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Illiquidity and Under-Valuation of Firms

Gale, Douglas M. - 2012

firms' investment decisions. We characterize the conditions under which fire sales occur in equilibrium and their … consequences on firms' investment decisions. We also show that endogenous financial crises may arise in this environment, with …

Persistent link: https://www.econbiz.de/10013116475

Imperfect Financial Markets as a Commitment Device for the Government

Simon, Jenny - 2014

When the government lacks the ability to commit to a tax policy over time, agents' involvement in imperfect financial markets can be welfare improving. Agents borrow against their promised income in markets that are incomplete in the sense that claims cannot be resold without loss. Taking these...

Persistent link: https://www.econbiz.de/10013049208

Trade Restrictiveness Indices in Presence of Externalities : An Application to Non-Tariff Measures

Beghin, John - 2014

We extend the trade restrictiveness index approach to the case of market imperfections and domestic regulations addressing them. We focus on standard-like non-tariff measures (NTMs) affecting cost of production and potentially enhancing demand by reducing negative externalities. We apply the...

Persistent link: https://www.econbiz.de/10013046066

Hospital Competition and Quality with Regulated Prices

Brekke, Kurt Richard - 2010

We analyse the effect of competition on quality in hospital markets with regulated prices, considering both the effect of (i) introducing competition (monopoly versus competition) and (ii) increasing competition through lower transportation costs (increased substitutability) or a higher number...

Persistent link: https://www.econbiz.de/10013152862

Profit Shifting and Investment Effects : The Implications of Zero-Taxable Profits

Koethenbuerger, Marko - 2018

-tax country induces bunching. Such bunching promotes investment incentives in the low-tax as well as the high-tax country. In … equilibrium, affiliates might over-invest and the bunching-related investment effects generate a tendency for too high profit … investment incentives and transfer pricing induces inefficiently low taxes …

Persistent link: https://www.econbiz.de/10012921411

Regulation, Institutions and Aggregate Investment : New Evidence from OECD Countries

Egert, Balazs - 2017

This paper investigates the relationship linking investment (capital stock) and structural policies. Using a panel of … with less investment (lower capital stock). The paper also sheds light on the existence of non-linear effects of product … and labour market regulation on the capital stock. Several alternative testing methods show that the negative influence of …

Persistent link: https://www.econbiz.de/10012956879

Stock Market Returns, Corporate Governance and Capital Market Equilibrium

Parigi, Bruno Maria; Pelizzon, Loriana; von Thadden, … - 2021

This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms’ stock...

Persistent link: https://www.econbiz.de/10013315674

Inequality, Structure of Production and International Trade – The Role of Credit Market Imperfection

Beladi, Hamid - 2017

Credit rationing in the presence of asset inequality affects production and trade pattern in this paper, but not in the conventional way. A Ricardian general equilibrium framework with heterogeneous levels of asset ownership is developed to show that more equal asset distribution may contract...

Persistent link: https://www.econbiz.de/10012962668

Sustainability of Product Market Collusion Under Credit Market Imperfections

Marjit, Sugata - 2017

We study the implications of credit constraints for the sustainability of product market collusion in a bank-financed oligopoly in which firms face an imperfect credit market. We consider two situations, without and with credit rationing, i.e., with a binding credit limit. When there is credit...

Persistent link: https://www.econbiz.de/10012963378

Flexible Outsourcing, Profit Sharing and Equilibrium Unemployment

Koskela, Erkki - 2008

We analyze the questions associated with flexible outsourcing both with committed and flexible profit sharing under imperfect domestic labour markets. How does profit sharing influence flexible outsourcing? What is the relationship between outsourcing cost, profit sharing and equilibrium...

Persistent link: https://www.econbiz.de/10012770494

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