A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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Results 314 resources
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The persistence of cooperation in public-goods experiments has become an important puzzle for economists. This paper presents the first systematic attempt to separate the hypothesis that cooperation is due to kindness, altruism, or warm-glow from the hypothesis that cooperation is simply the result of errors or confusion. The experiment reveals that, on average, about half of all cooperation comes from subjects who understand free-riding but choose to cooperate out of some form of kindness. This suggests that the focus on errors and 'learning' in experimental research should shift to include studies of preferences for cooperation as well. Copyright 1995 by American Economic Association.
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Starting with Ingersoll (1977), the academic literature has repeatedly sought to explain why convertible bonds are called late. The findings here demonstrate there is no call delay to explain. This paper finds that most convertible bonds, given their call protection, are called as soon as possible. For those that are not, there are significant cash flow advantages to delaying. The median call delay for all convertible bonds is less than four months. If a safety premium is desired to assure the conversion value will exceed the call price at the end of call notice period, the median call period is less than a month.
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In this article, the authors develop relative pricing (APT) models that are successful in explaining expected returns in the bond market. They utilize indexes as well as unanticipated changes in economic variables as factors driving security returns. An innovation in this article is the measurement of the economic factors as changes in forecasts. The return indexes are the most important variables in explaining the time series of returns. However the addition of the economic variables leads to a large improvement in the explanation of the cross-section of expected returns. The authors utilize their relative pricing models to examine the performance of bond funds.
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The authors review and provide motivation for a one-sector model of economic growth in which decisions about capital accumulation are made by a political process. If it is possible to commit for at least three periods into the future, then, for any feasible consumption plan, there is a perturbation that is majority-preferred to it. Furthermore, plans that minimize the maximum vote that can be obtained against them yield a political business cycle. If it is impossible to commit, voters select the optimal consumption plan for the median voter. Copyright 1995 by American Economic Association.
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The Clean Air Act requires the EPA to conduct annual auctions of emission allowances. Under the discriminative auction rules, sellers with the lowest asking prices receive the highest bids. This paper studies an inverted version of this auction in which buyers face the same incentives as sellers in the EPA auction. Consistent with theoretical predictions, buyers bid above their valuation, auction outcomes are inefficient, and increasing the number of buyers increases bids. Buyers facing human opponents compete more aggressively than the risk-neutral prediction but bids do not differ systematically from this prediction when buyers face computerized Nash 'robots.' Copyright 1995 by American Economic Association.
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All trades executed by thirty-seven large investment management firms from July 1986 to December 1988 are used to study the price impact and execution cost of the entire sequence('package') of trades that the authors interpret as an order. The authors find that market impact and trading cost are related to firm capitalization, relative package size, and, most importantly, to the identity of the management firm behind the trade. Money managers with high demands for immediacy tend to be associated with larger market impact.
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This article examines changes in supermarket prices in local markets following supermarket leveraged buyouts (LBOs). The author finds that prices rise following LBOs in local markets in which the LBO firm's rivals are also highly leveraged and that LBO firms have higher prices than their less leveraged rivals, suggesting that LBOs create incentives to raise prices. However she also finds that prices fall following LBOs in local markets in which rival firms have low leverage and are concentrated. These price drops are associated with LBO firms exiting the local market suggesting that rivals attempt to 'prey' on LBO chains.
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This paper examines how national income and trading opportunities interact to determine the level and incidence of world pollution. The authors find that free trade raises world pollution if incomes differ substantially across countries; if trade equalizes factor prices, human-capital-abundant countries lose from trade, while human-capital-scarce countries gain; international trade in pollution permits can lower world pollution even when governments' supply of permits is unrestricted; international income transfers may not affect world pollution or welfare; and attempts to manipulate the terms of trade with pollution policy leave world pollution unaffected. Copyright 1995 by American Economic Association.
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