发布求助
文献互助 智能选刊 最新文献

Robert H. Smith School of Business Research Paper Series最新文献

筛选
英文 中文
Social Interactions and the 'Digital Divide': Explaining Regional Variations in Internet Use 社会互动和“数字鸿沟”:解释互联网使用的地区差异
Robert H. Smith School of Business Research Paper Series Pub Date : 2005-08-22 DOI: 10.2139/ssrn.796090
Ritu Agarwal, Animesh Animesh, Kislaya Prasad
{"title":"Social Interactions and the 'Digital Divide': Explaining Regional Variations in Internet Use","authors":"Ritu Agarwal, Animesh Animesh, Kislaya Prasad","doi":"10.2139/ssrn.796090","DOIUrl":"https://doi.org/10.2139/ssrn.796090","url":null,"abstract":"The presence of extraordinary geographical variation in Internet use in the U.S. is widely acknowledged. Prior research suggests that individual, household, and regional differences are responsible for this disparity. We argue for an alternative explanation: that individual choice is subject to social influence, and that such peer effects are the cause of the excess variation. We test this assertion with empirical analysis of a matched data set compiled from two sources. The first is a dataset collected by the Pew Charitable Trust in June 2003 comprising of a nationwide random sample where a questionnaire is used to collect details on Internet use as well as personal characteristics such as age, income, and education of respondents. The geographic location of individuals is identified by the FIP code that represents the county where the respondent resides. From the 2000 Census we then extract a number of regional characteristics for this location (such as median household income, median age, etc.). We begin with a linear probability model of choice, and then use an instrumental variables (IV) approach to address simultaneity and other problems. In addition, we present the results from a logistic regression model. Our analysis of the data provides strong evidence of peer effects, suggesting that individual Internet use is influenced by local patterns of usage. In fact, regional differences (such as between urban and rural areas) as well as individual differences appear to matter less when peer group choices are taken into account. Our IV results suggest that the correlation between individual and group choice is not a consequence of unobserved individual or regional characteristics.","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123910682","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
Appropriability and Commercialization: Evidence from Mit Inventions 适用性和商业化:来自麻省理工学院发明的证据
Robert H. Smith School of Business Research Paper Series Pub Date : 2005-08-10 DOI: 10.2139/ssrn.782846
Emmanuel Dechenaux, Brent D. Goldfarb, S. Shane, Marie C. Thursby
{"title":"Appropriability and Commercialization: Evidence from Mit Inventions","authors":"Emmanuel Dechenaux, Brent D. Goldfarb, S. Shane, Marie C. Thursby","doi":"10.2139/ssrn.782846","DOIUrl":"https://doi.org/10.2139/ssrn.782846","url":null,"abstract":"The effects of appropriability on invention have been well studied, but there has been little analysis of the effect of appropriability on the commercialization of existing inventions. Exploiting a database of 805 attempts by private firms to commercialize inventions licensed from the Massachusetts Institute of Technology (MIT) between 1980 and 1996, we explore the influence of several appropriability mechanisms on the commercialization and termination of projects to develop products based on university inventions. Our central hypothesis is that the relationship between a licensee's decision to either terminate or commercialize the invention is driven by the current market value of the invention, as well as the option value of delaying its commercialization. We use a competing risks framework that allows for nonparametric heterogeneity and correlated risks. We find that better appropriability in the sense of more effective patent strength and secrecy has a strong negative effect on the hazard of license termination. The effectiveness of learning has a strong positive effect on the hazard of technology commercialization, while lead time has a negative effect.","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126365747","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: 95
Callable Bonds, Interest-Rate Risk, and the Supply Side of Hedging 可赎回债券、利率风险和对冲的供给侧
Robert H. Smith School of Business Research Paper Series Pub Date : 2004-07-01 DOI: 10.2139/ssrn.472521
Levent Guntay, N. Prabhala, Haluk Unal
{"title":"Callable Bonds, Interest-Rate Risk, and the Supply Side of Hedging","authors":"Levent Guntay, N. Prabhala, Haluk Unal","doi":"10.2139/ssrn.472521","DOIUrl":"https://doi.org/10.2139/ssrn.472521","url":null,"abstract":"We show that firms attach call options to debt issues to manage interest-rate risk and characterize the empirical determinants of this hedging decision. Our results affirm that firms' hedging choices are explained by theories of hedging demand, but more importantly, provide novel evidence that the supply side of hedging is equally important. In contrast to studies based on OTC derivatives, small firms are more likely to hedge in our setting, in which supply-side barriers are absent. We show that there is a secular, robust shift away from callable bonds in the 1990s, when supply-side barriers to hedging declined. This shift is more likely when firms disclose derivatives usage disclosed in their 10-K's","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124936373","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: 22
The Governance Effect of Institutional Investors and Outsider Directors on the Properties of Management Earnings Forecasts 机构投资者和外部董事对管理层盈余预测属性的治理效应
Robert H. Smith School of Business Research Paper Series Pub Date : 2003-05-01 DOI: 10.2139/ssrn.410541
