Narrow search
Showing 1 - 10 of 163
Cover Image
Liquidity and Expected Returns: Lessons from Emerging Markets
Bekaert, Geert; Harvey, Campbell; Lundblad, Christian T - C.E.P.R. Discussion Papers - 2006
Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting to examine the impact of liquidity on expected returns. Our main liquidity measure is a transformation of the proportion of zero daily firm returns, averaged over the month. We...
Persistent link: https://www.econbiz.de/10005792280
Cover Image
Short- and Long-term Hedging for the Corporation
Dumas, Bernard J - C.E.P.R. Discussion Papers - 1994
of a particular future cash flow involves a forward contract equal but opposite in sign to the exposure of the cash flow …
Persistent link: https://www.econbiz.de/10005136503
Cover Image
In Search of New Foundations
Zingales, Luigi - C.E.P.R. Discussion Papers - 2000
In this paper I argue that corporate finance theory, empirical research, practical applications, and policy … change the way we do corporate finance, both theoretically and empirically. …
Persistent link: https://www.econbiz.de/10005792089
Cover Image
The Corporate Governance Role of the Media
Dyck, Alexander; Zingales, Luigi - C.E.P.R. Discussion Papers - 2002
In this Paper we discuss the role of the media in pressuring corporate managers and directors to behave in ways that … anecdotal and systematic evidence that media affect companies’ policy toward the environment and the amount of corporate … focus of the corporate governance debate and for the feasibility of reforms aimed at improving corporate governance around …
Persistent link: https://www.econbiz.de/10005497765
Cover Image
Bias in reduced-form estimates of pass-through
MacKay, Alexander; Miller, Nathan H.; Remer, Marc; … - In: Economics Letters 123 (2014) 2, pp. 200-202
We show that, in general, consistent estimates of cost pass-through are not obtained from reduced-form regressions of price on cost. We derive a formal approximation for the bias that arises even under standard orthogonality conditions. We provide guidance on the conditions under which bias may...
Persistent link: https://www.econbiz.de/10010906361
Cover Image
Exchange rate pass-through to domestic producer prices: Evidence from Korean firm-level pricing survey
Ahn, JaeBin; Park, Chang-Gui - In: Economics Letters 125 (2014) 1, pp. 138-142
This note studies exchange rate pass-through to the prices of domestically produced goods, exploring the firm-level pricing survey conducted by the Bank of Korea. The data reveal the imported inputs channel of, as well as nonlinear and asymmetric, exchange rate-pass-through.
Persistent link: https://www.econbiz.de/10010939504
Cover Image
Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis
Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2015
The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting...
Persistent link: https://www.econbiz.de/10011276387
Cover Image
Crash Risk in Currency Markets
Farhi, Emmanuel; Fraiberger, Samuel P.; Gabaix, Xavier; … - C.E.P.R. Discussion Papers - 2009
How much of carry trade excess returns can be explained by the presence of disaster risk? To answer this question, we propose a simple structural model that includes both Gaussian and disaster risk premia and can be estimated even in samples that do not contain disasters. The model points to a...
Persistent link: https://www.econbiz.de/10005016245
Cover Image
International Recessions
Perri, Fabrizio; Quadrini, Vincenzo - C.E.P.R. Discussion Papers - 2011
The 2008-2009 crisis was characterized by an unprecedented degree of international synchronization as all major industrialized countries experienced large macroeconomic contractions around the date of Lehman bankruptcy. At the same time countries also experienced large and synchronized...
Persistent link: https://www.econbiz.de/10009225956
Cover Image
Fiscal Devaluations
Farhi, Emmanuel; Gopinath, Gita; Itskhoki, Oleg - C.E.P.R. Discussion Papers - 2011
We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a standard New Keynesian open economy environment. We perform the analysis under...
Persistent link: https://www.econbiz.de/10009399714