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Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
Dharmapala, Dhammika; Forbes, Kristin; Foley, C. Fritz - National Bureau of Economic Research (NBER) - 2009
This paper analyzes the impact on firm behavior of the Homeland Investment Act of 2004, which provided a one-time tax …. Repatriations did not lead to an increase in domestic investment, employment or R&D -- even for the firms that lobbied for the tax …
Persistent link: https://www.econbiz.de/10005025649
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How much do firms pay as bribes and what benefits do they get? Evidence from corruption cases worldwide
Cheung, Yan Leung; Rau, P. Raghavendra; Stouraitis, Aris - National Bureau of Economic Research (NBER) - 2012
We analyze a hand-collected sample of 166 prominent bribery cases, involving 107 publicly listed firms from 20 stock markets that have been reported to have bribed government officials in 52 countries worldwide during 1971-2007. We focus on the initial date of award of the contract for which the...
Persistent link: https://www.econbiz.de/10011227954
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Banks as Secret Keepers
Gorton, Gary; Holmstrom, Bengt; Ordonez, Guillermo L.; … - National Bureau of Economic Research (NBER) - 2014
, reducing the efficiency of trade. This need for opacity conflicts with the production of information about investment projects …
Persistent link: https://www.econbiz.de/10010969202
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Understanding Uncertainty Shocks and the Role of Black Swans
Veldkamp, Laura; Orlik, Anna - National Bureau of Economic Research (NBER) - 2014
A fruitful emerging literature reveals that shocks to uncertainty can explain asset returns, business cycles and financial crises. The literature equates uncertainty shocks with changes in the variance of an innovation whose distribution is common knowledge. But how do such shocks arise? This...
Persistent link: https://www.econbiz.de/10010950795
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The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World
Farmer, Roger E. A.; Venditti, Alain; Nourry, Carine - National Bureau of Economic Research (NBER) - 2012
Existing literature continues to be unable to offer a convincing explanation for the volatility of the stochastic discount factor in real world data. Our work provides such an explanation. We do not rely on frictions, market in completeness or transactions costs of any kind. Instead, we modify a...
Persistent link: https://www.econbiz.de/10010950948
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Inflation and the Stock Market:Understanding the "Fed Model"
Bekaert, Geert; Engstrom, Eric - National Bureau of Economic Research (NBER) - 2009
The Fed model postulates that the dividend or earnings yield on stocks should equal the yield on nominal Treasury bonds, or at least that the two should be highly correlated. In US data, there is indeed a strikingly high time series correlation between the yield on nominal bonds and the dividend...
Persistent link: https://www.econbiz.de/10005025656
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Dynamic Adverse Selection: A Theory of Illiquidity, Fire Sales, and Flight to Quality
Shimer, Robert; Guerrieri, Veronica - National Bureau of Economic Research (NBER) - 2012
We develop a dynamic equilibrium model of asset markets affected by adverse selection. There exists a unique equilibrium where better assets trade at higher prices but in less liquid markets. Sellers of high-quality assets can separate because they are more willing to accept a lower trading...
Persistent link: https://www.econbiz.de/10009652857
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Covariances versus Characteristics in General Equilibrium
Zhang, Lu; Lin, Xiaoji - National Bureau of Economic Research (NBER) - 2011
with investor "rationality," the relation must be "explained" by a risk factor model. The investment approach changes the …-based factor models are linear approximations of firm-level investment returns. The evidence that characteristics dominate … important, the investment approach completes the consumption approach in general equilibrium, especially for cross …
Persistent link: https://www.econbiz.de/10009220642
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A Theory of Asset Pricing Based on Heterogeneous Information
Hellwig, Christian; Albagli, Elias; Tsyvinski, Aleh - National Bureau of Economic Research (NBER) - 2011
We propose a theory of asset prices that emphasizes heterogeneous information as the main element determining prices of different securities. Our main analytical innovation is in formulating a model of noisy information aggregation through asset prices, which is parsimonious and tractable, yet...
Persistent link: https://www.econbiz.de/10009353492
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Implicit Guarantees and Risk Taking: Evidence from Money Market Funds
Kacperczyk, Marcin; Schnabl, Philipp - National Bureau of Economic Research (NBER) - 2011
A firm's termination generates bankruptcy costs. This may create incentives for a firm's owner to bail out a firm in bankruptcy and to curb the firm's risk taking outside bankruptcy. We analyze the role of such implicit guarantees in the context of financial institutions that sponsor money...
Persistent link: https://www.econbiz.de/10009251486