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The Effect of News on Bond Prices : Evidence from the United Kingdom 1900-1920

Elmendorf, Douglas W.; Weil, David N.; Hirschfeld, Mary L. - 2021

We study the relationship of non-quantitative news to bond prices. We select a set of major news events based solely on their significance as judged by historians, and examine the corresponding bond price movements. We find strong evidence that news has some influence on bond price movements,...

Persistent link: https://www.econbiz.de/10013232737

A Lifetime of Changes : State Pensions and Work Incentives at Older Ages in the UK, 1948-2018

Banks, James W. - 2018

broadly neutral with regard to work incentives. Exploiting variation in pension wealth and work incentives across different …

Persistent link: https://www.econbiz.de/10012907763

Effect of Pensions and Disability Benefits on Retirement in the UK

Banks, James W. - 2014

can be explained by the availability of publicly-funded disability insurance and the financial incentives provided by … affected by financial incentives. A one standard deviation change in the option value is estimated to reduce the likelihood of … exit probability of 9.4%. This suggests the variation in financial incentives across different individuals could explain a …

Persistent link: https://www.econbiz.de/10013058259

Technology Entry in the Presence of Patent Thickets

Hall, Bronwyn H. - 2015

describes incentives to enter technology areas characterized by varying technological opportunity, complexity, and the potential …

Persistent link: https://www.econbiz.de/10013017500

Elections and Macroeconomic Policy Cycles

Rogoff, Kenneth S.; Sibert, Anne C. - 2010

in pre-rational expectations macroeconomic theory. Here we show that electoral cycles in taxes, government spending and …

Persistent link: https://www.econbiz.de/10014105336

The Revolution of Information Economics : The Past and the Future

Stiglitz, Joseph E. - 2017

contract theory and behavioral economics. It reinvigorated institutional economics, showing how institutions mattered, in some …

Persistent link: https://www.econbiz.de/10012948090

Information Costs and Sequential Information Sampling

Hébert, Benjamin - 2018

We propose a new approach to modeling the cost of information structures in rational inattention problems, the "neighborhood-based" cost functions. These cost functions have two properties that we view as desirable: they summarize the results of a sequential evidence accumulation problem, and...

Persistent link: https://www.econbiz.de/10012907127

Cadillac Contracts and Up-Front Payments : Efficient Investment Under Expectation Damages

Edlin, Aaron S. - 2021

This paper shows that up-front payments can play a crucial role in providing efficient investment incentives when … efficient investment incentives in complex contracting problems when an expectation damage remedy is accompanied by a broad duty …

Persistent link: https://www.econbiz.de/10013224687

Information and Economic Efficiency

Arnott, Richard; Greenwald, Bruce C. N.; Stiglitz, Joseph E. - 2021

Is an economy with adverse selection, moral hazard, or an incomplete set of risk markets "constrained" Pareto efficient? There are two sets of papers addressing this question, one asserting that, under seemingly quite general conditions, the economy is constrained Pareto efficient, the other (to...

Persistent link: https://www.econbiz.de/10013226995

Endogenous Information Flows and the Clustering of Announcements

Acharya, Viral V. - 2010

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don't know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....

Persistent link: https://www.econbiz.de/10013136743