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Why Does Overnight Liquidity Cost More ThanIntraday Liquidity?

Bhattacharya, Joydeep; Haslag, Joseph H.; Martin, Antoine - Iowa State University of Science and Technology <Ames, … - 2007

optimal payments system design. In our environment, the interestcharged on overnight liquidity a¤ects output while the cost of … intraday liquidity onlyaffects the distribution of resources between money holders and non-money holders.The low cost of … intraday liquidity follows from the Friedman rule and it is optimalto deviate from the the Friedman rule with respect to …

Persistent link: https://www.econbiz.de/10009360831

Foreign vs. domestic listing: an entrepreneurial decision

Ding, Yuan; Nowak, Eric; Zhang, Hua - Institut für Schweizerisches Bankwesen <Zürich> - 2007

In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firmslisted in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the...

Persistent link: https://www.econbiz.de/10005857778

Director independence as strategic behavior

Wagner, Alexander F. - Institut für Schweizerisches Bankwesen <Zürich> - 2007

This paper analyzes the independence of boards of directors as an optimally chosen, non-contractible behavior. A board behaves loyally to a CEO when it agrees to a negative NPV-pro ject, giving the CEO private beneﬁts. While the CEO beneﬁtsfrom competent directors because they help him make...

Persistent link: https://www.econbiz.de/10005858055

The (Ir)relevance of Disclosure of Compliance with Corporate Governance Codes-Evidence from the German Stock Market

Nowak, Eric; Rott, Roland; Mahr, Till G. - Institut für Schweizerisches Bankwesen <Zürich> - 2006

This paper studies the short- and long-run announcement effects of declaring compliance with the German Corporate Governance Code (the Code). We examine a unique, hand-collected data set of 317 German listed firms from 2002-2005. First, we present evidence from an analysis of firms compliance...

Persistent link: https://www.econbiz.de/10005858374

Ein Corporate Governance Ratingfür deutsche Publikumsgesellschaft

Drobetz, Wolfgang; Schillhofer, Andreas; Zimmermann, Heinz - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

Die aktuelle Corporate Governance Literatur stützt die verbreitete Hypothe-se, dass sicht gute Corporate Governance durch eine höhere Unterneh-mensbewertung manifestiert. Die Mehrzahl der empirischen Studien unter-sucht jedoch nur ausgewählte Corporate Governance Mechanismen...

Persistent link: https://www.econbiz.de/10005858711

The Political Economy of Bank- and Market Dominance

Thadden, Ernst-Ludwig von; Perotti, Enrico C. - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...

Persistent link: https://www.econbiz.de/10005858758

Termination of Dynamic Contracts in an EquilibriumLabor Market Model (2008 update)

Wang, Cheng - Iowa State University of Science and Technology <Ames, … - 2008

In an equilibrium model of the labor market, workers and firms enter intodynamic contracts that can potentially last forever, but are subject to optimalterminations. Upon termination, the firm hires a new worker, and the workerwho is terminated receives a termination contract from the firm and...

Persistent link: https://www.econbiz.de/10009360882

SPATIAL LABOR MARKETS AND TECHNOLOGYSPILLOVERS - ANALYSIS FROM THE USMIDWEST

Miranowski, John A.; Monchuk, Daniel C. - Iowa State University of Science and Technology <Ames, … - 2004

The primary focus of this paper is the impact of knowledge creation and innovative activity onnon-farm employment growth. Non-farm employment growth is modeled in a stylized modelwhere new knowledge and local economic externalities are key factors driving technologygrowth. For our empirical...

Persistent link: https://www.econbiz.de/10009360909

WORKER DISPLACEMENT DURING THETRANSITION: EXPERIENCE FROM SLOVENIA

Orazem, Peter F.; Vodopivec, Milan; Wu, Ruth - Iowa State University of Science and Technology <Ames, … - 2008

The transition to market in Slovenia created labor displacements that were on par or greater than thatexperienced in North America in the 1980s. A simple theoretical model suggests that factors which raisethe probability of layoff should also increase the probability of a quit, predictions that...

Persistent link: https://www.econbiz.de/10009360912

Cyclicality and the Labor Market for Economists

Gallet, Craig A.; List, John A.; Orazem, Peter F. - Iowa State University of Science and Technology <Ames, … - 2004

Using a unique sample of new Ph.D. economists in 1987 and 1997, we examine how jobseekers and their employers alter their search strategies in strong versus weak markets. The 1987academic market was strong while the 1997 market was much weaker. A multimarket theory ofoptimal search suggests that...

Persistent link: https://www.econbiz.de/10009360913