Showing 1 - 10 of 96
-based predictions for how information risk and market stress influence aggregate herding intensity. We test these predictions …. Exploiting intra-day patterns of institutional trading behavior, we confirm that higher information risk increases both buy and …
Persistent link: https://www.econbiz.de/10010773998
In an information cascade experiment participants are confronted with artificial predecessors predicting in line with the BHW model (Bikchandani et al., 1992). Using the BDM (Becker et al., 1964) mechanism we study participants' probability perceptions based on maximum prices for participating...
Persistent link: https://www.econbiz.de/10005677930
In this paper we study the asymptotic properties of the canonical plug-in estimates for law-invariant coherent risk … measures. Under rather mild conditions not relying on the explicit representation of the risk measure under consideration, we …
Persistent link: https://www.econbiz.de/10008683520
increases with the opportunity for moral hazard (related to diligence, risk taking, or deception). Second, bankruptcy laws …
Persistent link: https://www.econbiz.de/10005784849
ambiguous: on the one hand, CDS can improve risksharing and hence be a more flexible risk management tool than loan syndication … loans and retain a larger loan fraction once CDS are actively traded on the borrower’s debt. We then discern the risk …
Persistent link: https://www.econbiz.de/10011196416
We show that performance-sensitive debt (PSD) is used to reduce hold-up problems in repeated lending relationships. Using a large sample of bank loans, we find a more frequent use of PSD if hold-up is more likely, e.g. if a longterm lending relationship exists and the borrower has fewer outside...
Persistent link: https://www.econbiz.de/10010659439
This paper establishes theoretical and empirical linkages between union wage setting and the structure of the wage distribution. Theoretically, we identify conditions under which a right-to-manage model implies compression of the wage distribution in the union sector relative to the nonunion...
Persistent link: https://www.econbiz.de/10005678024
This paper studies the role of uncertainty in the corporate cash hoarding puzzle. The baseline model is a stochastic neoclassical growth model featuring idiosyncratic and uninsurable productivity shocks and a cash-in-advance constraint on new in- vestments on the individual firm level....
Persistent link: https://www.econbiz.de/10010940072
investment. The robust utility functionals are defined in terms of logarithmic utility and a dynamically consistent convex risk …
Persistent link: https://www.econbiz.de/10005652724
We consider two semiparametric models for the weight function in a biased sample model. The object of our interest parametrizes the weight function, and it is either Euclidean or non Euclidean. One of the models discussed in this paper is motivated by the estimation the mixing distribution of...
Persistent link: https://www.econbiz.de/10005652736