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Asymmetric Information, Stock Returns and Monetary Policy: A Theoretical and Empirical Analysis
Tas, Bedri Kamil Onur - Econometric Society - 2004
It is known that stock returns are affected by monetary policy. This paper theoretically and empirically investigates whether asymmetric information between the Federal Reserve and the public causes the relation between stock returns and monetary policy actions. The paper concludes that...
Persistent link: https://www.econbiz.de/10005130171
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On the Discretion of Adjudicators
Shavell, Steven - Econometric Society - 2004
A possible view of the role of an adjudicator is that it is to obtain the information that is needed to apply a well-articulated legal rule. That is, the task of an adjudicator in a case is to gather and verify the information that is called for to employ a legal rule, but that once the required...
Persistent link: https://www.econbiz.de/10005342203
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Coalition Formation and Asymmetric Information in a Legislative Bargaining Game
Tsai, Tsung-Sheng - Econometric Society - 2004
To investigate players' incentives in coalition formation, we consider a legislative bargaining game with asymmetric information about time preferences. The force that does not exist in usual bargaining games with unanimity is that due to majority rule, if a player signals himself as the patient...
Persistent link: https://www.econbiz.de/10005342329
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Punitive Damage Awards, Frivolous Lawsuits and Firm’s Level of Care
Nikitin, Maxim; Landeo, Claudia M. - Econometric Society - 2004
Punitive damage awards have been widely criticized for generating a plaintiff’s windfall (i.e., a payment in excess of the costs of pursuing the punitive claim), which promotes unnecessary litigation, the escalation of liability insurance premiums and over-deterrence. In an attempt to...
Persistent link: https://www.econbiz.de/10005063694
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Deterrence, Lawsuits and Litigation Outcomes under Agency Problems and Court Errors
Landeo, Claudia M.; Nikitin, Maxim - Econometric Society - 2004
Punitive damage awards have been widely criticized for their unpredictability (2004 Economic Report of the President) and for generating a plaintiff’s windfall (i.e., a payment in excess of the costs of pursuing the punitive claim), which promotes unnecessary litigation (Dodson, 2000),...
Persistent link: https://www.econbiz.de/10005699597
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Split-Award Tort Reform, Firm's Level of Care and Litigation Outcomes
Nikitin, Maxim; Landeo, Claudia M. - Econometric Society - 2004
In an attempt to reduce the liability insurance costs of firms, several US states have implemented many different kinds of tort reform. Some reforms take the form of caps or limits on punitive damage awards while others have mandated that a proportion of the award be allocated to the plaintiff...
Persistent link: https://www.econbiz.de/10005699599
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Split-Award Tort Reform and Settlement Outcomes: An Experimental Investigation
Nikitin, Maxim; Babcock, Linda; Landeo, Claudia M. - Econometric Society - 2004
In an attempt to reduce the liability insurance costs of firms, several US states have implemented many different kinds of tort reform. Some reforms take the form of caps or limits on punitive damage awards while others, called “split-awardsâ€, have mandated that a proportion of the...
Persistent link: https://www.econbiz.de/10005702607
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Endogenous Asymmetry and Entry in Sequential Multi-Unit Auctions: Identification and Estimation
Gupta, Sudip - Econometric Society - 2004
This paper analyzes bidding behavior in a multi period multiple unit auction. While bidders are ex ante symmetric, the first period outcome translates the second period game to a game between asymmetric bidders. The first period outcome determines who will be a strong or a weak bidder in the...
Persistent link: https://www.econbiz.de/10005702642
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Relationship Banking in Bilateral Oligopoly and Asymmetric Information
Chang, Yoonhee Tina - Econometric Society - 2004
This paper investigates the economic principles underlying the relationship between the real sector (non-financial) and the banking sector structures. Most literature has so far focused on the structure of conglomerates (Keiretsu/Chaebol) in East Asia in explaining the fast economic growth...
Persistent link: https://www.econbiz.de/10005342309
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American Kids, Why Don't They Study?
Lee, Sanghoon - Econometric Society - 2004
explanation for this puzzle, using a two-stage-signaling model. Signaling can occur over time both in high school and college. We … show that main signaling stage may be high school or college, and that students work harder in the main signaling stage. We … also find that the main signaling is more likely to occur in high school if human networking is important for job …
Persistent link: https://www.econbiz.de/10005342364