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.
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Results 518 resources
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Dark pools are equity trading systems that do not publicly display orders. Dark pools offer potential price improvements but do not guarantee execution. Informed traders tend to trade in the same direction, crowd on the heavy side of the market, and face a higher execution risk in the dark pool, relative to uninformed traders. Consequently, exchanges are more attractive to informed traders, and dark pools are more attractive to uninformed traders. Under certain conditions, adding a dark pool alongside an exchange concentrates price-relevant information into the exchange and improves price discovery. Improved price discovery coincides with reduced exchange liquidity.
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This paper presents a sequential search model where consumers look for several products from multiproduct firms. Multiproduct search can significantly influence firms' pricing decisions. For example, it can make market prices decrease with search costs. Possible applications of the model are also discussed.
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If workers self-select into industries based upon their relativeproductivity in different tasks, and comparative advantage is alignedwith absolute advantage, then the average efficacy of a sector'sworkforce will be negatively correlated with its employment share.This might explain the difference in the reported productivity growthof contracting goods and expanding services. Instrumenting withdefense expenditures, I find the elasticity of worker efficacy withrespect to employment shares is substantially negative, albeitimprecisely estimated. The estimates suggest that the view thatgoods and services have similar productivity growth rates is aplausible alternative characterization of growth in developedeconomies.
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This paper shows connections between chief executive officers׳ (CEOs׳) absences from headquarters and corporate news disclosures. I identify CEO absences by merging records of corporate jet flights and CEOs׳ property ownership near leisure destinations. CEOs travel to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news releases. When CEOs are away, companies announce less news, mandatory disclosures occur later, and stock volatility falls sharply. Volatility increases when CEOs return to work. CEOs spend fewer days out of the office when ownership is high and when weather is bad at their vacation homes.
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This paper examines how the information quality of ratings from an issuer-paid rating agency (Standard and Poor's) responds to the entry of an investor-paid rating agency, the Egan-Jones Rating Company (EJR). By comparing S&P's ratings quality before and after EJR initiates coverage of each firm, I find a significant improvement in S&P's ratings quality following EJR's coverage initiation. S&P's ratings become more responsive to credit risk and its rating changes incorporate higher information content. These results differ from the existing literature documenting a deterioration in the incumbents' ratings quality following the entry of a third issuer-paid agency. I further show that the issuer-paid agency seems to improve the ratings quality because EJR's coverage has elevated its reputational concerns.
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Bauer, Rudebusch, and Wu (2014) advocate the use of bias-correctedestimates in their comment on Wright (2011). Econometric estimationof a macro-finance VAR provides quite imprecise estimates of futureshort-term interest rates. Nonetheless, comparison with surveyresponses indicates that the proposed bias-corrected point estimatesare less plausible than their maximum-likelihood counterparts.
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A model is proposed in which stochastic choice results from noise in cognitive processing rather than random variation in preferences. The mental process used to make a choice is nonetheless optimal, subject to a constraint on available information-processing capacity that is motivated by neurophysiological evidence. The optimal information-constrained model is found to offer a better fit to experimental data on choice frequencies and reaction times than either a purely mechanical process model of choice (the drift-diffusion model) or an optimizing model with fewer constraints on feasible choice processes (the rational inattention model).
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I evaluate the empirical premise and the economic logic of the Dodd-Frank Act's requirement that issuers of asset-backed securities retain credit risk.
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This paper quantitatively analyzes referee recommendations at eight prominent economics and finance journals, and the SFS (Society for Financial Studies) Cavalcade Conference, where a known algorithm matched referees to submissions. The behavior of referees was similar in all venues. The referee-specific component in the disposition recommendation was about twice as important as the common component. Referees differed both in their scales (some referees were intrinsically more generous than others) and in their opinions of what a good paper was (they often disagreed about the relative ordering of papers).
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At high enough greenhouse gas concentrations, climate change might conceivably cause catastrophic damages with small but non-negligible probabilities. If the bad tail of climate damages is sufficiently fat, and if the coefficient of relative risk aversion is greater than one, the catastrophe-reducing insurance aspect of mitigation investments could in theory have a strong influence on raising the social cost of carbon. In this paper I exposit the influence of fat tails on climate change economics in a simple stark formulation focused on the social cost of carbon. I then attempt to place the basic underlying issues within a balanced perspective.
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Journals
- American Economic Review (252)
- Journal of Finance (71)
- Journal of Financial Economics (102)
- Review of Financial Studies (93)
Topic
- Bond (26)
- CEO (16)
- Director (15)
- Mergers and Acquisitions (9)
- Capital Structure (7)
Resource type
- Journal Article (518)