Bipin B. Ajinkya, Sanjeev Bhojraj, P. Sengupta
{"title":"The Governance Effect of Institutional Investors and Outsider Directors on the Properties of Management Earnings Forecasts","authors":"Bipin B. Ajinkya, Sanjeev Bhojraj, P. Sengupta","doi":"10.2139/ssrn.410541","DOIUrl":"https://doi.org/10.2139/ssrn.410541","url":null,"abstract":"This paper investigates the effect of institutional ownership and board of directors' composition on the properties of management earnings forecasts. A firm's optimal disclosure policy is determined by a trade-off between costs and benefits of disclosure. Managers acting in their self-interest may have incentives to distort disclosure policy. Governance mechanisms, to the extent they are effective in protecting the interests of the providers of capital, should mitigate these distortions. We find evidence that institutional ownership and outsider directors have a favorable governance effect on the properties of earnings forecasts. Firms with greater institutional ownership and outside directorship are more likely to issue a forecast and do so consistently. Further, these forecasts tend to be more specific and accurate. The governance measures also mitigate managers' tendency to issue optimistic forecasts. Lastly, our evidence suggests that institutional ownership creates an environment that enhances the credibility of the forecasts.","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"155 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128968860","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: 6
Bank Competition, Financing Obstacles, and Access to Credit 银行竞争、融资障碍和获得信贷
Robert H. Smith School of Business Research Paper Series Pub Date : 2003-03-01 DOI: 10.1596/1813-9450-2996
T. Beck, Vojislav Maksimovic, Asli Demirgüç-Kunt
{"title":"Bank Competition, Financing Obstacles, and Access to Credit","authors":"T. Beck, Vojislav Maksimovic, Asli Demirgüç-Kunt","doi":"10.1596/1813-9450-2996","DOIUrl":"https://doi.org/10.1596/1813-9450-2996","url":null,"abstract":"Theory makes ambiguous predictions about the effects of bank concentration on access to external finance. Using a unique data base for 74 countries of financing obstacles and financing patterns for firms of small, medium, and large size, the authors assess the effects of banking market structure on financing obstacles and the access of firms to bank finance. The authors find that bank concentration increases financing obstacles and decreases the likelihood of receiving bank finance, with the impact decreasing in size. The relation of bank concentration and financing obstacles is dampened in countries with well developed institutions, higher levels of economic and financial development, and a larger share of foreign-owned banks. The effect is exacerbated by more restrictions on banks' activities, more government interference in the banking sector, and a larger share of government-owned banks. Finally, it is possible to alleviate the negative impact of bank concentration on access to finance by reducing activity restrictions.","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124067951","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: 112
Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors 公司治理对债券评级和收益率的影响:机构投资者和外部董事的作用
Robert H. Smith School of Business Research Paper Series Pub Date : 2001-11-25 DOI: 10.2139/ssrn.291056
Sanjeev Bhojraj, P. Sengupta
{"title":"Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors","authors":"Sanjeev Bhojraj, P. Sengupta","doi":"10.2139/ssrn.291056","DOIUrl":"https://doi.org/10.2139/ssrn.291056","url":null,"abstract":"This paper provides evidence linking corporate governance mechanisms to higher bond ratings and lower bond yields. Governance mechanisms can reduce default risk by mitigating agency costs and monitoring managerial performance and by reducing information asymmetry between the firm and the lenders. We find firms that have greater institutional ownership and stronger outside control of the board, enjoy lower bond yields and higher ratings on their new bond issues. However, concentrated institutional ownership has an adverse effect on yields and ratings. These results are robust to a specification that controls for institutional ownership being influenced by bond yields.","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"163 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134184292","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: 1128
Pricing the Risk of Recovery in Default with Apr Violation 4月违约情况下的追偿风险定价
Robert H. Smith School of Business Research Paper Series Pub Date : 2001-08-03 DOI: 10.2139/ssrn.304219
Haluk Unal, Levent Guntay, D. Madan
{"title":"Pricing the Risk of Recovery in Default with Apr Violation","authors":"Haluk Unal, Levent Guntay, D. Madan","doi":"10.2139/ssrn.304219","DOIUrl":"https://doi.org/10.2139/ssrn.304219","url":null,"abstract":"This paper proposes a simple approach to infer the risk neutral density of recovery rates implied by the prices of the debt securities of a firm. The proposed approach is independent of modeling default arrival rates and allows for the violation of absolute priority rule (APR). The paper demonstrates that a new statistic, the adjusted relative spread, captures risk neutralrecovery information in debt prices. Interest rates and firm tangible assets are shown to be significant determinants of the price of recovery. An application illustrates the pricing of credit derivatives written on the realized recovery rate.","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127878923","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: 49
Is Information Risk a Determinant of Asset Returns? 信息风险是资产收益的决定因素吗?
