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The Central-Bank Balance Sheet as an Instrument of Monetary Policy

Cúrdia, Vasco - 2010

While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate...

Persistent link: https://www.econbiz.de/10013139902

Market Reactions to Tangible and Intangible Information

Daniel, Kent D. - 2010

We decompose stock returns into components attributable to tangible and intangible information. A firm's tangible return is the component of its return attributable to fundamental accounting-performance information, and its intangible return is the component which is orthogonal to this...

Persistent link: https://www.econbiz.de/10012762814

Accounting Standards, Information Flow, and Firm Investment Behavior

Cummins, Jason G. - 2009

We present a description of two different accounting regimes that govern reporting practice in most developed countries. 'One-book' countries, e.g. Germany, use their tax books as the basis for financial reporting and 'two-book' countries, e.g. the United States, keep the books largely separate....

Persistent link: https://www.econbiz.de/10012767938

The Banking View of Bond Risk Premia

Haddad, Valentin - 2019

Banks' balance-sheet exposure to fluctuations in interest rates strongly forecasts excess Treasury bond returns. This result is consistent with optimal risk management, a banking counterpart to the household Euler equation. In equilibrium, the bond risk premium compensates banks for bearing...

Persistent link: https://www.econbiz.de/10012861216

Tips and Tells from Managers : How Analysts and the Market Read between the Lines of Conference Calls

Druz, Marina - 2015

Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This reaction reflects reasonably rational use of information. “Tone surprise” – the residual when negativity in managerial tone is regressed on the firm's recent economic...

Persistent link: https://www.econbiz.de/10013027252

Shadow Funding Costs : Measuring the Cost of Balance Sheet Constraints

Fleckenstein, Matthias - 2018

Recent theory suggests that balance sheet frictions and constraints faced by financial intermediaries can have major asset pricing implications. We propose a new measure of the impact of these constraints on intermediary funding costs that is based on the implied cost of renting intermediary...

Persistent link: https://www.econbiz.de/10012929559

A Q-Theory of Banks

Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2022

We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises;...

Persistent link: https://www.econbiz.de/10013290998

Intergeneration Transfer of Human Capital : Results from a Natural Experiment in Taiwan

Tsai, Wehn-Jyuan - 2011

-year increase in the schooling of either parent raises the probability that the child attends one of the top six colleges in Taiwan …

Persistent link: https://www.econbiz.de/10013128611

Productivity, Output, and Failure : A Comparison of Taiwanese and Korean Manufacturers

Aw, Bee Yan - 2012

that despite many outward similarities, two of the most successful Southeast Asian economies, Taiwan and South Korea … Taiwan and identify a number of systematic differences in industry structure between the two countries. Our empirical … producers. These patterns are consistent with strong competitive pressures in Taiwan that lead to market selection based on …

Persistent link: https://www.econbiz.de/10013114763

Saving, Growth, and Aging in Taiwan

Deaton, Angus - 2011

This paper examines issues of household saving, growth. and aging in Taiwan. The Taiwanese patterns of high income …

Persistent link: https://www.econbiz.de/10013125763