A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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Results 286 resources
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Priority service offers a menu of contingent contracts for distribution of scarce supplies. Prices inducing customers' efficient self-selection are expectations of spot prices for comparable service. Customers' selections reveal the benefit of capacity expansion. Priority service can be implemented via sale of "priority points" or via provision of compensatory insurance. Sever al priority classes suffice to obtain most of the efficiency gains. P riority service Pareto dominates random rationing if excess revenue i s refunded equally to customers. Copyright 1987 by American Economic Association.
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This paper investigates the month-by-month stability of (1) daily returns and correlation coe fficients of stock returns; (2) correlation and covariance matrices; (3) the number of return-generating factors; and (4) the APT pricing relationships. The results show that there is a January effect and a small-firm effect in stock returns. Correlation and covariance matric es are not stable across months and across the sample groups. The num ber of return-generating factors is rather stable with occasional ins tabilities that are related to the average correlation coefficients a mong stocks. The APT pricing relationship does not seem to be support ed by the two-stage process using the maximum likelihood factor analy sis.
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In a model where both investors and securities are subject to different ial taxation, there may be no set of prices that rule out infinite ga ins to trade, or "tax arbitrage." This paper characterizes the join t restrictions on financial-asset returns and investors' tax schedule s that preclude tax arbitrage in the absence of short-sale constraint s. The authors show that if there exists any configuration of margina l tax rates on investors' tax schedules that rule out infinite gains to trade, then "no-tax-arbitrage" prices will exist. They also show that the existence of "no-tax-arbitrage" prices ensures the existe nce of equilibrium prices.
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This paper considers the effect of precommitment in contests where the rivals expend effort to win a prize. With two asymmetric players, it is found that the favorite will commit effort at a higher level than that in a Nash equilibrium without commitment, and the underdog at a lower level. With many players, the absence of an odds -on favorite among the rivals is sufficient to ensure overcommitment by any one player. Applications to sports, oligopoly, and rent seekin g are discussed. Copyright 1987 by American Economic Association.
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The authors examine the incentives which competing principals give their agents, focusing on two oligopoly models where owners write incentive contracts with the ir managers. Under Cournot quantity competition, each manager's margi nal payment for production will exceed the firm's marginal profit. De viations from profit maximization are reduced by ex ante uncertainty about costs and increased by ex ante correlation between the firms' c osts. In contrast, in a differentiated goods market with price compet ition, managers receive less than their marginal profit. In general, a principal will distort his agent's incentives when the agent compet es with agents of competing principals. Copyright 1987 by American Economic Association.
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The authors study international trade between the North and the South where the industrial sector produces goods of different quality. The North exports high-quality products, the South low-quality products. Faster population growth in the South changes the spectrum of products exported by every country, and so does faster technical progress in the southern industrial sector. The latter leads also to the introduction of new high-quality products and the abandonment of old low-quality products. In all cases, there is a product cycle; the North abandons the production of its lowest-quality products which are subsequently produced in the South. Copyright 1987 by American Economic Association.
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Journals
- American Economic Review (157)
- Journal of Finance (94)
- Journal of Financial Economics (35)
Topic
- Bond (12)
- Mergers and Acquisitions (2)
Resource type
- Journal Article (286)