Showing 1 - 10 of 46
An ongoing debate sets capital budgeting against market timing. The primary difficulty in evaluating these theories is finding distinct exogenous proxies for investment opportunities and mispricing. We use demand shifts induced by demographics to address this problem, and hence, provide a more...
Persistent link: https://www.econbiz.de/10013152090
We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...
Persistent link: https://www.econbiz.de/10012783338
Using novel microdata, we document an unintended, first-order consequence of the Protestant Reformation: a massive reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts...
Persistent link: https://www.econbiz.de/10012945605
We study two parties who desire a smooth trading relationship under conditions of value and cost uncertainty. A rigid contract fixing price works well in normal times since there is nothing to argue about. However, when value or cost is exceptional, one party will hold up the other , damaging...
Persistent link: https://www.econbiz.de/10012759758
Property rights are the most fundamental institution in any society. They determine who has decision-making authority … historians have long recognized the importance of secure property rights for economic outcomes. Other political economy …, philosophy, historical, and legal literatures emphasize different, but critical attributes based on how property rights are …
Persistent link: https://www.econbiz.de/10012920373
addressed through government contacting and regulation without resort to government ownership. The case for private provision …
Persistent link: https://www.econbiz.de/10013239155
armed actors' property rights over stealing from that economy are secure. By 2009, armed actors taxed, administered, and … violently expropriating the same villages. The findings suggest that the security of property rights over stealing, hence the …
Persistent link: https://www.econbiz.de/10014264760
We document that trust in public institutions--and particularly trust in banks, business and government--has declined … the most suffered the biggest loss in confidence in institutions, particularly in trust in government and the financial …
Persistent link: https://www.econbiz.de/10013128268
Attempting to shed light on the optimal size of government, economists have analyzed planning problems that specify a … choice of a planner who knows the welfare achieved by each policy. This paper examines choice of size of government by a … a wide range of spending levels--thus, a society can rationalize having a small or large government. I conclude that to …
Persistent link: https://www.econbiz.de/10013104080
We study the wealth accumulation of Indian parliamentarians using public disclosures required of all candidates since 2003. Annual asset growth of winners is on average 3 to 6 percentage points higher than runners-up. By performing a within-constituency comparison where both runner-up and winner...
Persistent link: https://www.econbiz.de/10013106303