. • Does the capital market create problems for the economy? Thomas Franzén examines whether excessively high required return on equity in companies has contributed t ...
