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Kacperczyk, Marcin T. - 2013

Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has estimated picking and timing skill, assuming that each manager is endowed with a fixed amount of each and found some evidence of picking skills and little evidence of timing...

Persistent link: https://www.econbiz.de/10013080016

Rational Attention Allocation Over the Business Cycle

Kacperczyk, Marcin T. - 2013

The literature assessing whether mutual fund managers have skill typically regards skill as an immutable attribute of the manager or the fund. Yet, many measures of skill, such as returns, alphas, and measures of stock-picking and market-timing, appear to vary over the business cycle. Because...

Persistent link: https://www.econbiz.de/10013091837

Foreign Ownership of U.S. Safe Assets : Good or Bad?

Favilukis, Jack Y - 2014

The last 20 years have been marked by a sharp rise in international demand for U.S. reserve assets, or safe stores-of-value. We argue that these trends in international capital flows are likely to be a boon for some (by a lot) but a bane for others (by less). Conversely, a sell-off of foreign...

Persistent link: https://www.econbiz.de/10013066874

Learning Asymmetries in Real Business Cycles

Van Nieuwerburgh, Stijn - 2008

When an economic boom ends, the downturn is generally sharp and short. When growth resumes, the boom is more gradual. Our explanation for this pattern rests on learning about productivity. When agents believe productivity is high, they work, invest, and produce more. More production generates...

Persistent link: https://www.econbiz.de/10012768505

Learning Asymmetries in Real Business Cycles

Van Nieuwerburgh, Stijn - 2008

When a boom ends, the downturn is generally sharp and short. When growth resumes, theboom is more gradual. Our explanation rests on learning about productivity. When agentsbelieve productivity is high, they work, invest, and produce more. More production generates higher precision information....

Persistent link: https://www.econbiz.de/10012769096

The Seeds of a Crisis : A Theory of Bank Liquidity and Risk-Taking Over the Business Cycle

Acharya, Viral V. - 2013

macroeconomic risk, investors reduce direct investment and hold more bank deposits. This ‘flight to quality’ leaves banks flush with … liquidity. Inside banks, given lack of observability of effort, loan officers (or risk takers) are compensated based on the … volume of loans but are penalized if banks suffer a high enough liquidity shortfall. Outside banks, when there is heightened …

Persistent link: https://www.econbiz.de/10013094075

Finance and Efficiency : Do Bank Branching Regulations Matter?

Acharya, Viral V. - 2013

suggest that improving bank access to branching affects the sectoral specialization (or diversification) of output, in a …We document that the deregulation of bank branching restrictions in the United States triggered a reallocation across …

Persistent link: https://www.econbiz.de/10013095129