Similar Search Results

Heterogeneous Information and Trade Policy

Ponzetto, Giacomo AM - C.E.P.R. Discussion Papers - 2011

Protectionism enjoys surprising popular support, in spite of deadweight losses. At the same time, trade barriers appear to decline with public information about protection. This paper develops an electoral model with heterogeneously informed voters which explains both facts and predicts the...

Persistent link: https://www.econbiz.de/10009399721

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

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

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

Trust in Public Institutions over the Business Cycle

Stevenson, Betsey; Wolfers, Justin - C.E.P.R. Discussion Papers - 2011

the most suffered the biggest loss in confidence in institutions, particularly in trust in government and the financial … sector. Finally, analysis of several repeated cross-sections of confidence within U.S. states yields similar qualitative …

Persistent link: https://www.econbiz.de/10008925712

Austerity in 2009-2013

Alesina, Alberto F; Barbiero, Omar; Favero, Carlo A.; … - C.E.P.R. Discussion Papers - 2015

The conventional wisdom is (i) that fiscal austerity was the main culprit for the recessions experienced by many countries, especially in Europe, since 2010 and (ii) that this round of fiscal consolidation was much more costly than past ones. The contribution of this paper is a clarification of...

Persistent link: https://www.econbiz.de/10011145403

Quantifying Confidence

Angeletos, George-Marios; Collard, Fabrice; Dellas, Harris - C.E.P.R. Discussion Papers - 2015

"confidence" and show that it helps account for many salient features of the data; it drives a significant fraction of the …

Persistent link: https://www.econbiz.de/10011186619

A model of the confidence channel of fiscal policy

Guimarães, Bernardo; Machado, Caio; Ribeiro, Marcel - C.E.P.R. Discussion Papers - 2014

This paper presents a simple macroeconomic model where government spending affects aggregate demand directly and indirectly, through an expectational channel. Prices are fully flexible and the model is static, so intertemporal issues play no role. There are three important elements in the model:...

Persistent link: https://www.econbiz.de/10011083612

The output effect of fiscal consolidations

Alesina, Alberto F; Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2012

different response of business confidence and private investment. We obtain these results by studying the effects of the …

Persistent link: https://www.econbiz.de/10011084635

The International Financial Integration of China and India

Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006

Three main features characterize the international financial integration of China and India. First, while only having a … small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities), these … “short equity, long debt.” Third, China and India have improved their net external positions over the last decade although …

Persistent link: https://www.econbiz.de/10005662395