Narrow search
Showing 1 - 10 of 261
Cover Image
Corporate Tax Avoidance and Firm Value
Desai, Mihir A. - 2005
How do investors value managerial actions designed solely to minimize corporate tax obligations? Using a framework in which managers' tax sheltering decisions are related to their ability to divert value, this paper predicts that the effect of tax avoidance on firm value should vary...
Persistent link: https://www.econbiz.de/10012467444
Cover Image
Do Peso Problems Explain the Returns to the Carry Trade?
Burnside, A. Craig - 2008
We study the properties of the carry trade, a currency speculation strategy in which an investor borrows low-interest-rate currencies and lends high-interest-rate currencies. This strategy generates payoffs which are on average large and uncorrelated with traditional risk factors. We argue that...
Persistent link: https://www.econbiz.de/10012464592
Cover Image
Futures Prices in a Production Economy with Investment Constraints
Kogan, Leonid - 2005
Persistent link: https://www.econbiz.de/10012467170
Cover Image
Pricing and Hedging Derivative Securities in Incomplete Markets : An E-Aritrage Model
Bertsimas, Dimitris - 1997
Given a European derivative security with an arbitrary payoff function and a corresponding set of" underlying … securities on which the derivative security is based, we solve the dynamic replication problem: find a" self-financing dynamic …
Persistent link: https://www.econbiz.de/10012472561
Cover Image
A Nonparametric Approach to Pricing and Hedging Derivative Securities Via Learning Networks
Hutchinson, James M. - 1994
We propose a nonparametric method for estimating the pricing formula of a derivative asset using learning networks … the practical relevance of our network pricing approach, we apply it to the pricing and delta-hedging of S&P 500 futures …
Persistent link: https://www.econbiz.de/10012474210
Cover Image
Aggregate Income Risks and Hedging Mechanisms
Shiller, Robert J. - 1993
comparable to that of returns in stock markets. Evidence is shown that there may be only minimal possibility of cross hedging … examined. Such markets, by allowing hedging of these aggregate income risks, might make for dramatically more effective …
Persistent link: https://www.econbiz.de/10012474555
Cover Image
An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies
Grossman, Sanford J. - 1987
volatility associated with current dynamic hedging strategies. There will thus be less information transmitted to those people … trades implied by the dynamic hedging strategies, In effect, the stocks' future price volatility can rise because of a … current lack of information about the extent to which dynamic hedging strategies are in place …
Persistent link: https://www.econbiz.de/10012476711
Cover Image
FX Counterparty Risk and Trading Activity in Currency Forward and Futures Markets
Levich, Richard M. - 2012
The Global Financial Crisis initiated a period of market turbulence and increased counterparty risk for financial institutions. Even though the Dodd-Frank Act is likely to exempt interbank foreign exchange trading from a central counterparty mandate, market participants have the option to trade...
Persistent link: https://www.econbiz.de/10012460404
Cover Image
Catering Through Nominal Share Prices
Baker, Malcolm - 2008
We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuations on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives based on valuation ratios,...
Persistent link: https://www.econbiz.de/10012464885
Cover Image
Conditional Cash Transfers for Education
García, Sandra; Saavedra, Juan E. - National Bureau of Economic Research - 2022
This chapter reviews the extensive literature to date on CCTs for education. Section 2 provides background on the origins and expansion of CCTs globally, and describes basic design features and variation in characteristics across programs. Section 3 presents a theory of change and an economic...
Persistent link: https://www.econbiz.de/10012938727