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Macroeconomic uncertainty and firm leverage
Baum, Christopher F. (contributor);  … - 2004 - [Elektronische Ressource]
This paper investigates the link between the optimal level of non-financial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic uncertainty increases the firm will decrease its optimal level of...
Persistent link: https://www.econbiz.de/10002243165
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Proxy VAR models in a data-rich environment
Bruns, Martin - 2019
Structural VAR models require two ingredients: (i) Informational sufficiency, and (ii) a valid identification strategy. These conditions are unlikely to be met by small-scale recursively identified VAR models. I propose a Bayesian Proxy Factor-Augmented VAR (BP-FAVAR) to combine a large...
Persistent link: https://www.econbiz.de/10012125244
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Macroeconomic uncertainty and bank lending : the case of Ukraine
Talavera, Oleksandr (contributor);  … - 2006
Our study investigates the link between bank lending behavior and macroeconomic uncertainty. We develop a dynamic model of a bank's value maximization that results in a negative relationship between loan to capital ratio and macroeconomic uncertainty. This proposition is tested using a panel of...
Persistent link: https://www.econbiz.de/10003394919
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Face mask use and physical distancing before and after mandatory masking : no evidence on risk compensation in public waiting lines
Seres, Gyula; Balleyer, Anna; Cerutti, Nicola; … - 2021
During the COVID-19 pandemic, the introduction of mandatory face mask usage triggered a heated debate. A major point of debate is whether community use of masks creates a false sense of security that would diminish physical distancing, counteracting any potential direct benefit from masking. We...
Persistent link: https://www.econbiz.de/10012617726
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Risky earnings, taxation and entrepreneurial choice : a microeconometric model for Germany
Fossen, Frank (contributor) - 2007
Persistent link: https://www.econbiz.de/10003577356
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Uncertainty determinants of corporate liquidity
Baum, Christopher F.; Caglayan, Mustafa; Stephan, Andreas; … - 2006
This paper investigates the link between the optimal level of non-financial firms' liquid assets and uncertainty. We develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio in response to changes in either macroeconomic or...
Persistent link: https://www.econbiz.de/10003394915
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Household savings decision and income uncertainty
Beznoska, Martin; Ochmann, Richard - 2010
This paper empirically investigates the effects of changes in the interest rate as well as transitory income uncertainty on households' consumption-savings decision. Applying a structural demand model to German survey data, we estimate the uncompensated interest rate elasticity for savings, in...
Persistent link: https://www.econbiz.de/10009261306
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Estimating risky behavior with multiple-item risk measures : an empirical examination
Menkhoff, Lukas; Sakha, Sahra - 2016
We compare seven established risk elicitation methods and investigate how they robustly explain eleven kinds of risky … behavior with 760 individuals. Risk measures are positively correlated; however, their performance in explaining behavior is … heterogeneous and, therefore, difficult to assess ex ante. To close this knowledge gap, greater diversification across risk measures …
Persistent link: https://www.econbiz.de/10011539235
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Uncertainty of macroeconomic forecasters and the prediction of stock market bubbles
Herwartz, Helmut; Cholodilin, Konstantin Arkadʹevič - 2014
We assess the contribution of macroeconomic uncertainty -- approximated by the dispersion of the real GDP survey forecasts -- to the ex post and ex ante prediction of stock price bubbles. For a panel of six OECD economies covering 24 years, two alternative binary chronologies of bubble periods...
Persistent link: https://www.econbiz.de/10010400661
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The determinants of debt and (private-) equity financing in young innovative SMEs : evidence from Germany
Schäfer, Dorothea (contributor); Werwatz, Axel (contributor) - 2004 - [Elektronische Ressource], rev
Persistent link: https://www.econbiz.de/10001972760