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Coey, Dominic - 2014

and auction formats without requiring instruments or estimation of a complex structural model. We demonstrate the approach …We introduce a simple and robust approach to answering two key questions in empirical auction analysis: discriminating … between models of entry and quantifying the revenue gains from improving auction design. The approach builds on Bulow and …

Persistent link: https://www.econbiz.de/10012458142

Price elasticity of demand and risk-bearing capacity in sovereign bond auctions

Albuquerque, Rui; Costa, José da Silva; Faias, José Afonso - 2022

Persistent link: https://www.econbiz.de/10012887815

Asset Price Bubbles and Systemic Risk

Brunnermeier, Markus K. - 2019

We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty … differs strongly across banks and bubble episodes. It depends on bank characteristics (especially bank size) and bubble … median for banks with unfavorable characteristics. These results emphasize the importance of bank-level factors for the build …

Persistent link: https://www.econbiz.de/10012479725

Corporate Resilience to Banking Crises : The Roles of Trust and Trade Credit

Levine, Ross - 2016

Are firms more resilient to systemic banking crises in economies with higher levels of social trust? Using firm-level data in 34 countries from 1990 through 2011, we find that liquidity-dependent firms in high-trust countries obtain more trade credit and suffer smaller drops in profits and...

Persistent link: https://www.econbiz.de/10012456522

Testing Macroprudential Stress Tests : The Risk of Regulatory Risk Weights

Acharya, Viral V. - 2013

Macroprudential stress tests have been employed by regulators in the United States and Europe to assess and address the solvency condition of financial firms in adverse macroeconomic scenarios. We provide a test of these stress tests by comparing their risk assessments and outcomes to those from...

Persistent link: https://www.econbiz.de/10012459694

The Importance of Measurement Error in the Cost of Capital

Goolsbee, Austan - 2000

, accounting for about 20 percent of the tax term's variance. Correcting for the error with IV estimation shows that taxes …

Persistent link: https://www.econbiz.de/10012471217

Consumption Risk and the Cost of Equity Capital

Jagannathan, Ravi - 2005

We demonstrate, using data for the period 1954-2003, that differences in exposure to consumption risk explains cross sectional differences in average excess returns (cost of equity capital) across the 25 benchmark equity portfolios constructed by Fama and French (1993). We use yearly returns on...

Persistent link: https://www.econbiz.de/10012467661

Estimating Adjustment Costs with Data on Heterogeneous Capital Goods

Goolsbee, Austan - 1997

This paper estimates the micro-level costs of adjusting capital using detailed data on" investment decisions in the US airline industry. The data include the capital stock retirement, market values, operating costs, and utilization rates of 16 different types of capital" goods for each airline....

Persistent link: https://www.econbiz.de/10012472474

Inflation and the User Cost of Capital : Does Inflation Still Matter?

Cohen, Darrel - 1997

In the late 1970s, many economists argued that the deleterious effects of inflation on the user cost of capital for U.S. firms were large. Since that time, the tax code has changed, the level of inflation has dropped significantly, and the of investment has evolved considerably. In this paper,...

Persistent link: https://www.econbiz.de/10012472771

Cost of Capital for the United States, Japan, and Canada : An Attempt at Measurement Based on Individual Company Records and Aggregate National Acccoun

Ando, Albert - 1997

A conceptual basis is laid out for measuring the cost of capital for corpora- tions from data typically available in countries such as the US, Canada, and Japan. Attempts are made to carry out the measurement based both on the accounting records of individual companies and on the aggregate...

Persistent link: https://www.econbiz.de/10012472944