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Endogenous Public Information and Welfare in Market Games
Vives, Xavier - 2016
This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...
Persistent link: https://www.econbiz.de/10013008600
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Student Awareness of Costs and Benefits of Educational Decisions : Effects of an Information Campaign and Media Exposure
McGuigan, Martin - 2014
University fees have recently trebled in England, prompting fears that young people may be put off from participating in higher education. We investigate students' knowledge and their receptiveness to information campaigns about the costs and benefits of staying on in education. We compare the...
Persistent link: https://www.econbiz.de/10013043598
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Misreported Trade
Farhad, Mohammad - 2018
misreporting, as well as over- and under-reporting of exports and imports. Applying this method to existing bilateral trade data on …, focusing on the role of tariff and VAT rates as predictors of import under-reporting. As predicted by economic theory, case … studies, and economic intuition, we find positive correlations for both tariff and VAT rates with import under-reporting …
Persistent link: https://www.econbiz.de/10012912374
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A Critique of the Literature on the US Financial Debt Crisis
Stein, Jerome L. - 2021
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10013316266
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Why Does Idiosyncratic Risk Increase with Market Risk
Bartram, Söhnke M. - 2017
From 1963 through 2015, idiosyncratic risk (IR) is high when market risk (MR) is high. We show that the positive relation between IR and MR is highly stable through time and is robust across exchanges, firm size, liquidity, and market-to-book groupings. Though stock liquidity affects the...
Persistent link: https://www.econbiz.de/10012950299
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A Critique of the Literature on the US Financial Debt Crisis
Stein, Jerome L. - CESifo - 2010
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10008534053
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Application of Stochastic Optimal Control to Financial Market Debt Crises
Stein, Jerome L. - CESifo - 2009
This interdisciplinary paper explains how mathematical techniques of stochastic optimal control can be applied to the recent subprime mortgage crisis. Why did the financial markets fail to anticipate the recent debt crisis, despite the large literature in mathematical finance concerning optimal...
Persistent link: https://www.econbiz.de/10005094473
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Revisiting the OLI Paradigm : The Institutions, the State, and China's OFDI
Liang, Hao - 2011
We propose a modified theoretical framework based on John Dunning's classical OLI paradigm in the international business literature to analyze Chinese firms' fast-growing and aggressive outward foreign direct investment (OFDI). In particular, from an institutional perspective, we suggest a...
Persistent link: https://www.econbiz.de/10013118166
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The Digital Services Tax as a Tax on Location-Specific Rent
Cui, Wei - 2019
In 2018, the European Council and the UK and Spanish governments each proposed to introduce a Digital Services Tax (DST), to be levied on the revenue of large digital platform companies earned from advertising, online intermediation, and/or the transmission of data. We offer a rationalization of...
Persistent link: https://www.econbiz.de/10012894237
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Transfer Pricing : Roles and Regimes
Nielsen, Soren Bo - 2014
Against a background of rather mixed evidence about transfer pricing practices in multinational enterprises (MNEs) and varying attitudes on the part of tax authorities, this paper explores how multiple aims in transfer pricing can be pursued across four different transfer pricing regimes. A MNE...
Persistent link: https://www.econbiz.de/10013055987