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Cultural Inertia and Uniformity in Organizations
Carrillo, Juan D; Gromb, Denis - C.E.P.R. Discussion Papers - 2002
We analyse aspects of the structure of organizational culture. We show that old and culturally uniform organizations are prone to cultural inertia; that is they are reluctant to adopt a different culture in response to a change in the environment. Cultural uniformity can be beneficial because the...
Persistent link: https://www.econbiz.de/10005498015
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Free Flows, Limited Diversification: Explaining the Fall and Rise of Stock Market Correlations, 1890-2001
Quinn, Dennis; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2008
Using a new dataset on capital account openness, we investigate why equity return correlations changed over the last century. Based on a new, long-run dataset on capital account regulations in a group of 16 countries over the period 1890-2001, we show that correlations increase as financial...
Persistent link: https://www.econbiz.de/10005656257
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Keynes Meets Markowitz: The Trade-off Between Familiarity and Diversification
Boyle, Phelim; Garlappi, Lorenzo; Uppal, Raman; Wang, Tan - C.E.P.R. Discussion Papers - 2010
assets - and Markowitz - who advocates diversification across assets. We rely on the concepts of ambiguity and ambiguity …
Persistent link: https://www.econbiz.de/10008468537
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Flexible Wages Systems and the Structure of Wages: Evidence from Matched Employer-Employee Data
Bauer, Thomas; Bender, Stefan - C.E.P.R. Discussion Papers - 2001
A growing theoretical and empirical literature is concerned with the effects of flexible workplace systems or High Performance Work Organizations (HPWOs) on wages. Existing theoretical literature suggests that these forms of organization should lead to higher inequality across firms, increased...
Persistent link: https://www.econbiz.de/10005504382
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The Effects of Remedial Mathematics on the Learning of Economics: Evidence from a Natural Experiment
Lagerlöf, Johan N. M.; Seltzer, Andrew J - C.E.P.R. Discussion Papers - 2008
This paper examines the effects of remedial mathematics on performance in university-level economics courses using a natural experiment. We study exam results prior and subsequent to the implementation of a remedial mathematics course that was compulsory for a sub-set of students and unavailable...
Persistent link: https://www.econbiz.de/10005661827
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The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios
Acharya, Viral V; Hasan, Iftekhar; Saunders, Anthony - C.E.P.R. Discussion Papers - 2002
We study empirically the effect of focus (specialization) versus diversification on the return and the risk of banks …) focus and diversification using a unique data set that is able to identify individual bank loan exposures to different … expansion into newer or competitive industries. We find that industrial loan diversification reduces bank return while …
Persistent link: https://www.econbiz.de/10005136462
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Finance and Efficiency: Do Bank Branching Regulations Matter?
Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007
financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …
Persistent link: https://www.econbiz.de/10005504526
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Finance and Efficiency: Do Bank Branching Regulations Matter?
Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007
that financial development has important consequences for efficiency and specialization (or diversification) of investments …
Persistent link: https://www.econbiz.de/10005662195
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex; Izhakian, Yehuda - C.E.P.R. Discussion Papers - 2011
This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest...
Persistent link: https://www.econbiz.de/10009144737
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Strategic Financial Innovation in Segmented Markets
Rahi, Rohit; Zigrand, Jean-Pierre - C.E.P.R. Discussion Papers - 2004
We analyse an equilibrium model with restricted investor participation in which strategic arbitrageurs play an innovation game and exploit the resulting mispricings by reaping trading profits. Since the equilibrium asset structure is not chosen by a social planner, it is chosen to maximize...
Persistent link: https://www.econbiz.de/10005791699