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Cost Stickiness and Cost Inertia : A Two-Driver Model of Asymmetric Cost Behavior
Anderson, Mark C. - 2016
-in-place are reduced. We find that changes in SG&A costs separate between the two cost drivers, and that the explanatory power of … of the single-driver cost behavior model. Similar insights are obtained when we replace SG&A costs with employee … headcount or employee costs as the cost measure of interest. In all cases, we find that the cost inertia term is significantly …
Persistent link: https://www.econbiz.de/10013004850
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Employment Protection Legislation, Adjustment Costs and Cross-Country Differences in Cost Behavior
Banker, Rajiv D. - 2015
Central to the economic theory of sticky costs is the proposition that managers consider adjustment costs when changing … proxy for labor adjustment costs. Using a large sample of firms in 19 OECD countries during 1990-2008, we find that the … adjustment costs …
Persistent link: https://www.econbiz.de/10013037731
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Using accounting data in cartel damage calculations : blessing or menace?
Paha, Johannes - 2009
is shown under which econometrically testable assumptions on accounting costs a meaningful lower bound for cartel damages …
Persistent link: https://www.econbiz.de/10003852266
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Using accounting data in cartel damage calculations : blessing or menace?
Paha, Johannes - In: European journal of law and economics 34 (2012) 2, pp. 241-263
Persistent link: https://www.econbiz.de/10009660755
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The influence of buy-side analysts on mutual fund trading
Frey, Stefan; Herbst, Patrick - 2010
We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data provided by a large global asset manager, we relate buy-side analysts' recommendations to fund transactions on a daily basis. Our results show that buy-side analysts have a...
Persistent link: https://www.econbiz.de/10008666522
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A note on the time series measure of conservatism
Brauer, Sebastian; Westermann, Frank - 2010
Asymmetric persistence of accounting income is often tested in a regression of changes in earnings on lagged changes in earnings, including an interaction term for negative changes (see Basu [1997] or Ball et al. [2009] for a recent overview). In this note we propose an alternative, but closely...
Persistent link: https://www.econbiz.de/10003940082
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Are banks using hidden reserves to beat earnings benchmarks? : Evidence from Germany
Bornemann, Sven; Kick, Thomas; Memmel, Christoph; … - 2010
Section 340f of the German Commercial Code allows banks to provision against the special risks inherent to the banking business by building hidden reserves. Beyond risk provisioning, these reserves are implicitly accepted as an earnings management device. By analyzing financial statements of...
Persistent link: https://www.econbiz.de/10008796573
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A note on the time series measure of conservatism
Brauer, Sebastian; Westermann, Frank - 2010
Asymmetric persistence of accounting income is often tested in a regression of changes in earnings on lagged changes in earnings, including an interaction term for negative changes (see Basu [1997] or Ball et al. [2009] for a recent overview). In this note we propose an alternative, but closely...
Persistent link: https://www.econbiz.de/10009660971
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Did capital requirements and fair value accounting spark fire sales in distressed mortgage-backed securities?
Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - 2012
Much attention has been paid to the large decreases in value of non-agency residential mortgage-backed securities (RMBS) during the financial crisis. Many observers have argued that the fall in prices was partly driven by decreased liquidity and fire sales. We investigate whether capital...
Persistent link: https://www.econbiz.de/10009625918
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Default prediction around the world : the effect of constraints on pessimistic trading
Maffett, Mark; Owens, Edward; Srinivasan, Anand - 2013
We examine how equity-market frictions that restrict pessimistic trading, such as short-sale constraints, affect assessments of default risk. We find that these frictions decrease the usefulness of equity-market variables for identifying defaulting firms but increase their usefulness for...
Persistent link: https://www.econbiz.de/10010250688