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 319 resources
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The evidence on international capital immobility is extensive, including the lack of international portfolio diversification, real interest differentials across countries, and the high correlation between domestic savings and investment. The authors develop a model with asymmetric information between countries that helps rationalize all the above observations and then examine the implications of this model for optimal domestic tax policy. Without asymmetric information, past work showed that small open economies should not impose corporate income taxes. With asymmetric information, the optimal policy instead involves government subsidies to capital imports. Some omitted factors that argue against subsidizing capital imports are explored briefly. Copyright 1996 by American Economic Association.
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This article explores the fundamental factors that affect cross-country stock return correlations. Using transactions data from 1988 to 1992, the authors construct overnight and intraday returns for a portfolio of Japanese stocks using their NYSE-traded American depository receipts and a matched-sample portfolio of U.S. stocks. They find that U.S. macroeconomic announcements, shocks to the yen/dollar foreign exchange rate and Treasury bill returns, and industry effects have no measurable influence on U.S. and Japanese return correlations. However, large shocks to broad-based market indices (Nikkei Stock Average and Standard and Poor's 500 Stock Index) positively impact both the magnitude and persistence of the return correlations.
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This article examines a new database that details corporate risk management activity in the North American gold mining industry. The author finds little empirical support for the predictive power of theories that view risk management as a means to maximize shareholder value. However, firms whose managers hold more options manage less gold price risk, and firms whose managers hold more stock manage more gold price risk, suggesting that managerial risk aversion may affect corporate risk management policy. Further, risk management is negatively associated with the tenure of firms' CFOs, perhaps reflecting managerial interests, skills, or preferences.
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A voluntary export restraint (VER) is preferred to a tariff by a government concerned about electoral returns when the influence of industry profits is large relative to the losses to consumers from higher prices. If the foreign firm is uncertain of these pressures, the antidumping code facilitates the complete transfer of the relevant information and generates a VER rather than a tariff in equilibrium. The choice across instruments is determined by the political attributes. Domestic and foreign profits rise with the antidumping-generated VER, and the VER lowers the volume of trade by more than the expected duty. Copyright 1996 by American Economic Association.
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The authors explore how wheat spot and futures market volatility has been impacted by government farm programs during the 1950-93 period. They find that changing volatility in both markets is highly associated with changing farm programs. The mandatory allotment programs of the 1950s and early 1960s (1/3/50-4/10/64) were associated with low volatility, while the voluntary programs initiated in the mid-1960s seem to have induced high volatility (4/11/64-12/22/85). Both market-driven loan rates and conservation reserve programs appear to have helped volatility revert to lower levels since the mid-1980s (12/23/85-12/30/93). The authors also examine seasonality and causality in conjunction with the farm programs.
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