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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

Unemployment versus Mismatch of Talents: Reconsidering Unemployment Benefits

Marimon, Ramon; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1997

We develop an equilibrium search-matching model with risk-neutral agents and two-sided ex-ante heterogeneity. Unemployment insurance has the standard effect of reducing employment, but also helps workers to get a suitable job. The predictions of our simple model are consistent with the...

Persistent link: https://www.econbiz.de/10005788908

The Burden and Disincentive Effects of Hungarian Personal Taxes 1988-96

Newbery, David M G; Revesz, Tamas - C.E.P.R. Discussion Papers - 1997

The paper analyses the revenue-raising, distributional and incentive effects of the personal tax system in Hungary from the start of the transitional tax reforms of 1988, and develops methods for estimating marginal indirect taxes. It evaluates the distributional impact of revenue-neutral...

Persistent link: https://www.econbiz.de/10005789193

Entry, Cost Reduction and Competition in The Portuguese Mobile Telephone Industry

Gagnepain, Philippe; Pereira, Pedro - C.E.P.R. Discussion Papers - 2005

We study the effect of entry on costs and competition in the Portuguese mobile telephony industry. We construct and estimate a model that includes demand, network, and cost equations. The latter accounts for inefficiency and cost reducing effort. We show that failure to account for cost reducing...

Persistent link: https://www.econbiz.de/10005791373

Equilibrium Incentive Contracts

Moen, Espen R; Rosén, Åsa - C.E.P.R. Discussion Papers - 2003

We study a labour market in which firms can observe workers’ output but not their effort, and in which a worker’s productivity in a given firm depends on a worker-firm specific component, unobservable for the firm. Firms offer wage contracts that optimally trade off effort and wage costs. As...

Persistent link: https://www.econbiz.de/10005791700

How Efficient are Firms in Transition Countries? Firm-Level Evidence from Bulgaria and Romania

Konings, Jozef; Repkin, Alexander - C.E.P.R. Discussion Papers - 1998

industries using firm-level panel data. The technical efficiency of firms is found to vary significantly both within and across … industrial sectors in each country. We find strong evidence of a positive relationship between firm technical efficiency levels … between firm efficiency and size is also found to be positive, suggesting big industrial firms in the former planned economies …

Persistent link: https://www.econbiz.de/10005792075

Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard?

Sabirianova Peter, Klara; Svejnar, Jan; Terrell, Katherine - C.E.P.R. Discussion Papers - 2005

Economic development implies that the efficiency of firms in developing countries is approaching that of firms in … privatization, competition and foreign investment. We also test hypotheses positing that only firms near the efficiency frontier … find that privatization to domestic owners did not markedly improve the efficiency of firms; domestic firms are not …

Persistent link: https://www.econbiz.de/10005792168