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Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors

Ljungqvist, Alexander P.; Marston, Felicia; Starks, Laura T - C.E.P.R. Discussion Papers - 2005

Because sell-side analysts are dependent on institutional investors for performance ratings and trading commissions, we argue that analysts are less likely to succumb to investment banking or brokerage pressure in stocks highly visible to institutional investors. Examining a comprehensive sample...

Persistent link: https://www.econbiz.de/10005114250

Welfare Differentials Across French and US Labour Markets

Cohen, Daniel - C.E.P.R. Discussion Papers - 1999

The paper computes lifetime welfare functions for French and American workers. For the vast majority of workers, we find that the lifetime discrepancy between the welfare of an employed and that of an unemplyed worker appear to quite similar in the two countries, corresponding to nine monthly...

Persistent link: https://www.econbiz.de/10005791313

A Consistent Weighted Ranking Scheme with an Application to NCAA College Football Rankings

Fainmesser, Itay; Fershtman, Chaim; Gandal, Neil - C.E.P.R. Discussion Papers - 2005

controversies the last few years. The difficulty arises because there is a need to make a complete ranking of teams even though each … establish a ranking of patents or academic journals, etc. in which the raw data are (incomplete) bilateral citations or … interactions among objects. This paper develops and estimates a simple consistent weighted ranking (CWR) scheme which, in the …

Persistent link: https://www.econbiz.de/10005123674

Looking Into The Black Box: A Survey Of The Matching Function

Petrongolo, Barbara; Pissarides, Christopher - C.E.P.R. Discussion Papers - 2000

We survey the microfoundations, empirical evidence and estimation issues underlying the aggregate matching function. Several microeconomic matching mechanisms have been suggested in the literature with some successes but none is generally accepted as superior to all others. Instead, an aggregate...

Persistent link: https://www.econbiz.de/10005114438

Of Religion and Redemption: Evidence from Default on Islamic Loans

Baele, Lieven; Farooq, Moazzam; Ongena, Steven - C.E.P.R. Discussion Papers - 2011

Do religious beliefs affect real economic decisions? We investigate this fundamental question by comparing default rates on conventional and Islamic loans using a comprehensive monthly dataset from Pakistan that follows more than 150,000 loans over the period 2006:04 to 2008:12. We find robust...

Persistent link: https://www.econbiz.de/10009209832

A DSGE model of banks and financial intermediation with default risk

Wickens, Michael R. - C.E.P.R. Discussion Papers - 2011

This paper takes the view that a major contributing factor to the financial crisis of 2008 was a failure to correctly assess and price the risk of default. In order to analyse default risk in the macroeconomy, a simple general equilibrium model with banks and financial intermediation is...

Persistent link: https://www.econbiz.de/10009293986

Real Effects of Bank Governance: Bank Ownership and Corporate Innovation

Haselmann, Rainer; Marsch, Katharina; Weder di Mauro, … - C.E.P.R. Discussion Papers - 2009

In this paper we analyze the impact of government and private ownership of banks on firms’ probability to innovate. We estimate firms’ decision to innovate and their selection of a main lender for a sample of 9000 German manufacturing companies. Since these two decisions may be...

Persistent link: https://www.econbiz.de/10008459768

Collateral, Renegotiation And The Value Of Diffusely Held Debt

Hege, Ulrich; Mella-Barral, Pierre - C.E.P.R. Discussion Papers - 2000

Debt with many creditors is analysed in a continuous-time pricing model of the levered firm. We specifically allow for debtor opportunism vis-à-vis a non-coordinated group of creditors, in form of repeated strategic renegotiation offers and default threats. We show that the creditors' initial...

Persistent link: https://www.econbiz.de/10005662221

Understanding the Recovery Rates on Defaulted Securities

Acharya, Viral V; Bharath, Sreedhar T; Srinivasan, Anand - C.E.P.R. Discussion Papers - 2003

We document empirically the determinants of the observed recovery rates on defaulted securities in the United States over the period 1982–1999. The recovery rates are measured using the prices of defaulted securities at the time of default and at the time of emergence from default or from...

Persistent link: https://www.econbiz.de/10005666480

The Enterprise Isolation Programme in Romania

Djankov, Simeon - C.E.P.R. Discussion Papers - 1999

We provide comprehensive analysis of the isolation program for financially distressed firms in Romania. The results indicate that the isolation program did not deliver any tangible improvements in operational performance, nor did it enhance the process of privatization or liquidation of large...

Persistent link: https://www.econbiz.de/10005666566

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