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 332 resources
-
Using firm data disaggregated by industry, the authors establish a set of regularities in the distribution of firm R&D intensities within manufacturing industries. The authors show how a simple probabilistic process, in which change influences a key unobserved determinant of R&D and firm size conditions the returns to R&D, can account for these regularities and other features of the distributions. The model provides a unified, noncausal explanation of a series of long-observed relationships across mean R&D intensity, market concentration, and the coefficient of variation. It also offers a novel explanation for the inverse relationship between R&D productivity and firm size. Copyright 1992 by American Economic Association.
-
Standard models of informed speculation suggest that traders try to learn information that others do not have. This result implicitly relies on the assumption that speculators have long horizons, i.e., can hold the asset forever. By contrast, the authors show that if speculators have short horizons, they may herd on the same information, trying to learn what other informed traders also know. There can be multiple herding equilibria, and herding speculators may even choose to study information that is completely unrelated to fundamentals.
-
Public expenditure under uncertainty is modeled as the problem of determining the quantities of l public goods and m private goods to be provided to n consumers when the private goods are claims to a single commodity, "dollars," which are contingent upon the occurrence of one of m possible states of nature. A real-valued "net benefit function" is identified, and criteria based upon this function are provided that are both necessary and sufficient for Pareto-improving or Pareto-efficient solutions to this problem. Copyright 1992 by American Economic Association.
-
This paper compares risk-taking of insured.and uninsured thrifts operating under strict and less-strict regulatory regimes during the 1930's. Analysis of balance-sheet data indicates that while newly insured thrifts undertook less risk than their uninsured counterparts, possibly because of screening by deposit-insurance authorities, moral hazard emerged gradually. Insured institutions operating under relatively permissive regulatory regimes were more prone to undertake risky lending activities than their more tightly regulated counterparts, possibly because of screening by deposit-insurance authorities, moral hazard emerged gradually. Insured institutions operating under relatively premissive regulatory regimes were more prone to undertake risky lending activities than their more tightly regulated counterparts. Given the current system of deposit insurance, the results suggest that effective regulation and supervision will play a key role in maintaining thrift stability in the 1990s. Copyright 1992 by American Economic Association.
-
Studies suggest that underwriting syndicates provide marketing services and certify the fairness of offer prices. The authors argue that syndicate lead banks also monitor manager effort, increasing the value of capital-raising companies. A given level of monitoring is associated with a given level of intrinsic value, so there is a "schedule" of certifiable offer prices, depending on the level of monitoring. Monitoring, marketing, and certification are, therefore, all legitimate syndicate functions. New evidence supporting the conclusion that syndicates provide corporate monitoring is presented.
-
At the microeconomic level, this paper revises and broadens the theory of the equilibrium rate of unemployment, the "natural rate" in a monetary model. The authors begin by recreating Steven Salop's turnover model of the natural rate in its naturally intertemporal version. Useful findings on impact effects and the adjustment process at the individual firm, necessarily excluded by the static version, are shown to derive from the dynamized model. At the macroeconomic level, the authors then provide a general-equilibrium analysis of some shocks showing how they drive the equilibrium unemployment rate and in varying ways also disturb the real rate of interest. Copyright 1992 by American Economic Association.
Explore
Journals
Topic
- Bond (10)
- Mergers and Acquisitions (5)
- Capital Structure (3)
- Director (1)
Resource type
- Journal Article (332)