delete Pub Date : 2001-07-01 DOI: 10.1093/JJFINEC/NBH010

Andrew Jeffrey, O. Linton, Thong Nguyen, P. Phillips

引用次数: 25

For How Long are Newly Chartered Banks Financially Fragile? 新特许银行的财务脆弱会持续多久?

delete Pub Date : 2000-09-01 DOI: 10.2139/ssrn.265751

Robert DeYoung

{"title":"For How Long are Newly Chartered Banks Financially Fragile?","authors":"Robert DeYoung","doi":"10.2139/ssrn.265751","DOIUrl":"https://doi.org/10.2139/ssrn.265751","url":null,"abstract":"We examine the financial performance of 1,664 commercial banks chartered between 1980 and 1985, a period of intense chartering activity just preceding the banking recession of the late-1980s. We compare new banks to a benchmark sample of 2,047 small established banks. Using a split population duration model, we estimate the probability distribution of long-run failure for both sets of banks over a 14 year period, and assess how regulatory, environmental, and bank specific conditions affect that probability distribution. We find that the fragility of a new bank varies over time in a fairly regular ‘life cycle’ pattern, but that how this basic life cycle pattern is positioned vis a vis the business cycle also matters. On average, new banks are initially less likely to fail than established banks; after about four years they become more likely to fail than established banks; and as time passes and new banks mature they fail at rates similar to established banks. But banks chartered just prior to the banking recession failed at the highest rates, and their estimated hazard functions followed an extreme life cycle shape. State laws restricting the acquisition of de novo banks are associated with higher rates of new bank failure, but easy-entry chartering policies are not. We find that de novo failure is more sensitive to capital levels than established bank failure, evidence that Justifies recent increases in minimum capital requirements for de novo banks. Finally, our results suggest that early warning signals may be easier to identify for de novo banks than for established banks, perhaps because banks in the early stages of their life cycles are less heterogeneous and hence simpler to model than mature banks.","PeriodicalId":11044,"journal":{"name":"delete","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2000-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90049678","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: 14

Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence 风险投资与创业公司专业化:实证证据

delete Pub Date : 2000-09-01 DOI: 10.2139/ssrn.243149

Thomas Hellmann, M. Puri

引用次数: 2132

Environmental Remedies: An Incomplete Information Aggregation Game 环境救济:一个不完全信息聚集博弈

delete Pub Date : 2000-05-01 DOI: 10.2139/ssrn.213835

G. Rausser, Leo Simon, Jinhuan Zhao

引用次数: 3

The Option Value of Modularity in Design: An Example From Design Rules, Volume 1: The Power of Modularity 模块化在设计中的选择价值:一个来自设计规则的例子，卷1:模块化的力量

delete Pub Date : 2000-03-01 DOI: 10.2139/ssrn.312404

K. Clark, Carliss Y. Baldwin

{"title":"The Option Value of Modularity in Design: An Example From Design Rules, Volume 1: The Power of Modularity","authors":"K. Clark, Carliss Y. Baldwin","doi":"10.2139/ssrn.312404","DOIUrl":"https://doi.org/10.2139/ssrn.312404","url":null,"abstract":"When the design of an artifact is \"modularized,\" the elements of the design are split up and assigned to modules according to a formal architecture or plan. Some of the modules are \"hidden,\" meaning that design decisions in those modules do not affect decisions in other modules; some of the modules are \"visible,\" meaning that they embody \"design rules\" that hidden-module designers must obey if the modules are to work together. Modular designs offer alternatives that non-modular (\"interdependent\") designs do not provide. Specifically, in the hidden modules, designers may replace early, inferior solutions with later, superior solutions. Such alternatives can be modeled as \"real options.\" In Design Rules, Volume 1: The Power of Modularity (MIT Press, 2000) we sought to categorize the major options implicit in a modular design, and to explain how each type can be valued in accordance with modern finance theory. This paper provides an example of the valuation of the modular options \"splitting\" and \"substitution.\" We show that the key drivers of the \"net option value\" of a particular module are (1) its \"technical potential\" (labeled s, because it operates like volatility in financial option theory); (2) the cost of mounting independent design experiments; and (3) the \"visibility\" of the module in question. The option value of a system of modules in turn can be approximated by adding up the net option values inherent in each module and subtracting the cost of creating the modular architecture. A positive value in this calculation justifies investment in a new modular architecture.","PeriodicalId":11044,"journal":{"name":"delete","volume":"91 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2000-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91296904","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: 622

Contributions and Determinants of Research and Development Expenditures in the U.S. Manufacturing Industries 美国制造业研发支出的贡献和决定因素

delete Pub Date : 1979-06-01 DOI: 10.3386/W0360

M. Nadiri

{"title":"Contributions and Determinants of Research and Development Expenditures in the U.S. Manufacturing Industries","authors":"M. Nadiri","doi":"10.3386/W0360","DOIUrl":"https://doi.org/10.3386/W0360","url":null,"abstract":"This paper is an attempt to assess the contribution of R&D to growth of output in U.S. manufacturing industries. The important issues to address are: whether the slower growth of R&D expenditures in recent years has been the cause of slowdown in the growth of productivity, and what the factors are in explaining the slower growth of R&D expenditures. After a brief survey of the major issues on this topic, a production function is formulated and estimated using tine series cross-section data for the manufacturing industries. Also, the factors determining the rate of growth of R&D expenditures in the 1958-75 period are identified by formulating a dynamic model of demand for R & D activity. The estimation results indicate that the stock of R & D, as a measure of stock of knowledge, positively and strongly affect growth of output in total manufacturing, total durable, and total nondurable industries. Potential growth of output is affected because of the slowdown of growth of stock of R&D since 1966, but the gross rates of return on stock of R&D have not changed much in the 1966-75 period. Growth of output, changes in relative prices, cyclical fluctuations of the economy, as well as changes in level of employment and capital stocks are the factors affecting R&D expenditures. The effect of government financing of R&D on private decisions regarding R & D expenditures differs among different industries. By and large, the results on this issue are basically inconclusive and require further investigation.","PeriodicalId":11044,"journal":{"name":"delete","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"1979-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87846900","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: 55

How Real Option Disinvestment Flexibility Augments Project Npv 实物期权撤资灵活性如何增加项目Npv

delete Pub Date : 1900-01-01 DOI: 10.1016/j.ejor.2004.02.028

A. Keswani, M. Shackleton

引用次数: 62

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