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What Do Bankers Know? 银行家都知道些什么?
delete Pub Date : 2012-12-26 DOI: 10.2139/ssrn.2193986
Renée B. Adams, Yanhui Wu, Qiaoqiao Zhu
{"title":"What Do Bankers Know?","authors":"Renée B. Adams, Yanhui Wu, Qiaoqiao Zhu","doi":"10.2139/ssrn.2193986","DOIUrl":"https://doi.org/10.2139/ssrn.2193986","url":null,"abstract":"We examine insider trades of bankers as a measure of how much they know relative to outsiders. In contrast to trades of insiders in non-financial firms, trades by bankers are less informative. Although bankers are relatively better at timing their sales, they earn negative long-run abnormal returns on their purchases. This is in marked contrast to insiders in non-financial firms. Even though banks are supposedly more opaque during the crisis, bank insider trades are still relatively uninformative during this period. These results are not driven by differences in idiosyncratic volatility, firm size, governance and compensation structures or routine versus opportunistic trades. Our results suggest that even if banks are transparent according to many standard measures, they are difficult to understand — even for insiders.","PeriodicalId":11044,"journal":{"name":"delete","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76836846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
The Blind Leading the Blind: Social Influence, Fads and Informational Cascades 盲人领盲人:社会影响、时尚和信息级联
delete Pub Date : 2008-10-05 DOI: 10.1017/CBO9780511599040.014
D. Hirshleifer
{"title":"The Blind Leading the Blind: Social Influence, Fads and Informational Cascades","authors":"D. Hirshleifer","doi":"10.1017/CBO9780511599040.014","DOIUrl":"https://doi.org/10.1017/CBO9780511599040.014","url":null,"abstract":"An informational cascade occurs when it is optimal for an individual, having observed the actions of those ahead of him, to hollow the behavior of the preceding person without regard to his own information. Among the phenomena that can be explained by informational cascades are conformism at specific times and places, error-prone behavior, and fragility of behaviors.","PeriodicalId":11044,"journal":{"name":"delete","volume":"204 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2008-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82822426","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 105
Income Taxes and Entrepreneurial Choice: Empirical Evidence from Germany 所得税与企业家选择:来自德国的经验证据
delete Pub Date : 2006-06-01 DOI: 10.2139/ssrn.910229
Frank M. Fossen, Viktor Steiner
{"title":"Income Taxes and Entrepreneurial Choice: Empirical Evidence from Germany","authors":"Frank M. Fossen, Viktor Steiner","doi":"10.2139/ssrn.910229","DOIUrl":"https://doi.org/10.2139/ssrn.910229","url":null,"abstract":"Entrepreneurial activity is often regarded as an engine for economic growth and job creation. Through tax policy, governments possess a potential lever to influence the decisions of economic agents to start and close small businesses. In Germany, the top marginal income tax rates were reduced exclusively for entrepreneurs in 1994 and 1999/2000. These tax reforms provided two naturally defined control groups that enable us to exploit the legislation changes as \"natural experiments\". First, the tax rate reductions did not apply to freelance professionals (Freiberufler), and second, entrepreneurs with earnings below a certain threshold were not affected. Using data from two different sources, the SOEP and the Mikrozensus (LFS), we analyse the effect of the tax cuts on transitions into and out of self-employment and on the rate of self-employment. We apply a \"difference-in-difference-in-difference\" estimation technique within a discrete time hazard rate model. The results indicate that the decrease in tax rates did not have a significant effect on the self-employment decision.","PeriodicalId":11044,"journal":{"name":"delete","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2006-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77329663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 17
On Estimation of the Parameters of Gielis Superformula from Empirical Data 从经验数据估计Gielis超公式参数
delete Pub Date : 2006-05-01 DOI: 10.2139/ssrn.905051
Sudhanshu K. Mishra
{"title":"On Estimation of the Parameters of Gielis Superformula from Empirical Data","authors":"Sudhanshu K. Mishra","doi":"10.2139/ssrn.905051","DOIUrl":"https://doi.org/10.2139/ssrn.905051","url":null,"abstract":"Johan Gielis showed that all closed curves might be considered as some sort of deformed ellipses. He gave a superformula to parameterize such shapes. In this study an attempt has been made to estimate the parameters of Gielis' superformula from empirical data. We use an optimum search algorithm on multi-modal surfaces - the Genetic Algorithm- to find the best fit. Randomly scattered starting points have been used for the search of an optimum solution. Some examples are based on simulated data, while the solution of a real problem also may be attempted. It has also been shown that the parameters of the superformula are not uniquely related to the data from which they are estimated. This lack of uniqueness may pose the problems of interpretation of parameters.","PeriodicalId":11044,"journal":{"name":"delete","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2006-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75102556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Venture Capital Investment in Minority Business 少数族裔企业风险投资
delete Pub Date : 2005-07-01 DOI: 10.2139/ssrn.796406
W. Bradford, Timothy Bates
{"title":"Venture Capital Investment in Minority Business","authors":"W. Bradford, Timothy Bates","doi":"10.2139/ssrn.796406","DOIUrl":"https://doi.org/10.2139/ssrn.796406","url":null,"abstract":"This study analyzes the performance of mature investments made by venture-capital (VC) funds that specialize in financing minority business enterprises. We explore the hypothesis that VCs focusing on investing in minority businesses earn attractive returns because this market niche is underserved. Minority VC funds collectively earned yields on their realized investments that were estimated to be broadly equivalent to those of the mainstream VC industry. However, these yields vary greatly from fund to fund. VC fund traits that predict high yields on individual investments are identified by estimating multivariate regressions explaining net investment returns. Copyright (c)2008 The Ohio State University.","PeriodicalId":11044,"journal":{"name":"delete","volume":"304 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2005-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78345514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 42