Robert H. Smith School of Business Research Paper Series Pub Date : 2000-06-01 DOI: 10.2139/ssrn.249072
D. Easley, Soeren Hvidkjaer, Maureen O'Hara
{"title":"Is Information Risk a Determinant of Asset Returns?","authors":"D. Easley, Soeren Hvidkjaer, Maureen O'Hara","doi":"10.2139/ssrn.249072","DOIUrl":"https://doi.org/10.2139/ssrn.249072","url":null,"abstract":"In this research we investigate the role of information-based trading in affecting asset returns. Our premise is that in a dynamic market asset prices are continually adjusting to new information. This evolution dictates that the process by which asset prices become informationally efficient cannot be separated from the process generating asset returns. Using the structure of a sequential trade market microstructure model, we derive an explicit measure of the probability of information-based trading for an individual stock, and we estimate this measure using high-frequency data for NYSE-listed stocks for the period 1983-1998. The resulting estimates are a time-series of individual stock probabilities of information-based trading for a very large cross section of stocks. We investigate whether these information probabilities affect asset returns by incorporating our estimates into a Fama-French [1992] asset pricing framework. Our main result is that information does affect asset prices: stocks with higher probabilities of information-based trading require higher rates of return. Indeed, we find that a difference of 10 percentage points in the probability of information-based trading between two stocks leads to a difference in their expected returns of 2.5% per year. We interpret our results as providing strong support for the premise that information affects asset pricing fundamentals.","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123417555","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: 6
Spanning and Derivative-Security Valuation 跨度和衍生证券估值
Robert H. Smith School of Business Research Paper Series Pub Date : 2000-02-01 DOI: 10.2139/ssrn.153908
D. Madan, G. Bakshi
{"title":"Spanning and Derivative-Security Valuation","authors":"D. Madan, G. Bakshi","doi":"10.2139/ssrn.153908","DOIUrl":"https://doi.org/10.2139/ssrn.153908","url":null,"abstract":"This paper proposes a methodology for the valuation of contingent securities. In particular, it establishes how the characteristic function (of the future uncertainty) is basis augmenting and spans the payoff universe of most, if not all, derivative assets. In one specific application, from the characteristic function of the state-price density, it is possible to analytically price options on any arbitrary transformation of the underlying uncertainty. By differentiating (or translating) the characteristic function, limitless pricing and/or spanning opportunities can be designed. As made lucid via example contingent claims, by exploiting the unifying spanning concept, the valuation approach affords substantial analytical tractability. The strength and versatility of the methodology is inherent when valuing (1) Average-interest options; (2) Correlation options; and (3) Discretely-monitored knock-out options. For each option-like security, the characteristic function is strikingly simple (although the corresponding density is unmanageable/indeterminate). This article provides the economic foundations for valuing derivative securities.","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125107755","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: 776
The Technical Process of Bank Privatization in Mexico 墨西哥银行私有化的技术过程
Robert H. Smith School of Business Research Paper Series Pub Date : 1997-07-01 DOI: 10.2139/ssrn.54460
Haluk Unal, M. Navarro
{"title":"The Technical Process of Bank Privatization in Mexico","authors":"Haluk Unal, M. Navarro","doi":"10.2139/ssrn.54460","DOIUrl":"https://doi.org/10.2139/ssrn.54460","url":null,"abstract":"The paper describes the process of Mexican bank privatization that took place in 1991. It is shown that the Mexican government was very careful to ensure due procedure and transparency through the entire bank privatization process. However, lack of legal and regulatory framework and lax oversight shadowed the success of the technical process. Hence, the financial system in Mexico had to deal with a banking crisis, shortly after their privatization, in 1994.","PeriodicalId":145189,"journal":{"name":"Robert H. Smith School of Business Research Paper Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116779463","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: 40
首页 上一页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信