Showing 1 - 10 of 1,248
We analyze the promotions and firings of NCAA Division 1 college basketball and college football coaches to assess …
Persistent link: https://www.econbiz.de/10012456554
For a firm that cannot raise external funds, cash on hand serves as precautionary saving. We derive a closed-form expression for the target level of cash on hand in the presence of persistent cash flows. Contrary to conventional wisdom, a mean-preserving increase in the volatility of cash flow...
Persistent link: https://www.econbiz.de/10012479152
consumption. It is also a component of the interest elasticity of consumption and the risk aversion of the value function which … function, income risk is found to raise the marginal propensity to consume out of wealth in a multiperiod model with many risky …
Persistent link: https://www.econbiz.de/10012475630
What has driven the dramatic rise in U.S. corporate cash? Using non-public data, we show that the run-up is not uniform across firms and is greatest in the foreign subsidiaries of multinational firms. Standard precautionary motives explain only domestic cash holdings, not the burgeoning foreign...
Persistent link: https://www.econbiz.de/10012453912
lifespan risk, can explain a significant portion U.S. savings during retirement. However, more work is needed to disentangle … question is why households do not buy more insurance against these risks. Going beyond total savings and looking at its …
Persistent link: https://www.econbiz.de/10012457399
explaining saving rate differences than differences in income risk. We estimate the preference parameters and find that Chinese … and US households are more similar in their attitude toward risk than in their intertemporal substitutability of …
Persistent link: https://www.econbiz.de/10012458138
We analyze the saving motives of European households using micro-data from the Household Finance and Consumption Survey (HFCS), which is conducted by the European Central Bank. We find that the rank ordering of saving motives differs greatly depending on what criterion is used to rank them. For...
Persistent link: https://www.econbiz.de/10015056164
This paper analyzes the effects of top earnings tax rates on the international migration of football players in Europe …. We construct a panel dataset of top earnings tax rates, football player careers, and club performances in the first … number of tax and institutional changes: (a) the 1995 Bosman ruling which liberalized the European football market, (b) top …
Persistent link: https://www.econbiz.de/10012462112
retirement. We test this prediction in a group of people--players in the National Football League (NFL)--whose income profile … consumption of NFL players, we test whether they have adequate savings by counting how many retired NFL players file for … provide much protection against the risk of going bankrupt …
Persistent link: https://www.econbiz.de/10012457581
In 1997 Chancellor Kohl proposed a major pension reform and pushed the law through Parliament explaining that the German PAYG system had become unsustainable. One limitation of the new law -- one that is crucial for our identification strategy -- is that it left the generous pension entitlements...
Persistent link: https://www.econbiz.de/10012464736