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Fear of Sudden Stops : Lessons from Australia and Chile
Caballero, Ricardo J.; Cowan, Kevin; Kearns, Jonathan - 2021
vulnerability, drawing lessons from a detailed comparison of the response of Chile and Australia to recent external shocks and from … Australia's historical experience. We argue that in order to understand sudden stops and the mechanisms to smooth them, it is … useful to identify and then distinguish between two inter-related dimensions of investors' confidence: country-trust and …
Persistent link: https://www.econbiz.de/10013210579
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Social Capital, Trust and Well-Being in the Evaluation of Wealth
Hamilton, Kirk - 2016
We combine theory with data from different domains to provide an empirical analysis of the scale and variability of social capital as wealth. This is used to argue, given what we have learned in the literature on social capital, that the welfare returns to investing in trust could be...
Persistent link: https://www.econbiz.de/10012984136
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What is Social Capital? the Determinants of Trust and Trustworthiness
Glaeser, Edward L.; Laibson, David; Scheinkman, José; … - 2021
Using a sample of Harvard undergraduates, we analyze trust and social capital in two experiments. Trusting behavior and trustworthiness rise with social connection; differences in race and nationality reduce the level of trustworthiness. Certain individuals appear to be persistently more...
Persistent link: https://www.econbiz.de/10013212348
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Do Trust and Trustworthiness Pay Off?
Slemrod, Joel B.; Katuscak, Peter - 2021
Are individuals who trust others better off than those who do not? Do trustworthy people prosper more than untrustworthy ones? We first pose these questions in a search model where individuals face repeated choices between trusting (initiating an investment transaction) and not trusting, and...
Persistent link: https://www.econbiz.de/10013246257
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The Determinants of Trust
Alesina, Alberto F.; La Ferrara, Eliana - 2021
Both individual experiences and community characteristics influence how much people trust each other. Using data drawn from US localities we find that the strongest factors that reduce trust are: i) a recent history of traumatic experiences, even though the passage of time reduces this effect...
Persistent link: https://www.econbiz.de/10013230771
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Misconduct in Credence Good Markets
Brown, Jennifer - 2012
We examine misconduct in credence good markets with price taking experts. We propose a market-level model in which price-taking experts extract surplus based on the value of their firm's brand and their own skill. We test the predictions of the model using sales complaint data for exclusive and...
Persistent link: https://www.econbiz.de/10013096847
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Firm-Specific Information and the Efficiency of Investment
Chari, Anusha - 2006
We use a new firm-level dataset to examine the efficiency of investment in emerging economies. In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 5.4 percentage points....
Persistent link: https://www.econbiz.de/10012780226
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Do Proxies for Informed Trading Measure Informed Trading? Evidence from Illegal Insider Trades
Ahern, Kenneth R. - 2018
This paper exploits hand-collected data on illegal insider trades to test whether standard illiquidity measures can detect informed trading. Controlling for unobserved cross-sectional and time-series variation, sampling bias, and strategic timing of insider trades, I find that only absolute...
Persistent link: https://www.econbiz.de/10012907589
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Debt, Information, and Illiquidity
Benmelech, Efraim - 2018
We analyze the empirical determinants of liquidity in debt markets in light of predictions stemming from debt-based information theories. We conduct a battery of tests confirming predictions of asymmetric information models of bond liquidity, including those that predict a``hockey-stick"...
Persistent link: https://www.econbiz.de/10012911084
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Market Distortions When Agents are Better Informed : The Value of Information in Real Estate Transactions
Levitt, Steven D. - 2010
Agents are often better informed than the clients who hire them and may exploit this informational advantage. Real-estate agents, who know much more about the housing market than the typical homeowner, are one example. Because real estate agents receive only a small share of the incremental...
Persistent link: https://www.econbiz.de/10012762522