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On Infinite Horizon Optimal Stopping of General Random Walk
Lempa, Jukka - 2006
The objective of this study is to provide an alternative characterization of the optimal value function of a certain Black- Scholes-type optimal stopping problem where the underlying stochastic process is a general random walk, i.e. the process constituted by partial sums of an IID sequence of...
Persistent link: https://www.econbiz.de/10012502957
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Irreversible Investment, Incremental Capital Accumulation, and Price Uncertainty
Alvarez, Luis H. R. - 2006
We consider optimal incremental capital accumulation in the presence of investment irreversibility and general price uncertainty. We present a set of general conditions under which the optimal capital accumulation path can be explicitly characterized in terms of an ordinary threshold rule...
Persistent link: https://www.econbiz.de/10012502958
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From financial to real economic crisis : evidence from individual firm-bank relationships in Germany
Dwenger, Nadja; Fossen, Frank M.; Simmler, Martin - 2015 - First version: February 14, 2015, This version: September 25, 2015
What began as a financial crisis in the United States in 2007-2008 quickly evolved into a massive crisis of the global real economy. We investigate the importance of the bank lending and firm borrowing channel in the international transmission of bank distress to the real economy - in...
Persistent link: https://www.econbiz.de/10011346644
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Statistical governance and FDI in emerging economies
Kalckreuth, Ulf von - 2019
The importance of institutional settings for economic development outcomes is broadly acknowledged nowadays. This paper investigates the role of official statistics in alleviating financing constraints in emerging and developing economies, with a particular focus on Sub-Saharan Africa. Official...
Persistent link: https://www.econbiz.de/10012102658
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Patent collateral and access to debt
Bracht, Felix; Czarnitzki, Dirk - 2022 - This version: August 3, 2022
We investigate how intangible capital in form of intellectual property, such as patents, might mitigate financing constraints. While scholars have already argued that patents might have a signalling value reducing information asymmetries between borrowers and lenders, we quantify the value of...
Persistent link: https://www.econbiz.de/10013346735
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Balance sheet smoothing
Witter, Tobias; Sellhorn, Thorsten; Müller, Jens; … - 2022 - This version: 29 November 2022
We investigate how managers smooth volatility in balance sheets, using the pension accounting change IAS 19R as a shock to balance sheet volatility. This shock increases pension plans' funding transparency, which is the source of volatility, without targeting actual plan funding. We find that...
Persistent link: https://www.econbiz.de/10014088356
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Corporate finance and restructuring: evidence from Central and Eastern Europe
Köke, F. Jens; Salem, Tanja - 2000
After the end of communism enterprises in Central and Eastern Europe (CEE) were marked by low levels of labor productivity, mainly because of too high employment levels. According to economic theory, the corporate capital structure can be an important element in the restructuring process. But...
Persistent link: https://www.econbiz.de/10013428317
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Large-scale desalination and the external impact on irrigation-water salinity : economic analysis for the case of Israel
Slater, Yehuda; Finkelshtain, Israel; Reznik, Ami; Kan, Iddo - 2020
Persistent link: https://www.econbiz.de/10014296995
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Pandemic recessions and contact tracing
Melosi, Leonardo; Rottner, Matthias - 2021
lockdown corrects this externality, allowing policymakers to buy time to expand the testing scale so as to preserve the testing …
Persistent link: https://www.econbiz.de/10012628001
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Herding of institutional traders : new evidence from daily data
Kremer, Stephanie - 2010
This paper sheds new light on herding of institutional investors by using a unique database that identifies every … transaction made by financial institutions in the German stock market. First, the analysis reveals that herding behavior of … previous studies overestimate herding. Third, our results suggest that herding by large financial institutions mainly results …
Persistent link: https://www.econbiz.de/10008665444