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We present a multi-period mean-variance optimization program which allows for a joint optimization of the balance and off-balance sheet. Our first finding is the proof of a conjecture of Li and Ng (cf. [LN00]), Leippold, Trojani and Vanini (cf. [LTV04], [LTV03]) about the equivalence of the...
Persistent link: https://www.econbiz.de/10005858386
This paper examines the characteristics of firms that voluntarily provide interim financial reports. Based on a sample of Swiss companies, where semi-annual reports became mandatory in 1997, I document that before interim reports became mandatory, analyst coverage, i.e. analysts demand for...
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This Working Paper assesses the impact on investment of a reduction in corporate taxes and the impact on employment, labor formality, and growth of a reduction in non-wage labor costs in Colombia. First, and following Hall and Jorgensen (1967), we estimate an investment function, which depends...
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persistent effect on subsequent employment and income. After initial periods with a higher incidence of sick leave, treated … treated workers, who manage to stay in employment, incur persistent income losses. The effects are stronger for sub-groups of …
Persistent link: https://www.econbiz.de/10010294889
in the US. We challenge the long-held belief that BN primarily affects high income White teenagers, using a unique data …; as are girls from low income families compared to middle and high income families. We use another data set to show that … who is diagnosed with an eating disorder is in accord with popular beliefs, suggesting that African American and low-income …
Persistent link: https://www.econbiz.de/10010316836
. In US election survey data, we find that income is more important in affecting voting behavior for more informed voters … strong correlation between income and political information, Congress representatives vote more conservatively, which is also …
Persistent link: https://www.econbiz.de/10010316941