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The Economics of Hedge Funds : Alpha, Fees, Leverage, and Valuation

Lan, Yingcong - 2011

Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed … only paid via management fees, the manager optimally chooses time-invariant leverage to balance the size of allocation to … via both management and incentive fees, we show that (i) the high-powered incentive fees encourage excessive risk taking …

Persistent link: https://www.econbiz.de/10013128908

Exchange Rate Volatility and First-Time Entry by Multinational Firms

Russ, Katheryn Niles - 2008

Using a model with upfront sunk costs, heterogeneous firms, and endogenous exchange rates, this paper demonstrates theoretically that volatility in fundamental variables such as the nominal interest rate that drive exchange rate volatility can simultaneously impact the entry behavior of...

Persistent link: https://www.econbiz.de/10012773155

Innovation, Firm Dynamics, and International Trade

Atkeson, Andrew - 2015

We present a general equilibrium model of the decisions of firms to innovate and to engage in international trade. We use the model to analyze the impact of a reduction in international trade costs on firms' process and product innovative activity. We first show analytically that if all firms...

Persistent link: https://www.econbiz.de/10012750342

Patent Disclosure in Standard Setting

Ganglmair, Bernhard - 2014

In a model of industry standard setting with private information about firms' intellectual property, we analyze (a) firms' incentives to contribute to the development and improvement of a standard, and (b) firms' decision to disclose the existence of relevant intellectual property to other...

Persistent link: https://www.econbiz.de/10013066245

The Dynamics of Firm Lobbying

Kerr, William R. - 2014

We study the determinants of the dynamics of firm lobbying behavior using a panel data set covering 1998-2006. Our data exhibit three striking facts: (i) few firms lobby, (ii) lobbying status is strongly associated with firm size, and (iii) lobbying status is highly persistent over time....

Persistent link: https://www.econbiz.de/10013067182

Anger and Regulation

Di Tella, Rafael - 2010

We propose a model where voters experience an emotional cost when they observe a firm that has displayed insufficient concern for other people's welfare (altruism) in the process of making high profits. Even with few truly altruistic firms, an equilibrium may emerge where all firms pretend to be...

Persistent link: https://www.econbiz.de/10013151652

Education, Information, and Efficiency

Welch, Finis - 2010

between education and allocative efficiency. Section I is reprinted from my J.P.E. paper quot;Education in Productionquot …

Persistent link: https://www.econbiz.de/10012763235

Longevity, Education, and Income : How Large is the Triangle?

Bleakley, Hoyt - 2018

is a "horizon" channel in which increased longevity induces additional education. A recent literature devotes much … attention to how much education responds to increasing longevity, while this study asks instead what impact this specific … standard public-economics tool: triangles. I construct estimates of the triangle gain if education adjusts to lower adult …

Persistent link: https://www.econbiz.de/10012929009

Education and Screening

Wolpin, Kenneth I. - 2021

Section I introduces the material. In section II a model is developed which explores the impact of input-quality uncertainty on factor demand from which is derived a rationale for the use of devices which segment the population into classes differing in their "skill" distribution parameters. The...

Persistent link: https://www.econbiz.de/10013233478

Education and Self-Selection

Willis, Robert J.; Rosen, Sherwin - 2021

A structural model of the demand for college attendance is derived from the theory of comparative advantage and recent statistical models of self-selection and unobserved components. Estimates from NBER-Thorndike data strongly support the theory. First, expected lifetime earnings gains influence...

Persistent link: https://www.econbiz.de/10013243393