Showing 421 - 430 of 511
We extend the literature on the effects of managerial entrenchment to consider how safety-net subsidies and financial distress costs interact with managerial incentives to influence capital structure in U.S. commercial banking. Using cross-sectional data on publicly traded, highest-level U.S....
Persistent link: https://www.econbiz.de/10005750208
Barriers to investment are often regarded as an important determinant of the variation in international income levels. Nevertheless, in the standard neoclassical growth model, these barriers have only have small effects on per capita incomes. We consider the effects of barriers to accumulation...
Persistent link: https://www.econbiz.de/10005750209
In this paper we study a large class of non-atomic games arising from interactions on the Internet, such as many users sharing a network link, researchers accessing a database or web server, subscribers to a network services provider trying to gain access to the modem pool and many more. We...
Persistent link: https://www.econbiz.de/10005750210
After a contractionary monetary policy shock, aggregate output decreases over time with a trough after a year and a half, while the real interest rate increases immediately, and remains high for about three quarters. A central step in the explanation is obtaining a persistent increase in the...
Persistent link: https://www.econbiz.de/10005750211
Most US federal environmental policies allow states to assume responsibility for implementation and enforcement of regulations; states with this responsibility are referred to as “authorized” or having “primacy.” Although such decentralization may have benefits, it may also have costs...
Persistent link: https://www.econbiz.de/10005750212
Our objectives in this paper are twofold. First, we introduce block bootstrap techniques that are (first order) valid in recursive estimation frameworks. Thereafter, we present two examples where predictive accuracy tests are made operational using our new bootstrap procedures. In one...
Persistent link: https://www.econbiz.de/10005750213
This paper explores policy options for reducing lead in municipal solid waste. It focuses on policies that rely on economic incentives, such as taxes, deposit-refunds, and recycled content standards. The paper addresses the relative cost effectiveness of these approaches and also considers the...
Persistent link: https://www.econbiz.de/10005750214
In this chapter we discuss model selection and predictive accuracy tests in the context of parameter and model uncertainty under recursive and rolling estimation schemes. We begin by summarizing some recent theoretical findings, with particular emphasis on the construction of valid bootstrap...
Persistent link: https://www.econbiz.de/10005750215
This article is a video presentation of an interview with Buz Brock at the 12th SNDE conference in Atlanta Georgia on March 12, 2004. The interview includes 15 questions on topics ranging from nonlinear dynamics, ecological modeling, and heterogenous agents.
Persistent link: https://www.econbiz.de/10005750216
We estimate the intensity of choice parameter in heterogenous agent models in both a static and dynamic setting. Mean-variance optimizing agents choose among mutual funds of similar styles but varying performance. Actively managed funds have a lower Sharpe ratio than passive index funds, yet...
Persistent link: https://www.econbiz.de/10005750217