Showing 1 - 10 of 53
This paper explores the economic role credit rating agencies play in the corporate bond market. We consider three existing theories about multiple ratings: information production, rating shopping and regulatory certification. Using differences in rating composition, default prediction and credit...
Persistent link: https://www.econbiz.de/10013156427
their general online attention patterns. This conclusion has important implications for competition and welfare in other …
Persistent link: https://www.econbiz.de/10012986680
This paper studies the impact that capital market imperfections have on the natural" selection of the most efficient firms by estimating the effect of the pre-deregulation level of" leverage on the survival of trucking firms after the Carter deregulation. Highly leveraged" carriers are less...
Persistent link: https://www.econbiz.de/10013215356
straightforward empirical tests from a model of patient demand, procedure quality, and differentiated product competition. Using …
Persistent link: https://www.econbiz.de/10013222631
degree of competition in a market with the share of nonprofits: the availability of economic profits under for-profit status …
Persistent link: https://www.econbiz.de/10013224865
autarkies" to a nationally integrated market. I demonstrate that the results of increased competition were" what industrial …
Persistent link: https://www.econbiz.de/10013233735
into schools when peer effects are present. The model predicts that competition will lead private schools to give tuition …
Persistent link: https://www.econbiz.de/10013236684
This paper examines the introduction of Direct Broadcast Satellites as an alternative to cable television and the welfare gains such satellites generated for consumers. The extent to which satellites compete with cable has become an important issue in the debate over re-regulation of cable...
Persistent link: https://www.econbiz.de/10013237546
We construct a novel database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector. We provide the first large-scale study that documents the economy-wide extent of misconduct among...
Persistent link: https://www.econbiz.de/10012997876
Although policymakers often discuss tradeoffs between bank competition and stability, past research provides differing … theoretical perspectives and empirical results on the impact of competition on risk. In this paper, we employ a new approach for … competition materially boosts bank risk. With respect to the mechanisms, we find that competition reduces bank profits, charter …
Persistent link: https://www.econbiz.de/10012964890