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Does the Adverse Announcement Effect of Climate Policy Matter? - A Dynamic General Equilibrium Analysis
Riekhof, Marie-Catherine; Bröcker, Johannes - 2016
We consider a carbon emissions tax announced today, but implemented after a known time-lag. Before implementation, the announcement induces higher emissions than without intervention. In welfare terms, this adverse announcement effect could more than outweigh the gain after tax implementation....
Persistent link: https://www.econbiz.de/10011753318
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Trading dynamics with adverse selection and search: Market freeze, intervention and recovery
Chiu, Jonathan; Koeppl, Thorsten - 2011
We study the trading dynamics in an asset market where the quality of assets is private information of the owner and finding a counterparty takes time. When trading of a financial asset ceases in equilibrium as a response to an adverse shock to asset quality, a large player can resurrect the...
Persistent link: https://www.econbiz.de/10010290315
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Produktdiversifikation und Profitabilität der deutschen Ernährungswirtschaft: Eine theoretische und empirische Betrachtung.
Wittkopp, Antje; Körner, Julia - 2001
have a positive influence on the profitability of firms. This study examines the effect of product diversification on the … profitability of 25 German food industry sectors from 1977 to 1994. The analysis reveals a positive effect of diversification on the … profitability of industries. …
Persistent link: https://www.econbiz.de/10010297120
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Barriers to Entry and Profitability
Heger, Diana; Kraft, Kornelius - 2008
if they are not. We present empirical evidence on effects of perceived threat of entry on profitability. Using … profitability is confirmed. The number and the relative size of competitors also exert considerable effects. We find no …
Persistent link: https://www.econbiz.de/10010298648
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Intellectual capital and productivity: Identification and measurement of the relationship at company-level
Lönnqvist, Antti - 2007
A company’s intellectual capital consists of a set of various non-physical sources of value, such as employee competencies, stakeholder relationships and patents. This paper examines the relationship between intellectual capital and productivity at company-level. It is based on a conceptual...
Persistent link: https://www.econbiz.de/10010285125
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Return and Volatility Reactions to Monthly Announcements of Business Cycle Forecasts: An Event Study Based on High-Frequency Data
Steiner, Christian; Groß, Anne; Entorf, Horst - 2009
This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and...
Persistent link: https://www.econbiz.de/10010298727
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Bidder cash reserve effect under the precautionary motive: Evidence from UK
Gao, Ning; Mohamed, Abdulkadir - 2011
Cash-rich bidders in UK have better announcement abnormal returns than cash-poor ones during 1984-2007, contrasting previous findings in the US. The positive cash reserve effect is mainly from bidders of high long-run growth or those with non-trivial institutional holdings. Moreover, cash-rich...
Persistent link: https://www.econbiz.de/10010409434
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What drives bidder cash reserve effects in acquisitions: Agency conflicts or precautionary motive?
Gao, Ning - 2011
motive than the agency theory. High cash reserve, to a great extent, indicates growth and overvaluation rather than agency …
Persistent link: https://www.econbiz.de/10010409445
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The announcement effect: Evidence from open market desk data
Jordà, Òscar; Demiralp, Selva; Liu, Holly; Williams, … - 2001
This paper investigates the ability of the Federal Reserve to manipulate the overnight rate without open market operations (which Demiralp and Jorda (2000) term the announcement effect), using high-frequency, open-market-desk data. Using similar data, Hamilton (1997) takes advantage of forecast...
Persistent link: https://www.econbiz.de/10010318605
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Much Ado about Nothing?- The Influence of Functional Food on Profitability of German Food Industry.
Wittkopp, Antje - 2002
it can be argued that product innovation raises barriers to entry and thus improve profitability. This study examines the … effect of functional food innovative activity (compared to overall innovative activity) on the profitability of 23 German …, advertising expenditure and capital intensity. While a positive relationship between product introduction and profitability was …
Persistent link: https://www.econbiz.de/10010297128