排序方式: 共有26条查询结果,搜索用时 625 毫秒
21.
Moussa Diop 《Real Estate Economics》2018,46(2):291-333
By limiting operating flexibility, real estate investments are found to increase firm risk, thus expected returns. This study introduces product market competition as a critical determinant of the relation between real estate investments and stock returns. As part of capacity strategies, these investments are generally associated with increased market power and lower cash flow volatility in oligopolistic industries. I present a simple model of oligopolistic competition showing a negative relation between real estate holdings and firm beta, and empirically confirm this prediction. Controlling for product market competition enhances identification of the endogenous relation between real estate investments and stock returns. 相似文献
22.
Amadou Boly 《Experimental Economics》2011,14(2):241-253
Several experimental studies have shown that the crowding-out effect of monitoring may outweigh its disciplining effect through
intrinsic motivation destruction, thereby reducing effort. However, most of these experiments use numeric effort tasks that
subjects may not be intrinsically motivated to complete. This paper aims to analyze the incentive effects of monitoring using
a real-effort task for which intrinsic motivation is more likely to exist. We conducted two similar experiments, in the lab
in Montreal and in the field in Ouagadougou. In contrast to the lab, subjects in the field are unaware they are taking part
in an experiment. 相似文献
23.
Amadou N.R. Sy 《Revue africaine de developpement》2010,22(2):292-302
Abstract: The paper reviews trends and developments in the WAEMU government securities markets. Issuance of debt has grown more than tenfold since 2000 in the region, driven by the rapidly growing Treasury bills segment. The elimination of central bank financing of government has been the catalyst of this growth while excess liquidity in the banking system has helped sustain the market. Common institutions, such as a regional central bank and uniformity of issuance and distribution procedures have led to high cross‐border transactions. However, supply and demand conditions are more important than economic fundamentals in determining Treasury bill rates. 相似文献
24.
In this paper, the problem of estimating the precision matrix of a multivariate Pearson type II-model is considered. A new
class of estimators is proposed. Moreover, the risk functions of the usual and the proposed estimators are explicitly derived.
It is shown that the proposed estimator dominates the MLE and the unbiased estimator, under the quadratic loss function. A
simulation study is carried out and confirms these results. Improved estimator of tr (Σ
−1) is also obtained. 相似文献
25.
We consider the use and impact of distressed properties as comparables in residential appraisals. First, we describe the incidence of their use and their relative comparability; second, we estimate their impact on the appraisal value itself; and third, we consider their impact on the probability that the appraisal is below the proposed transaction price. We find, generally, that distressed comps are largely good matches to their subject properties, which suggests that they are not necessarily used as a last resort. We find that they are not a drag on appraised value because appraisers learn to make the right adjustments over time. The use of distressed comps is associated with a higher probability of a below-price appraisal due to the increased spread of appraisals around the contract price, particularly for higher priced homes. Overall, the use of distressed comps increased the uncertainty in the valuation process, but appraisers learned the appropriate adjustments over time. 相似文献
26.
Journal of Quantitative Economics - Forecasts of spot or future prices for agricultural commodities make it possible to anticipate the favorable or above all unfavorable development of future... 相似文献