This paper uses a modification of the continuous time asset pricing model of Cox, Ingersoll, and Ross to analyze the effect of regulatory risk on the cost of capital. Analysis shows that random errors in setting the allowed rate of return can either increase or decrease the cost of capital depending on other regulatory parameters. However, the analysis suggests that regulatory risk is not material. 相似文献
This paper documents that intermediaries play an important role in facilitating international trade. We modify a heterogeneous firm model to allow for an intermediary sector. The model predicts that firms will endogenously select their mode of export - either directly or indirectly through an intermediary - based on productivity. The model also predicts that intermediaries will be relatively more important in markets that are more difficult to penetrate. We provide empirical confirmation for these predictions using the firm-level census of China's trade, and generate new facts regarding the activity of intermediaries. We also provide evidence that firms begin to export directly after exporting through intermediaries. 相似文献
This study reports results from a new series of experiments that examine the robustness of face-to-face communication as a cooperation-facilitating institution in common-pool resource settings. Results are reported from nine experiment sessions, initially designed for pedagogical purposes. The sessions were conducted between 1998 and 2007 as part of a series of summer institutes on institutional analysis and environmental change. Subjects were graduate students and professionals from diverse disciplines, representing 41 countries of residence. The participants in this study stand in sharp contrast to most previous studies, which used undergraduates who self-select into experiments by volunteering to participate. Results from these experiments substantiate earlier findings that non-binding communication can serve as an effective mechanism for solving social dilemma problems, with subjects achieving near socially efficient outcomes. 相似文献
This study identifies and provides an estimate of the impact of bank liquidity shocks on real economic activity by exploring letter‐of‐credit import transactions in Colombia during the 2008 to 2009 global financial crisis. The detailed dataset on letter‐of‐credit transactions allows for exploiting within‐importer–exporter variation across issuing banks. The study finds substantial effects of bank liquidity shocks on letter‐of‐credit import transactions: banks that were more vulnerable to adverse liquidity shocks—proxied by the ex ante reliance on wholesale funding or borrowings from foreign banks—reduced letter‐of‐credit issuances more in both intensive and extensive margins. The study also confirms that it had real effects: importer–exporter pairs that relied more on letter‐of‐credit transactions experienced a greater reduction in their total imports in response to adverse bank liquidity shocks. 相似文献
We examine asymmetry in the loss functions of South Korean consumers' and the Bank of Korea's (BOK) inflation forecasts, and test the rationality of these forecasts under the assumption of a possible asymmetric loss function. Under an asymmetric loss function, we find evidence of asymmetry and support for rationality. We also examine whether the BOK's forecasts incorporate respective forecasts and consensus forecasts efficiently. They broadly use available information efficiently, and their results are robust to inflation‐targeting measures and the recent global financial crisis. However, our results suggest that the information efficiency of the BOK's forecasts for consumers was affected during the period 2007–2008. 相似文献
ABSTRACTGenerational cohorts can differ in their consumption patterns and preferred travel behavior. As the millennial generation represents an important economic force and influences new consumption trends, this study utilizes nationwide data and almost ideal demand system (AIDS) approach to examine expenditure patterns of Korean travelers during holidays. In this process, the joint effects of travel-related characteristics are also examined. The results of the AIDS estimation on data from 871 domestic travelers reveal significantly different travel expenditure patterns for cohorts. The findings contribute to furthering the understanding of how different generational cohorts allocate their travel budgets to respective travel expenditure categories. 相似文献
This study empirically tests the relationships between experiential value, vividness, storytelling intentions, and patronage intentions in the industrial exhibitions, and examines the moderating effect of mementos. A total of 211 respondents were recruited from visitors to the international game exhibition. According to the results, (1) three dimensions of experiential value (service excellence, playfulness, and aesthetics) had positive effects on vividness, (2) vividness positively influenced storytelling and patronage intentions, (3) storytelling intentions increased patronage intentions, and (4) mementos had a significant moderating effect on the relationship between vividness and storytelling intentions but not on the relationship between vividness and patronage intentions. 相似文献
We investigate the information-dissemination role of the business press by examining the coverage of analyst recommendation revisions. Consistent with the press providing wider dissemination of analyst reports, we find evidence that coverage of analyst recommendation revisions significantly increases the initial market reaction to these revisions and decreases the subsequent price drift. Furthermore, we find that news flash coverage, rather than in-depth coverage, of a recommendation revision drives both the initial market reaction results and drift results. Finally, we show that broader press coverage influences the activities of large-trade institutional investors but not high-frequency traders. Overall, our findings suggest a complementary role between analysts and the business press: increased dissemination of recommendation revisions, rather than information creation on the part of the business press, serves to better inform the market about analyst recommendation revision decisions.
A few single decision-making methods under uncertainty (SDMUU) are available in the literature. The reason for such scarcity seems to be mainly due to too insufficient information to induce a reasonable result for effective decision support. Moreover their final outcomes on the same SDMUU problem may be different depending on which method is applied. A group decision-making method under uncertainty (GDMUU) extends a SDMUU in a sense that a group of individuals, each expressing different opinions, work together to solve a relevant problem. As in a SDMUU, we find that just a few methods are available to solve a GDMUU problem. In the paper, the ordered weighted averaging (OWA) method, originally devised for use with the SDMUU problem, is considered to deal with a GDMUU problem where individuals of a group express their degree of optimism in terms of attitudinal characters. We first find the extreme points corresponding to the attitudinal character and then solve a quadratic mathematical program which minimizes a squared distance from each extreme point identified. Thus the resulting OWA operator weights for the group are located at the center of the weights-space constructed by attitudinal characters. This idea is further extended to deal with uncertain attitudinal character expressed in the form of interval in situations where it is difficult to reliably obtain a precise attitudinal character due to time pressure and a limited domain knowledge and so on. 相似文献