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Transparency, Risk Management and International Financial Fragility
Draghi, Mario - 2003
Discussions of financial risk often fail to distinguish between risks that are consciously borne and those that are not. To understand the breeding conditions for financial crises the prime focus of concern should not be simply on large risk-taking per se, but on the unintended, or unanticipated...
Persistent link: https://www.econbiz.de/10012468892
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Investment, Accounting, and the Salience of the Corporate Income Tax
Edgerton, Jesse - 2012
This paper develops and tests the hypothesis that accounting rules mitigate the effect of tax policy on firm investment decisions by obscuring the timing of tax payments. I model a firm that maximizes a discounted weighted average of after-tax cash flows and accounting profits. I estimate the...
Persistent link: https://www.econbiz.de/10012460189
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A Q-Theory of Banks
Begenau, Juliane - 2020
We document five facts about banks: (1) market and book leverage diverged during the 2008 crisis, (2) Tobin's Q predicts future profitability, (3) neither book nor market leverage appears constrained, (4) banks maintain a market leverage target that is reached slowly, (5) pre-crisis, leverage...
Persistent link: https://www.econbiz.de/10012482155
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News Diffusion in Social Networks and Stock Market Reactions
Hirshleifer, David; Peng, Lin; Wang, Qiguang - National Bureau of Economic Research - 2023
We study how the social transmission of public news influences investors' beliefs and securities markets. Using an extensive dataset to measure investor social networks, we find that earnings announcements from firms in higher-centrality locations generate stronger immediate price and trading...
Persistent link: https://www.econbiz.de/10013537754
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Does Inflation Affect Earnings Relevance? A Century-Long Analysis
Binz, Oliver; Graham, John R.; Kubic, Matthew - National Bureau of Economic Research - 2024
Financial reports present assets, liabilities, and earnings on a nominal basis (unadjusted for inflation). Using a novel dataset of nearly a century of financial reports, this paper examines whether and how inflation affects the relation between accounting earnings and stock market value, i.e.,...
Persistent link: https://www.econbiz.de/10014528402
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Balance-of-payments adjustment policies: Japan, Germany, and the Netherlands
Michaely, Michael - 1968
Persistent link: https://www.econbiz.de/10000615420
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Country studies
Blanchard, Olivier (contributor) - 1994
Persistent link: https://www.econbiz.de/10000122609
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The industrial organization and regulation of the securities industry
Lo, Andrew W. (ed.) - 1996
Persistent link: https://www.econbiz.de/10000937532
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The Changing Structure of Wages in the US and Germany : What Explains the Differences?
Beaudry, Paul - 2000
Over the last twenty years the wage-education relationships in the US and Germany have evolved very differently, while … files from the PSID (US) and the GSOEP (Germany), we demonstrate how factor movements within these countries are associated … capital over the 1979-96 period, while Germany accumulated factors in a more balanced manner …
Persistent link: https://www.econbiz.de/10012471064
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Low Wage Services : Interpreting the US - German Difference
Freeman, Richard B. - 2000
-wage services in the US and Germany. We find a clear low-wage service jobs deficit' in Germany but this is not due to excessively …
Persistent link: https://www.econbiz.de/10012471159