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 336 resources
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The authors report the results of voluntary contributions experiments where subjects are randomly assigned different rates of return from their private consumption. These random assignments are changed round to round, enabling the measurement of individual player contribution rates as a function of that player's investment cost. The authors directly test these response functions for the presence of warm-glow and/or altruism effects. They find significant evidence for heterogeneous warm-glow effects that are, on average, low in magnitude. The authors statistically reject the presence of an altruism effect. Copyright 1997 by American Economic Association.
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This article examines whether shifts in the stance of monetary policy can account for the observed predictability in excess stock returns. Using long-horizon regressions and short-horizon vector autoregressions, the article concludes that monetary policy variables are significant predictors of future returns, although they cannot fully account for observed stock return predictability. The author undertakes variance decompositions to investigate how monetary policy affects the individual components of excess returns (risk-free discount rates, risk premia, or cash flows).
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This article examines possible explanations for 'winner-loser reversals' in the national stock market indices of sixteen countries. There is no evidence that loser countries are riskier than winner countries either in terms of standard deviations, covariance with the world market or other risk factors, or performance in adverse economic states of the world. While there is evidence that small markets are subject to larger reversals than large markets, perhaps due to some form of market imperfection, the reversals are not only a small market phenomenon. The apparent anomaly of winner-loser reversals in national market indices therefore remains unresolved.
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This article presents a technique for nonparametrically estimating continuous-time diffusion processes that are observed at discrete intervals. The authors illustrate the methodology by using daily three and six month Treasury bill data, from January 1965 to July 1995, to estimate the drift and diffusion of the short rate, and the market price of interest rate risk. While the estimated diffusion is similar to that estimated by K. C. Chan, et al.(1992), there is evidence of substantial nonlinearity in the drift. This is close to zero for low and medium interest rates but mean reversion increases sharply at higher interest rates.
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This article develops ways to endogenize the borrowing constraints used in a class of computable incomplete markets models. The authors allow the constraints to depend on an investor's characteristics, such as time preference, risk aversion, and income streams. The proposed constraint can be interpreted as a borrowing limit within which an investor has no incentive to default. Using a numerical algorithm, the authors find that, for an array of structural parameters, the endogenous borrowing constraints can be much less stringent than the ad hoc borrowing constraints adopted by the existing studies.
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The authors evaluate some explanations of immigrants' family labor-supply behavior. Upon arrival, immigrant husbands work less than natives but immigrant wives work more. A conventional labor-supply model uses wage assimilation to explain these differences but is not supported by the data. More favorable results are obtained for the 'family investment model,' in which wives in immigrant families take on 'dead-end' jobs to finance their husbands' investments in human capital. The authors conclude that family composition is an important correlate of immigrants' assimilation and the family investment model can account for many of the patterns in the data. Copyright 1997 by American Economic Association.
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The authors study associations between managerial entrenchment and firms' capital structures, with results generally suggesting that entrenched CEOs seek to avoid debt. In a cross-sectional analysis, they find that leverage levels are lower when CEOs do not face pressure from either ownership and compensation incentives or active monitoring. In an analysis of leverage changes, the authors find that leverage increases in the aftermath of entrenchment-reducing shocks to managerial security, including unsuccessful tender offers, involuntary CEO replacements, and the addition to the board of major stockholders.
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This article examines incentives for adopting antitakeover charter amendments (ATAs) that are associated with compensational contracts. The evidence is consistent with the hypothesis that antitakeover measures such as ATAs help managers protect above-market levels of compensation. Chief executive officers (CEOs) of firms that adopt ATAs receive higher salaries and more valuable option grants than CEOs at similar firms that do not adopt them. Furthermore, the magnitude of this difference increases following ATA adoption. The evidence is inconsistent with the hypothesis that ATAs facilitate the writing of efficient compensation contracts.
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