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Managerial Incentives and Collusive Behaviour
Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2004
I characterize the effects of empirically observed managerial incentives on long-run oligopolistic competition. When managers have a preference for smooth time-paths of profits – as revealed by the empirical literature on ‘income smoothing’ – manager-led firms can sustain collusive...
Persistent link: https://www.econbiz.de/10005667065
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A Gravity Model of International Lending: Trade, Default and Credit
Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2002
One reason why countries service their external debts is the fear that default might lead to shrinkage of international trade. If so, then creditors should systematically lend more to countries with which they share closer trade links. We develop a simple theoretical model to capture this...
Persistent link: https://www.econbiz.de/10005789181
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Financial Protectionism: the First Tests
Rose, Andrew K; Wieladek, Tomasz - C.E.P.R. Discussion Papers - 2011
foreigners. We use a bank-level panel data set spanning all British and foreign banks providing loans within the United Kingdom … credit guarantees, or received capital injections. We use standard empirical panel-data techniques to study the "loan mix …," domestic (British) loans of a bank expressed as a fraction of its total loan activity. We also study effective short …
Persistent link: https://www.econbiz.de/10009024484
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How Costly is it for Poor Farmers to Lift Themselves out of Subsistence?
Cadot, Olivier; Dutoit, Laure; Olarreaga, Marcelo - C.E.P.R. Discussion Papers - 2005
The main objective of this paper is to provide estimates of the cost of moving out of subsistence for Madagascar's farmers. The analysis is based on a simple asset-return model of occupational choice. Estimates suggest that the entry (sunk) cost associated with moving out of subsistence can be...
Persistent link: https://www.econbiz.de/10005662377
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Home Bias and International Risk Sharing: Twin Puzzles Separated at Birth
Sørensen, Bent E; Wu, Yi-Tsung; Yosha, Oved; Zhu, Yu - C.E.P.R. Discussion Papers - 2005
international markets. Using panel data estimations, we demonstrate that less home bias is associated with more international risk …
Persistent link: https://www.econbiz.de/10005656262
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A Rational Expectations Theory of the Kink in Earnings Reports
Guttman, Ilan; Kadan, Ohad; Kandel, Eugene - C.E.P.R. Discussion Papers - 2004
Empirical evidence suggests that the distribution of earnings reports exhibits kinks. Managers manage earnings as if to meet exogenously pre-specified targets, such as avoiding losses and avoiding a decrease in earnings. This is puzzling because the compensation to managers at these...
Persistent link: https://www.econbiz.de/10005666670
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Earnings Management to Exceed Thresholds
Degeorge, François; Patel, U; Zeckhauser, Richard - C.E.P.R. Discussion Papers - 1998
Investors are keenly interested in financial reports of earnings because earnings provide important information for investment decisions. Thus, executives who are monitored by investors and directors face strong incentives to manage earnings. We introduce consideration of...
Persistent link: https://www.econbiz.de/10005792487
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Factors and Effects of Trade Reorientation in Hungary
Halpern, László - C.E.P.R. Discussion Papers - 1993
The collapse of the CMEA completed the Hungarian trade reorientation during the second half of the 1980s. Panel model …
Persistent link: https://www.econbiz.de/10005666895
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Who Benefits from Regional Trade Agreements? The View from the Stock Market
Moser, Christoph; Rose, Andrew K - C.E.P.R. Discussion Papers - 2011
The effects of Regional Trade Agreements (RTAs) are disputed. In this paper, we assess these effects using capital market data and an event-study approach, using a daily data set covering a thousand announcements spanning over eighty economies and a hundred RTAs over twenty recent years. We...
Persistent link: https://www.econbiz.de/10009293663
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One Money, One Market: Estimating the Effect of Common Currencies on Trade
Rose, Andrew K - C.E.P.R. Discussion Papers - 1999
trade. The panel data set used includes bilateral observations for five years spanning 1970 through 1990 for 186 countries …
Persistent link: https://www.econbiz.de/10005666776