Uninsured Idiosyncratic Production Risk with Borrowing Constraints 借贷约束下的未投保特殊生产风险
delete Pub Date : 2005-04-07 DOI: 10.2139/ssrn.697302
Francisco Covas
{"title":"Uninsured Idiosyncratic Production Risk with Borrowing Constraints","authors":"Francisco Covas","doi":"10.2139/ssrn.697302","DOIUrl":"https://doi.org/10.2139/ssrn.697302","url":null,"abstract":"The author analyzes a general-equilibrium model of a heterogeneous agents economy in which the agents are subject to borrowing constraints and uninsurable idiosyncratic production risk. In particular, he addresses the impact of these frictions on entrepreneurial investment and illustrates the trade-off between production risk and precautionary savings faced by the entrepreneur. In contrast to other studies, the author's results suggest that, when entrepreneurs' earnings are poorly diversified and production risk mainly affects the total output produced, the underaccumulation of capital in the entrepreneurial sector of the model economy is less likely to hold, because of a strong precautionary savings motive. Furthermore, the presence of these frictions on entrepreneurial investment exacerbates the overaccumulation of capital in the corporate sector of the economy that is reported in Bewley models with uninsurable labour income risk.","PeriodicalId":11044,"journal":{"name":"delete","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2005-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85495892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 77
Smes, Growth, and Poverty 中小企业、增长与贫困
delete Pub Date : 2005-03-01 DOI: 10.3386/W11224
T. Beck, Asli Demirgüç-Kunt, R. Levine
{"title":"Smes, Growth, and Poverty","authors":"T. Beck, Asli Demirgüç-Kunt, R. Levine","doi":"10.3386/W11224","DOIUrl":"https://doi.org/10.3386/W11224","url":null,"abstract":"This paper explores the relationship between the relative size of the Small and Medium Enterprise (SME) sector, economic growth, and poverty alleviation using a new database on the share of SME labor in the total manufacturing labor force. Using a sample of 45 countries, we find a strong, positive association between the importance of SMEs and GDP per capita growth. The data do not, however, confidently support the conclusions that SMEs exert a causal impact on growth. Furthermore, we find no evidence that SMEs alleviate poverty or decrease income inequality.","PeriodicalId":11044,"journal":{"name":"delete","volume":"129 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78251039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 147
Investment, Hedging, and Consumption Smoothing 投资、对冲和消费平滑
delete Pub Date : 2004-07-01 DOI: 10.2139/ssrn.565601
Jianjun Miao, Neng Wang
{"title":"Investment, Hedging, and Consumption Smoothing","authors":"Jianjun Miao, Neng Wang","doi":"10.2139/ssrn.565601","DOIUrl":"https://doi.org/10.2139/ssrn.565601","url":null,"abstract":"This paper analyzes a risk averse entrepreneur's real investment decision under incomplete markets. The entrepreneur smoothes his intertemporal consumption by investing in both a risk-free asset and a risky asset, which allows him to partially hedge against the project cash flow risk. We show that risk aversion lowers both the project value upon investment and the option value of waiting to invest through the precautionary saving effect. Furthermore, risk aversion delays investment since the project value is reduced more than the option value to invest. It is also shown that although hedging can reduce the cash flow risk, it may have a positive or negative return effect, depending on the correlation between the cash flow risk and the market. Consequently, investment timing is not monotonic with the extent of hedging opportunity. Finally, welfare implications of hedging are analyzed.","PeriodicalId":11044,"journal":{"name":"delete","volume":"65 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2004-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78609120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Institutional Arrangements for Public Debt Management 公共债务管理的制度安排
delete Pub Date : 2003-04-08 DOI: 10.1596/1813-9450-3021
Eriko Togo, J. Dethier, Elizabeth Currie
{"title":"Institutional Arrangements for Public Debt Management","authors":"Eriko Togo, J. Dethier, Elizabeth Currie","doi":"10.1596/1813-9450-3021","DOIUrl":"https://doi.org/10.1596/1813-9450-3021","url":null,"abstract":"This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries. The OECD experience clearly indicates that-regardless of whether the debt management office is located inside or outside the Ministry of Finance-four issues are of vital importance: 1) Giving priority to strategic public policy objectives rather than tactical trading objectives. 2) Strengthening the institutional capacity to deal with financial portfolio management and with the public policy aspects of debt management. 3) Modernizing debt management. 4) Creating mechanisms to ensure successful delegation and accountability to the Ministry of Finance and Parliament.","PeriodicalId":11044,"journal":{"name":"delete","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2003-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84296320","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 223
Airbus vs. Boeing in Superjumbos: A Case of Failed Preemption 空客与波音巨型客机之争:抢占失败案例
delete Pub Date : 2002-02-01 DOI: 10.2139/ssrn.302452
B. Esty, P. Ghemawat
{"title":"Airbus vs. Boeing in Superjumbos: A Case of Failed Preemption","authors":"B. Esty, P. Ghemawat","doi":"10.2139/ssrn.302452","DOIUrl":"https://doi.org/10.2139/ssrn.302452","url":null,"abstract":"This paper looks at competitive interactions between Airbus and Boeing in very large aircraft. It concludes that Boeing attempted to preempt Airbus in introducing a new product in this space but failed to do so because of the incredibility, given the assumption of value maximization, of self-cannibalization. A theoretical model is used to illustrate this credibility constraint, and an assortment of evidence-involving pro forma financial valuations, product market data (on prices and quantities), capital market reactions to key events, and qualitative information on Boeing's organizational structure and recent changes to it-is assembled to support the hypothesis that the constraint on self-cannibalization ultimately proved decisive.","PeriodicalId":11044,"journal":{"name":"delete","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2002-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80432708","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 24
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