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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...
Persistent link: https://www.econbiz.de/10005856971
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
The Tiananmen Square protests in 1989 and ensuing government crackdown affectedChinese nationals not only at home but around the world. The U.S. government responded tothe events in China by enacting multiple measures to protect Chinese nationals present inthe U.S. It first suspended all forced...
Persistent link: https://www.econbiz.de/10009486876
wages given up as an employee.Information on income from self-employment is of inferior quality and this is not just … it is not only the location of an income distribution thatmatters and that dispersion and (a)symmetry should not be …
Persistent link: https://www.econbiz.de/10009496228
While results are starting to emerge, not much is known yet about the dynamics of the labormarkets of the former Eastern economies, especially in the context of the current FinancialCrisis. Arguably, this is mainly due to paucity of (panel) data. By examining labor markettransitions, earnings...
Persistent link: https://www.econbiz.de/10009522192
themarginal net-of-income-tax rate is around 0.2, while we find no response to the marginal netof-payroll-tax rate. The elasticity … with respect to the average net-of-tax rates is not significantfor the income-tax schedule, while it is close to -1 for the … payroll-tax schedule. A plausibleexplanation is the existence of significant labor supply responses to the income-tax schedule …
Persistent link: https://www.econbiz.de/10009522198
Given its significance in practice, piecewise linear taxation has received relatively littleattention in the literature. This paper offers a simple and transparent analysis of its maincharacteristics. We fully characterize optimal tax parameters for the cases in which budgetsets are convex and...
Persistent link: https://www.econbiz.de/10009522218