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Building on recent developments in behavioral asset pricing, we develop a model in which an increase in the dispersion of investor beliefs under short-selling constraints predicts a "bubble," or a rise in a stock's price above its fundamental value. Our model predicts that managers respond to...
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Using data from bank holding company regulatory reports, we examine the relationshipbetween stock repurchases and financial performance for a large sample of bank holding companies over the years 1987 to 1998. The primary result is that higher levels of repurchases in one year are associated...
Persistent link: https://www.econbiz.de/10001589572
I present evidence that the cross-guarantee authority granted to the FDIC by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 has unexpectedly strengthened the Federal Reserve's source-of-strength doctrine. In particular, I find that a bank affiliated with a multi-bank...
Persistent link: https://www.econbiz.de/10002128532
daily credit default swap (CDS) and stock market pricing data. The major findings of the paper are that CDS prices respond … issue announcements by assessing significantly lower costs for default protection via credit default swaps. The evidence …
Persistent link: https://www.econbiz.de/10010942922
Weather is a key source of income risk, particularly in emerging market economies. This paper uses a randomized controlled trial involving a sample of Indian farmers to study how an innovative rainfall insurance product affects production decisions. We find that insurance provision induces...
Persistent link: https://www.econbiz.de/10011027207
Debit cards are overtaking credit cards as the most prevalent form of electronic payment at the point of sale, yet the … determinants of a ubiquitous consumer choice - "debit or credit?" - have received relatively little scrutiny. Several stylized …. Principally, the 50 percent of debit-card users who revolve credit-card balances would pay interest to charge purchases on the …
Persistent link: https://www.econbiz.de/10002521756
"This paper uses a game-theoretic model to analyze the disincentive effects of low-tuition policies on student effort. The model of parent and student responses to tuition subsidies is then calibrated using information from the National Longitudinal Survey of Youth 1979 and the High School and...
Persistent link: https://www.econbiz.de/10002521757
"This paper examines the causes of the observed increase in the average duration of unemployment over the past thirty years. First we analyze whether changes in the demographic composition of the U.S. labor force, particularly the age and gender composition, can explain this increase. We then...
Persistent link: https://www.econbiz.de/10002521759