Showing 1 - 10 of 23
Mexican exports to the US in 2001, this Paper estimates the likely costs of different RoO for final and intermediate goods … revealed preference criterion that estimated costs should be less than preference rates when utilization rates are …
Persistent link: https://www.econbiz.de/10005666719
effects across countries subjected to some set of PSRO and to compute estimates of the compliance costs associated with rules …
Persistent link: https://www.econbiz.de/10005666836
surveying Pakistani soccer-ball producers. We document six facts: (1) Mark-ups are more dispersed than costs; (2) Mark-ups and … costs increase with firm size; (3) The mark-up elasticity with respect to size exceeds the cost elasticity; (4) Costs …
Persistent link: https://www.econbiz.de/10011145410
This Paper solves explicitly a simple equilibrium asset pricing model with liquidity risk – the risk arising from unpredictable changes in liquidity over time. In our liquidity-adjusted capital asset pricing model, a security’s required return depends on its expected liquidity as well as on...
Persistent link: https://www.econbiz.de/10005791242
This paper adopts the incomplete contracting perspective to study a firm’s continuous choice between producing an essential input in-house (full integration), contracting part of the production out (tapered integration), and contracting all of the production out (non-integration), when (i) an...
Persistent link: https://www.econbiz.de/10005792167
) assets are imperfect substitutes; iii) cross-border asset trade entails some transaction costs; iv) the investment technology … is indivisible. In such an environment, lower transaction costs between two financial markets translate into higher … economy of the integrated area. Only when transaction costs become very small does financial integration lead to relocation of …
Persistent link: https://www.econbiz.de/10005792515
housing market including non-convex adjustment costs from buying and selling a home, credit constraints from minimum … their home and the associated adjustment costs. Households that adjust in the short run are those hit with a series of bad …
Persistent link: https://www.econbiz.de/10008554234
portfolio, the optimal portfolio absent trading costs, and the optimal portfolio based on future expected returns and … transaction costs. Predictors with slower mean reversion (alpha decay) get more weight since they lead to a favorable positioning … superior returns net of trading costs relative to more naive benchmarks. Finally, we derive natural equilibrium implications …
Persistent link: https://www.econbiz.de/10004964419
The inheritance of contemporary financial economics invites us to consider financial stability as integral to a liberal market setting. The crisis however demonstrated that financial markets may prove highly dysfunctional in the absence of adequate mechanisms of regulation and governance. This...
Persistent link: https://www.econbiz.de/10008784732
This paper presents evidence that the bid-ask spreads in euro rates increased relative to the corresponding bid-ask spreads in the German mark (DM) prior to the currency union. This comes with a decrease in transaction volume in the euro rates relative to the previous DM rates. The starkest...
Persistent link: https://www.econbiz.de/10005067509