A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 286 resources
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In this paper, the authors develop a model for valuing debt options which takes into account the changing characteristics of the underlying bond by assuming that the standard deviation of return is proportional to the bond's duration. The resulting model uses the bond price as the single state variable and thus preserves much of the simplicity and robustness of the Black-Scholes approach. The paper provides comparisons between option prices computed using this model and those using the Black-Scholes and Brennan-Schwartz models.
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This paper proposes a positive theory of tariff formation based on the idea that the optimal trade policy may be time inconsistent. A benevolent government, with redistributive goals, may have an incentive to provide unexpected protection, since the redistributive effects of trade policy are larger if the policy is unanticipated. The suboptimal, but time consistent, policy involves an excessive amount of protection. Furthermore, in a time-consistent equilibrium, tariffs may dominate production subsidies. Thus, the requirement of time consistency can lead to a reversal of the traditional normative ordering of tariffs and subsidies as instruments of trade policy. Copyright 1987 by American Economic Association.
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In environments with spatial separation and private information, beneficial multilateral arrangements can depend critically on the ability of agents to communicate to one an other values of contemporary shocks and to keep track of histories of past transfers or past announced shocks. This paper formalizes this idea and focuses on communication-accounting systems. The theory of this paper allows a formal, stylized representation of a variety of systems and allows one to make precise the sense in which various systems are more or less limited. Oral assignment systems, portable object systems, written message systems, and telecommunication systems are considered. Copyright 1987 by American Economic Association.
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An increase in the length of a firm's labor contract contributes to rigidity in the aggregate price level. This increases the variance of aggregate demand but decreases the variance of other firms' real wages. Under certain conditions, the net effect is to increase the variance of other firms' employment. This negative externality implies that the equilibrium contract length in a decentralized economy is greater than the social optimum-in other words, wages are too rigid. 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)