Similar Search Results

Cultural and Institutional Bifurcation: China and Europe Compared

Greif, Avner; Tabellini, Guido - C.E.P.R. Discussion Papers - 2010

How to sustain cooperation is a key challenge for any society. Different social organizations have evolved in the course of history to cope with this challenge by relying on different combinations of external (formal and informal) enforcement institutions and intrinsic motivation. Some societies...

Persistent link: https://www.econbiz.de/10008468568

Why is Long-Horizon Equity Less Risky? A Duration-based Explanation of the Value Premium

Lettau, Martin; Wachter, Jessica - C.E.P.R. Discussion Papers - 2005

This paper proposes a dynamic risk-based model that captures the high expected returns on value stocks relative to growth stocks, and the failure of the capital asset pricing model to explain these expected returns. To model the difference between value and growth stocks, we introduce a...

Persistent link: https://www.econbiz.de/10005504287

Buffett’s Alpha

Frazzini, Andrea; Kabiller, David; Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2013

Berkshire Hathaway has realized a Sharpe ratio of 0.76, higher than any other stock or mutual fund with a history of more than 30 years, and Berkshire has a significant alpha to traditional risk factors. However, we find that the alpha becomes insignificant when controlling for exposures to...

Persistent link: https://www.econbiz.de/10011083650

Out-of-Sample Evidence on the Returns to Currency Trading

Accominotti, Olivier; Chambers, David - C.E.P.R. Discussion Papers - 2014

We document the existence of excess returns to naïve currency trading strategies during the emergence of the modern foreign exchange market in the 1920s and 1930s. This era of active currency speculation constitutes a natural out-of-sample test of the performance of carry, momentum and value...

Persistent link: https://www.econbiz.de/10011084602

Takeovers and the Dynamics of Information Flows

Chemla, Gilles - C.E.P.R. Discussion Papers - 2003

This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business relationships. We consider a long-term relationship between a firm and a privately-informed stakeholder, a buyer for example. In our model, takeovers both increase the surplus from...

Persistent link: https://www.econbiz.de/10005662138

International Trade in Services: A Portrait of Importers and Exporters

Breinlich, Holger; Criscuolo, Chiara - C.E.P.R. Discussion Papers - 2010

We provide a novel set of stylized facts on firms engaging in international trade in services, using unique data on … firm-level exports and imports from the world's second largest services exporter, the United Kingdom (UK). We show that … only a fraction of UK firms engage in international trade in services, that trade participation varies widely across …

Persistent link: https://www.econbiz.de/10008468538

Greasing the Wheels of International Commerce: How Services Facilitate Firms' International Sourcing

Debaere, Peter; Görg, Holger; Raff, Horst - C.E.P.R. Discussion Papers - 2010

We use unique plant-level data to study the link between the local availability of services and the decision of … international sourcing of materials depends on a firm's productivity and the availability of local services. These predictions are … materials to sales. In addition, we find evidence that services grease the wheels of international commerce: A greater …

Persistent link: https://www.econbiz.de/10008468604

Technology, Organization and Productivity in Services: Lessons from Britain and the United States Since 1870

Broadberry, Stephen N; Ghosal, Sayantan - C.E.P.R. Discussion Papers - 2004

, showing the importance of developments in services. We identify the transition in market services from customized, low … provided, focusing on the transition from networks to hierarchies. Four general lessons are drawn: (1) developments in services …

Persistent link: https://www.econbiz.de/10005124451

Service Offshoring, Productivity and Employment: Evidence from the US

Amiti, Mary; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2006

The practice of sourcing service inputs from overseas suppliers has been growing in response to new technologies. This paper estimates the effects of offshoring on productivity in US manufacturing industries between 1992 and 2000, using instrumental variables estimation to address the potential...

Persistent link: https://www.econbiz.de/10005124479

Reciprocity Across Modes of Supply in the WTO: A Negotiating Formula

Mattoo, Aaditya; Olarreaga, Marcelo - C.E.P.R. Discussion Papers - 2000

The negotiations on trade in services at the WTO have so far produced little liberalization beyond levels unilaterally … has been a failure to exploit the scope built into the services agreement (GATS) for exchange of market access …

Persistent link: https://www.econbiz.de/10005136563