A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
Your search
Results 317 resources
-
Debt and equity are developed as optimal financial instruments in a model where cash flows and control rights are allocated to investors endogenously. When investment decisions must be made by a single party, the debtholder's cash flows are fixed in order to provide the equityholder with efficient incentives for investment. Ownership of control may be transferred to the debtholder to attenuate the impact of asymmetric information, concerning the investment opportunity, on the efficiency of the decision-making.
-
Catch-up in total factor productivity (TFP) among the "group of seven" was evident between 1870 adn 1979, though much slower before 1938 than after 1950. Capital:labor ratios also converged over the long period, though the process was much stronger after 1960. TFP catch-up is found to be positively associated with capital:labor growth and strongest when capital intensity is growing most rapidly. The United States overtook the United Kingdom in technological leadership in 1900 when its capital:labor growth was more than three times higher. The steady deterioration in the United Kingdom's relative TFP since 1900 and the United States' since 1950 are both associated with low rates of capital formation. Copyright 1991 by American Economic Association.
-
It is often argued that the use of distortionary taxation lowers the optimal provision of public goods below its optimal level in a first-best economy, which contains no restrictions on lump-sum taxation. However, this issue is usually investigated using commodity-tax models that contain no lump-sum taxes. This paper examines a many-consumer economy in which the only tax instruments are commodity taxes and a poll tax (subsidies are negative taxes). The optimal level of public good provision in this economy typically exceeds the first-best level, at least for distributionally neutral public goods. Copyright 1991 by American Economic Association.
-
When households are mobile among jurisdictions, income redistribution by individual jurisdictions creates fiscal externalities. A model of interjurisdictional migration is used to study the nature of this redistributive externality. Analysis of optimal redistribution and optimal corrective subsidies from higher-level governments shows that benefit levels for the recipients of income transfers and tax rates on mobile taxpayers should be equalized across jurisdictions. A system of jurisdictions with a common labor market can achieve welfare improvements through coordination of "domestic" redistributive policy or through the intervention of a higher-level government. Copyright 1991 by American Economic Association.
-
The model of this paper generalizes the classical theory of consumer behavior to the more general case of prices that are not necessarily market-clearing. Suppose that, in addition to the money cost, some sort of search, waiting, or other quasi-fixed "effort cost" is needed to obtain goods. The presence of this quasi-fixed cost element will trigger an inventory policy. A shortage equilibrium occurs when effort costs are such that, in the corresponding inventory policy, the flow of desired consumption does not exceed the available supply flow. Stock hoarding, a critical phenomenon in the economics of shortage, emerges as a natural component of this model. A complete characterization of a stationary shortage equilibrium is given. Comparative statics and welfare analysis are performed. The dynamic transition between steady states is analyzed to give insight into the mechanics of how shortages develop. Copyright 1991 by American Economic Association.
-
Lookback options are path dependent contingent claims whose payoffs depend on the extrema of a given security's price over a certain period of time. Using probabilistic tools, the authors derive explicit formulas for various European lookback options and provide some results about their American counterparts.
Explore
Journals
Topic
- Bond (13)
- Mergers and Acquisitions (5)
- Capital Structure (2)
Resource type
- Journal Article (317)