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1.
If banks have an informational monopoly about their clients,borrowers may curtail their effort level for fear of being exploitedvia high interest rates in the future. Banks can correct thisincentive problem by committing to share private informationwith other lenders. The fiercer competition triggered by informationsharing lowers future interest rates and future profits of banks.But, provided banks retain an initial informational advantage,their current profits are raised by the borrowers' higher effort.This trade-off determines the banks' willingness to share information.Their decision affects credit market competition, interest rates,volume of lending, and social welfare. 相似文献
2.
Bostian AJ A. Bostian Moriah B. Laukkanen Marita Simola Antti 《Journal of Productivity Analysis》2020,53(2):141-162
Journal of Productivity Analysis - We address the general problem of selection bias, an issue endemic to policy analysis when adoption is voluntary, with an empirical application to environmental... 相似文献
3.
Measuring and comparing the precautionary saving motive rest almost exclusively on the expected utility framework, and only focus on income risk or coefficients of the Arrow–Pratt type. We generalize the standard approach by characterizing comparative precautionary saving under recursive utility for increases in income risk and increases in risk on the saving return, including higher-order risk effects. We express the comparisons in terms of precautionary premia. In addition, we define a new class of preference coefficients, and derive the associated conditions to predict a stronger precautionary motive. The coefficients provide a detailed picture of the preferences sustaining precautionary saving and could be useful in applications. 相似文献
4.
Economic geography: the great half-century 总被引:7,自引:0,他引:7
5.
A.J. Veal 《Leisure Studies》2013,32(3):213-218
In this paper we use data from the Scottish Young People's Surveys in order to examine the effects of post-16 experiences and social class on the leisure patterns of young people with an average age of just over 19 years. We analyse leisure patterns in relation to labour market status and assess the longer term effects of post-16 experiences on young people's leisure activities. We argue that young people's social class and experiences after the age of 16 have an important and lasting effect on their subsequent leisure patterns. 相似文献
6.
The assessment: trade and location 总被引:1,自引:0,他引:1
This paper gives an overview of different analyses of the effectsof globalization on industrial location. It suggests that comparativeadvantage is inadequate to explain several aspects of the changingpatterns of trade and location, and that it needs to supplementedby approaches based on new economic geography and theories ofcumulative causation. 相似文献
7.
A.J. Veal 《Leisure Studies》2013,32(4):233-252
The paper is a review of literature and an analysis of the concept of lifestyle and its relationship to leisure. In the first part of the paper the review is divided into nine sections covering Weberian, sub-cultural, psychological, market research and psychographics, leisure/tourism styles, spatial, socialist lifestyles, consumer culture, gender, and miscellaneous approaches. In the second part of the paper a number of themes are identified and their roles in defining lifestyle are discussed; these are: activities/behaviour; values and attitudes; individuals versus groups; group interaction, coherence, recognisability and choice. In conclusion, a definition of lifestyle is offered and a brief indication of a research agenda is presented. 相似文献
8.
Financially intermediated and stock market consumption-investmentallocations, with and without governmental interventions, arecompared in a welfare sense in overlapping generation economieswith (and without) shocks to agents' intertemporal preferences.We first show that, in economies with preference shocks, governmentalinterventions subject to the same information requirements asthose imposed on financial intermediaries, lead to stock marketallocations that are not inferior to those attained under financialintermediation. Second, we argue that the necessary interventionsare qualitatively no different from those required to implementstationary optimal allocations in OLG models without shocksto agents' intertemporal consumption preferences. 相似文献
9.
Cross-bolding occurs when listed corporations own securitiesissued by other corporations. We analyze the effect of cross-holdingson market capitalization and return measures as well as implicationsfor econometric testing of asset pricing theories. We show thatcross-holdings generally distort standard market return andrisk measures. The magnitudes of such distortions are calculatedfor simulated economies by using a variety of crossholding patterns.In addition, cross-holdings are shown to induce non-stationarityin the covariance matrix of security returns. We examine theeffect of this nonstationarity for estimating efficient frontiersand factor structures. We also discuss the implications forrisk-return estimates in equilibrium asset pricing models. 相似文献
10.
A.J. Veal 《Leisure Studies》2016,35(2):215-240
This paper was prompted by the publication in Britain in 2009 of The Spirit Level: Why More Equal Societies Almost Always do Better, by Richard Wilkinson and Kate Pickett, which attracted considerable comment, both positive and negative and both substantive and methodological. The book claimed to show that, on a range of health and social measures of well-being, rich countries with more equal income distributions tended to perform better than those with less equal income distributions. Leisure time and behaviour were not among the indicators of well-being included and, while some researchers have sought to fill this gap, the range of leisure indicators used to date has been limited. This paper examines the relationship between income inequality and leisure time on a world-wide basis, and ten measures of cultural participation and two of sport and physical recreation participation in European countries. Efforts are made to address some of the methodological criticisms which have been made of The Spirit Level. It is found that more equal countries have more leisure time and higher levels of participation in cultural and sporting activities, and that there are also significant relationships with absolute Gross Domestic Product (GDP) per head and with religious-related values. The extent to which variations in leisure time and participation are related to income inequality is linked to Thorstein Veblen’s theory of pecuniary emulation, referred to as the ‘Veblen effect’. 相似文献