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Results 1 - 10
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1,104
The Determinants of Credit Spread Changes.
- Journal of Finance
, 2001
"... ABSTRACT Using dealer's quotes and transactions prices on straight industrial bonds, we investigate the determinants of credit spread changes. Variables that should in theory determine credit spread changes have rather limited explanatory power. Further, the residuals from this regression are ..."
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Cited by 422 (2 self)
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in the corporate bond market is driven by local supply/demand shocks that are independent of both changes in credit-risk and typical measures of liquidity. We note that a similar, but significantly smaller effect has been documented in the mortgage backed (Ginnie Mae) securities market by Boudoukh, Richardson
RELATIVE PERFORMANCE EVALUATION WITH SYSTEMATIC
"... Most observed managerial compensation packages do not filter out systematic economy-wide fluctuations (e.g., market indices, oil prices, macroeconomic variables). However, given that such shocks do not appear informative on individual actions, the limited use of relative performance evaluation (RPE) ..."
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) is unexplained within the conventional model of incentives. Incorporating asset pricing considerations, this paper shows that the cost to a firm of a dollar of compensation is lower after a favorable market-wide shock than after an unfavorable shock. As a result, firms optimally choose a compensation structure
Market-Wide Liquidity in Credit Default Swap Spreads
, 2012
"... This paper analyzes the importance of market-wide illiquidity of CDS market on changes of CDS spreads of credit quality portfolios for five alternative maturities. We document that aggregate liquidity is a pricing factor in CDS spreads. Illiquidity CDS betas across credit quality portfolios and matu ..."
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This paper analyzes the importance of market-wide illiquidity of CDS market on changes of CDS spreads of credit quality portfolios for five alternative maturities. We document that aggregate liquidity is a pricing factor in CDS spreads. Illiquidity CDS betas across credit quality portfolios
Why some firms export
- Review of Economics and Statistics
, 2004
"... This paper presents a dynamic model of the export decision by a profit-maximizing firm. UsingapanelofU.S.manufacturingplants, we test for the role of plant characteristics, spillovers from neighboring exporters, entry costs and government export promotion expenditures. Entry and exit in the export m ..."
Abstract
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Cited by 248 (12 self)
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effect on the probability of exporting. Plant characteristics, especially those indicative of past success, strongly increase the probability of exporting as do favorable exchange rate shocks.
Decentralization of Governance and Development
- Journal of Economic Perspectives
, 2002
"... A ll around the world in matters of governance, decentralization is the rage.Even apart from the widely debated issues of subsidiarity and devolution inthe European Union and states ’ rights in the United States, decentraliza-tion has been at the center stage of policy experiments in the last two de ..."
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Cited by 208 (3 self)
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A ll around the world in matters of governance, decentralization is the rage.Even apart from the widely debated issues of subsidiarity and devolution inthe European Union and states ’ rights in the United States, decentraliza-tion has been at the center stage of policy experiments in the last two
Who Is Against Immigration? A Cross-Country Investigation of Individual Attitudes toward Immigrants
, 2006
"... This paper empirically analyzes economic and noneconomic determinants of individual attitudes toward immigrants, within and across countries. The two survey data sets used, covering a wide range of developed and developing countries, make it possible to test for interactive effects between individua ..."
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Cited by 202 (26 self)
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This paper empirically analyzes economic and noneconomic determinants of individual attitudes toward immigrants, within and across countries. The two survey data sets used, covering a wide range of developed and developing countries, make it possible to test for interactive effects between
The Role of Unemployment Insurance in an Economy with Liquidity Constraints and Moral Hazard”,
- Journal of Political Economy,
, 1992
"... JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about J ..."
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Cited by 157 (1 self)
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idiosyncratic employment shocks and are unable to borrow or insure themselves through private markets. In the absence of moral hazard, replacement ratios as high as .65 are optimal and the welfare benefits of unemployment insurance are quite large. However, if there is moral hazard and the replacement ratio
Forecast Evaluation and Combination
- IN G.S. MADDALA AND C.R. RAO (EDS.), HANDBOOK OF STATISTICS
, 1996
"... It is obvious that forecasts are of great importance and widely used in economics and finance. Quite simply, good forecasts lead to good decisions. The importance of forecast evaluation and combination techniques follows immediately-- forecast users naturally have a keen interest in monitoring and ..."
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Cited by 157 (29 self)
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It is obvious that forecasts are of great importance and widely used in economics and finance. Quite simply, good forecasts lead to good decisions. The importance of forecast evaluation and combination techniques follows immediately-- forecast users naturally have a keen interest in monitoring
Why the Rich May Favor Poor Protection of Property Rights
- Journal of Comparative Economics
, 2003
"... Abstract In unequal societies, the rich may benefit from shaping economic institutions in their favor. This paper analyzes the dynamics of institutional subversion by focusing on the public protection of property rights. If this institution functions imperfectly, agents have incentives to invest in ..."
Abstract
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Cited by 74 (4 self)
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Abstract In unequal societies, the rich may benefit from shaping economic institutions in their favor. This paper analyzes the dynamics of institutional subversion by focusing on the public protection of property rights. If this institution functions imperfectly, agents have incentives to invest
Oil Shocks and Aggregate Macroeconomic Behavior: The Role of Monetary Policy
- Journal of Money, Credit, and Banking, April 2004
, 2001
"... A recent paper by Bernanke, Gertler and Watson (1997) suggests that monetary policy could be used to eliminate any recessionary consequences of an oil price shock. This paper challenges that conclusion on two grounds. First, we question whether the Federal Reserve actually has the power to implement ..."
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Cited by 103 (0 self)
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A recent paper by Bernanke, Gertler and Watson (1997) suggests that monetary policy could be used to eliminate any recessionary consequences of an oil price shock. This paper challenges that conclusion on two grounds. First, we question whether the Federal Reserve actually has the power
Results 1 - 10
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1,104
