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Investor Interest and Hedge Fund Returns

Ramadorai, Tarun - C.E.P.R. Discussion Papers - 2010

Employing a new dataset of over 9,000 expressed demands for over 700 hedge funds from a secondary market for hedge funds, this paper finds evidence suggesting that hedge fund investors rationally anticipate future hedge fund performance. Both buy and sell indications of interest arrive following...

Persistent link: https://www.econbiz.de/10008692307

Gross Credit Flows

DellAriccia, Giovanni; Garibaldi, Pietro - C.E.P.R. Discussion Papers - 2000

This paper contributes to the empirical and theoretical knowledge of gross credit flows: the simultaneous process of … summarizes heterogeneity in the banking industry by estimating gross credit flows for the entire US banking system between 1979 … and 1999. The empirical exercise shows that sizeable gross flows coexist at any phase of the cycle, even within narrowly …

Persistent link: https://www.econbiz.de/10005124031

Regulation Games

Gilbert, Richard; Newbery, David M G - C.E.P.R. Discussion Papers - 1988

We examine regulation as a repeated game between a regulator and a utility facing a Markovian sequence of demands. Sunk capital would be expropriated by a regulator concerned only with the short-run interests of consumers. There exist rate of return regulatory policies supporting efficient...

Persistent link: https://www.econbiz.de/10005792339

Can Competition Replace Regulation for Small Utility Customers?

Green, Richard - C.E.P.R. Discussion Papers - 2000

Many utility markets are now being opened to competition, and some regulators have expressed the hope that this will make the regulation of consumer prices unnecessary. In this paper, entrants offer (differentiated) 'added value', but consumers incur a switching cost if they buy from one of...

Persistent link: https://www.econbiz.de/10005136643

Corporate Efficiency in Europe

Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015

Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in … efficiency, and (iii) high competition is less conductive to efficiency than moderate or low competition. In terms of ownership …, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic …

Persistent link: https://www.econbiz.de/10011213309

Simultaneous Search and Network Efficiency

Gautier, Pieter A; Holzner, Christian - C.E.P.R. Discussion Papers - 2011

When workers send applications to vacancies they create a network. Frictions arise if workers do not know where other workers apply to (this affects network creation) and firms do not know which candidates other firms consider (this affects network clearing). We show that those frictions and the...

Persistent link: https://www.econbiz.de/10009246606

Inattention to Rare Events

Mackowiak, Bartosz Adam; Wiederholt, Mirko - C.E.P.R. Discussion Papers - 2011

Why were people so unprepared for the global financial crisis, the European debt crisis, and the Fukushima nuclear accident? To address this question, we study a model in which agents make state-contingent plans - think about actions in different contingencies - subject to the constraint that...

Persistent link: https://www.econbiz.de/10009351517

Assessing the impact of Mali’s water privatization across stakeholders

Estache, Antonio; Grifell-Tatjé, Emili - C.E.P.R. Discussion Papers - 2011

shows that taxpayers are the main losers as subsidies are still needed. There are also serious efficiency-equity trade …

Persistent link: https://www.econbiz.de/10009399719

Flat Tax Reforms in the US: A Boon for the Income Poor

Díaz-Giménez, Javier; Pijoan-Mas, Josep - C.E.P.R. Discussion Papers - 2006

In this article we quantify the aggregate, distributional and welfare consequences of two revenue neutral flat-tax reforms using a model economy that replicates the U.S. distributions of earnings, income and wealth in very much detail. We find that the less progressive reform brings about a 2.4%...

Persistent link: https://www.econbiz.de/10005662104

The Term Structure of Forward Exchange Premia and the Forecastability of Spot Exchange Rates: Correcting the Errors

Clarida, Richard; Taylor, Mark P - C.E.P.R. Discussion Papers - 1993

This paper challenges the widespread view that forward exchange premia contain little information regarding subsequent spot rate movements. Using weekly dollar/Deutschmark and dollar/sterling data, we show that spot and forward exchange rates are well represented by a vector error correction...

Persistent link: https://www.econbiz.de/10005662140