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Rating Assignments: Lessons from International Banks
Caporale, Guglielmo Maria; Matousek, Roman; Stewart, Chris - CESifo - 2009
This paper estimates ordered logit and probit regression models for bank ratings which also include a country index to capture country-specific variation. The empirical findings provide support to the hypothesis that the individual international bank ratings assigned by Fitch Ratings are...
Persistent link: https://www.econbiz.de/10005000371
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EU Banks Rating Assignments: Is there Heterogeneity between New and Old Member Countries?
Caporale, Guglielmo Maria; Matousek, Roman; Stewart, Chris - CESifo - 2010
We model EU countries’ bank ratings using financial variables and allowing for intercept and slope heterogeneity. Our aim is to assess whether “old” and “new” EU countries are rated differently and to determine whether “new” ones are assigned lower ratings, ceteris paribus, than...
Persistent link: https://www.econbiz.de/10008583666
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The Scope of Auctions in the Presence of Downstream Interactions and Information Externalities
Koska, Onur A.; Onur, Ilke; Stähler, Frank - CESifo - 2015
-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and … alleviates adverse selection. It can earn the investor a higher expected payoff than a separating auction, even when consistency …
Persistent link: https://www.econbiz.de/10011205382
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Measuring the Integration of Staple Food Markets in Sub-Saharan Africa: Heterogeneous Infrastructure and Cross Border Trade in the East African Community
Ihle, Rico; Cramon-Taubadel, Stephan von; Zorya, Sergiy - CESifo - 2011
markets and the factors determining national and cross-national transmission of price signals in Sub-Saharan Africa. We use a …
Persistent link: https://www.econbiz.de/10008914284
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Fighting Lone Mothers' Poverty through in-Work Benefits - Methodological Issues and Policy Suggestions
Pronzato, Chiara - CESifo - 2013
Lone mothers are overrepresented among poor people in many European countries. In 1998, in Norway, a welfare reform increased the amount of benefits and introduced working requirements. Using a quasi-experimental model, Mogstad and Pronzato (2012) find a positive effect of the reform on lone...
Persistent link: https://www.econbiz.de/10010877897
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Labour Mobility and the Portability of Social Rights in the EU
d'Addio, Anna Cristina; Cavalleri, Maria Chiara - CESifo - 2013
The paper first discusses the main sources of concern for people in the perspective of professional mobility abroad as they result from the analysis of the Eurobarometer survey, wave 75.1 of 2011. Second, it tests whether portability of social security within Europe is a determinant of intra-EU...
Persistent link: https://www.econbiz.de/10010877964
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Spatial Exporters
Defever, Fabrice; Heid, Benedikt; Larch, Mario - CESifo - 2011
In this paper, we provide causal evidence that firms serve new markets which are geographically close to their prior export destinations with a higher probability than standard gravity models predict. We quantify the impact of this spatial pattern using a data set of Chi-nese firms which had...
Persistent link: https://www.econbiz.de/10009386356
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Effective Labor Taxation and the International Location of Headquarters
Egger, Peter; Radulescu, Doina Maria; Strecker, Nora - CESifo - 2012
Profit taxes are widely acknowledged to influence the location of firms’ headquarters. This paper sheds light on the role of aspects of labor taxation for the international location of headquarters. While profit taxes can be avoided in various ways, it is much harder for firms to manipulate...
Persistent link: https://www.econbiz.de/10010550242
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Time-Varying Exchange Rate Basket in China from 2005 to 2009
Fidrmuc, Jarko - CESifo - 2010
We use the Kalman filter to estimate the structure of the secret currency basket of the renminbi based on daily data between 2005 and 2009. The currency weights of selected currencies are modeled as stochastic processes (random walks). The official announcement of the new exchange rate regime in...
Persistent link: https://www.econbiz.de/10008511600
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Has the Euro Affected the Choice of Invoicing Currency?
Ligthart, Jenny; Werner, Sebastian E. V. - CESifo - 2010
We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice depends on the characteristics of both the currency and the country. We use unique quarterly panel...
Persistent link: https://www.econbiz.de/10008533991