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Minority Self-Employment in the United States and the Impact of Affirmative Action Programs

Blanchflower, David G. - 2008

n this paper I examine changes in self-employment that have occurred since the early 1980s in the United States. It is a companion paper to a recent equivalent paper that related to the UK. Data on random samples of approximately twenty million US workers are examined taken from the Basic...

Persistent link: https://www.econbiz.de/10012464674

Housing Speculation, GSEs, and Credit Market Spillovers

Amornsiripanitch, Natee; Strahan, Philip E.; Zhang, Song; … - National Bureau of Economic Research - 2024

In 2021, the U.S. Treasury reduced Government Sponsored Enterprises (GSEs) exposure to speculative mortgages. As a result, GSE purchases fell by about 20 percentage points. The policy reduced credit to speculative investors in housing, but increased credit to unaffected parts of the...

Persistent link: https://www.econbiz.de/10014512063

Selling Fast and Buying Slow : Heuristics and Trading Performance of Institutional Investors

Akepanidtaworn, Klakow; Di Mascio, Rick; Imas, Alex; … - National Bureau of Economic Research - 2021

Are market experts prone to heuristics, and if so, do they transfer across closely related domains--buying and selling? We investigate this question using a unique dataset of institutional investors with portfolios averaging $573 million. A striking finding emerges: while there is clear evidence...

Persistent link: https://www.econbiz.de/10012599366

Payment for Order Flow And Asset Choice

Ernst, Thomas; Spatt, Chester S. - National Bureau of Economic Research - 2022

The paper documents important differences in payment for order flow (PFOF), spreads, and price improvement across asset classes. In stocks, we show that PFOF is small. While many retail trades are executed off-exchange, we find that they receive meaningful price improvement, particularly when...

Persistent link: https://www.econbiz.de/10013172182

Endogenous Discounting, the World Saving Glut and the U.S. Current Account

Choi, Horag - 2007

We study the evolution of the U.S. current account in a two-country dynamic stochastic endowment model in which a single non-state contingent bond is the only internationally traded asset. The paper focuses on the world `saving glut' as the primary cause of continual deterioration in the current...

Persistent link: https://www.econbiz.de/10012465076

Price Discovery in the U.S. Treasury Market : The Impact of Orderflow and Liquidity on the Yield Curve

Brandt, Michael W. - 2003

We examine the role of price discovery in the U.S. Treasury market through the empirical relationship between orderflow, liquidity, and the yield curve. We find that orderflow imbalances (excess buying or selling pressure) can account for as much as 26 percent of the day-to-day variation in...

Persistent link: https://www.econbiz.de/10012469173

A Markov-Switching Multi-Fractal Inter-Trade Duration Model, with Application to U.S. Equities

Chen, Fei - 2012

We propose and illustrate a Markov-switching multi-fractal duration (MSMD) model for analysis of inter-trade durations in financial markets. We establish several of its key properties with emphasis on high persistence (indeed long memory). Empirical exploration suggests MSMD's superiority...

Persistent link: https://www.econbiz.de/10012460581

Did U.S. Bank Supervisors Get Tougher During the Credit Crunch? Did They Get Easier During the Banking Boom? Did It Matter to Bank Lending?

Berger, Allen N. - 2000

We test three hypotheses regarding changes in supervisory toughness' and their effects on bank lending. The data …, affected bank lending. However, all of the measured effects are small, with 1% or less of loans receiving harsher or easier … classification, about 3% of banks receiving better or worse CAMEL ratings, and bank lending being changed by 1% or less of assets …

Persistent link: https://www.econbiz.de/10012471072

U.S. Banks, Crises, and Bailouts : From Mexico to LTCM

Stulz, Rene M. - 2000

This paper investigates the impact on bank stock prices of emerging market currency crises and bailouts. The stock … events in countries experiencing a crisis. The paper uses the impact of the LTCM crisis on bank stock prices to put the …

Persistent link: https://www.econbiz.de/10012471245

Economic Growth and Bank Innovation

Gorton, Gary; He, Ping - National Bureau of Economic Research - 2021

since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit … analysis and covenant design. Later, bank innovation included the advent of loan sales, increased loan syndications, the … calibrate a model of bank innovation to determine the quantitative contribution of bank innovation to economic growth …

Persistent link: https://www.econbiz.de/10012660004