A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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Results 306 resources
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This article examines the effect of tax factors on the equity values of U.S. multinational corporations making foreign acquisitions. Abnormal stock returns are found to be related to a tax variable that captures differences in the international tax status of acquiring firms but not related to a naive tax variable that captures differences between tax rates in target countries and the United States. The authors' evidence suggests that aggregate intercountry differentials in after-tax returns are competed away, while firm-specific, tax-related advantages (or disadvantages) are reflected in abnormal returns around the announcement date of the acquisition.
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This paper develops a continuous-time stochastic model in which international risk-sharing can yield substantial welfare gains through its effect on expected consumption growth. The mechanism linking global diversification to growth is an attendant world portfolio shift from safe low-yield capital to riskier high-yield capital. The presence of these two types of capital captures the idea that growth depends on the availability of an ever-increasing array of specialized, hence inherently risky, production inputs. Calibration exercises using consumption and stock-market data imply that most countries reap large steady-state welfare gains from global financial integration. Copyright 1994 by American Economic Association.
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This paper presents estimates of how an increase in welfare benefits for the welfare-eligible affects the provision of parental support in the form of both financial transfers and shared residence based on an overlapping-generations framework incorporating game-theoretic interactions among parents, their adult children, and the government. The empirical results, obtained from two longitudinal data sets, indicate that the parents view a dollar of income earned by their daughters as equivalent to a dollar increase in welfare benefits. However, there exists only a small trade-off between the generosity of government aid and the incidence of parental aid. Copyright 1994 by American Economic Association.
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Firms often concentrate on a narrow range of activities and claim to forgo other, apparently profitable, opportunities. This pursuit of narrow strategies is applauded by some academics who study strategic management. The authors present two related theoretical models in which firms do indeed benefit from pursuing such narrow strategies. In these models, a narrow strategy is beneficial because it enables the firm to motivate its employees to search for ways of increasing the profitability of its core activities. These benefits arise in the authors' model because an incompleteness of contracts precludes offering similar incentives when the firm is involved in many activities. Copyright 1994 by American Economic Association.
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Real price variability depreciates the information about future prices contained in current ones. Repeat-purchase customers have, then, less incentive to acquire price information. The fact that consumers are less well informed allows firms to increase their markups and permits inefficient producers to increase their sales. Production gets reallocated toward higher-cost firms. Given the well-documented correlation between inflation and relative price variability, these results help explain some of the costs of inflation. Copyright 1994 by American Economic Association.
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The author describes a class of simple two-stage mechanisms that implement efficient allocations as subgame-perfect equilibria for economic environments involving externalities. These mechanisms, known as compensation mechanisms, solve a wide variety of externalities problems, including implementation of Lindahl allocations, regulation of monopoly, and efficient solutions to the prisoner's dilemma. Copyright 1994 by American Economic Association.
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The authors compare the relative magnitudes of the components of the bid-ask spread for New York Stock Exchange (NYSE)/American Stock Exchange (AMEX) stocks to those of National Association of Securities Dealers Automated Quotations (NASDAQ)/National Market System (NMS) stocks. They find that the order-processing cost component is smaller, and the adverse selection component is greater, on the NYSE/AMEX trading systems than on the NASDAQ/NMS system. The inventory holding component is also greater for exchange-traded stocks than for NASDAQ/NMS stocks, but this may be attributable to differences in the characteristics of the firms whose stocks trade on the respective systems.
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- Bond (8)
- Mergers and Acquisitions (3)
- Director (2)
- Capital Structure (1)
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- Journal Article (306)