Showing 1 - 10 of 87
Persistent link: https://www.econbiz.de/10001462637
The most cost-effective policies for achieving CO2 abatement (e.g., carbon taxes) fail to get off the ground politically because of unacceptable distributional consequences. This paper explores CO2 abatement policies designed to address distributional concerns. Using an intertemporal numerical...
Persistent link: https://www.econbiz.de/10012471113
responses to earnings releases. The results imply that shares trade at higher (lower) prices when individual investors face …
Persistent link: https://www.econbiz.de/10012471123
Why are higher quality niches seen as intrinsically more profitable in business circles? Why do high quality products sometimes have a low real price, while it is unusual to see low quality products with high real prices? Can markets have quality differentiation as well as quality bunching? In...
Persistent link: https://www.econbiz.de/10012471282
This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we investigate how different types of fiscal policy affect profits and , as a result, investment. We find a sizable negative effect of public spending -- and in particular of its...
Persistent link: https://www.econbiz.de/10012471581
This paper evaluates various explanations for the profitability of momentum strategies documented in Jegadeesh and Titman (1993). The evidence indicates that momentum profits have continued in the 1990's suggesting that the original results were not a product of data snooping bias. The paper...
Persistent link: https://www.econbiz.de/10012471628
Profit on proprietary research tools is determined partly by the remedies for infringement, such as damages and injunctions. We investigate how damages under a liability rule and the opportunity for injunctions under a property rule can affect the incentives to develop research tools. We show...
Persistent link: https://www.econbiz.de/10012471710
We examine whether the Securities Exchange Act of 1934 increased the information content of corporate earnings … yields mixed results. We focus on whether the Act increased earnings informativeness, improving upon prior designs by … focusing on short earnings announcement windows and employing a difference-in-differences design to control for potential …
Persistent link: https://www.econbiz.de/10012938716
-level earnings announcements. Existing theories suggest that macro and firm-level earnings news are attention substitutes; macro …-news announcements crowd out firm-level attention, causing less efficient processing of firm-level earnings announcements. We find the … opposite: the sensitivity of announcement returns to earnings news is 17% stronger, and post-earnings announcement drift 71 …
Persistent link: https://www.econbiz.de/10012585415
We examine abnormal stock returns surrounding contemporaneous earnings and dividend announcements in order to determine … interaction effect.The abnormal return corresponding to any earnings or dividend announcement depends upon the value of the other … more credence to unanticipated dividend increases or decreases when earnings are also above or below expectations, and vice …
Persistent link: https://www.econbiz.de/10012477849