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Short‐termism need not breed informational price inefficiency even when generating beauty contests. We demonstrate this claim in a two‐period market with persistent liquidity trading and risk‐averse, privately informed, short‐term investors and find that prices reflect average expectations about fundamentals and liquidity trading. Informed investors engage in “retrospective” learning to reassess inferences (about fundamentals) made during the trading game's early stages. This behavior introduces strategic complementarities in the use of information and can yield two stable equilibria that can be ranked in terms of liquidity, volatility, and informational efficiency. We derive implications that explain market anomalies as well as empirical regularities. 相似文献
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Economic debate about the consequences of immigration in the United States has largely focused on how influxes of foreign‐born labor with little educational attainment have affected similarly educated native‐born workers. Fewer studies analyze the effect of immigration within the market for highly educated labor. We use O*NET data on job characteristics to assess whether native‐born workers with graduate degrees respond to an increased presence of highly educated foreign‐born workers by choosing new occupations with different skill content. We find that highly educated native and foreign‐born workers are imperfect substitutes. Immigrants with graduate degrees specialize in occupations demanding quantitative and analytical skills, whereas their native‐born counterparts specialize in occupations requiring interactive and communication skills. When the foreign‐born proportion of highly educated employment within an occupation rises, native employees with graduate degrees choose new occupations with less analytical and more communicative content. 相似文献
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We show that the prospect of a debt renegotiation favorable to shareholders reduces the firm's equity risk. Equity beta and return volatility are lower in countries where the bankruptcy code favors debt renegotiations and for firms with more shareholder bargaining power relative to debt holders. These relations weaken as the country's insolvency procedure favors liquidations over renegotiations. In the limit, when debt contracts cannot be renegotiated, equity risk is independent of shareholders' incentives to default strategically. We argue that these findings support the hypothesis that the threat of strategic default can reduce the firm's equity risk. 相似文献
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This article estimates agricultural production and output per worker in Italy, from about the year 1000 to the present. The millennium may be divided neatly into three periods. Output per worker increased until the fourteenth century, declined, with some fluctuations, until the end of the nineteenth century, and then recovered, booming in the past 50 years. 相似文献
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LUCA ANDERLINI LEONARDO FELLI GIOVANNI IMMORDINO ALESSANDRO RIBONI 《International Economic Review》2013,54(3):937-956
We analyze the relationship between legal institutions, innovation, and growth. We compare a rigid legal system (the law is set before the technological innovation) and a flexible one (the law is set after observing the new technology). The flexible system dominates in terms of welfare, amount of innovation, and output growth at intermediate stages of technological development—periods when legal change is needed. The rigid system is preferable at early stages of technological development, when commitment problems are severe. For mature technologies, the two legal systems are equivalent. We find that rigid legal systems may induce excessive R&D investment. 相似文献
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GIOVANNI PINO ALESSANDRO M. PELUSO GIANLUIGI GUIDO 《The Journal of consumer affairs》2012,46(1):157-169
This study analyzes the impact of ethical motivations, food safety and health‐related concerns on purchasing intentions of habitual and less frequent consumers of organic food. A sample of 291 subjects was surveyed through a paper‐and‐pencil questionnaire and classified either as “regular” or “occasional” purchasers of organic food according to their buying frequency. Results show different determinants of intention for the two groups of subjects: ethical motivations affect the purchase intentions of regular consumers, whereas food safety concerns influence the purchase intentions of occasional consumers. Implications are discussed. 相似文献
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LEONARDO BECCHETTI MARIA MELODY GARCIA GIOVANNI TROVATO 《Journal of Money, Credit and Banking》2011,43(6):1217-1245
Attempts have been made in the empirical literature to identify credit rationing and its determinants using balance sheet data or evidence from corporate surveys. However, observational equivalence, identification problems, and interview biases are serious problems in these studies. We analyze directly the determinants of credit rationing in credit files by examining the difference between the amounts demanded by and supplied to each borrower, as shown by official bank records. Our findings provide microeconomic evidence that supports the credit view hypothesis by showing that the European Central Bank refinancing rate is significantly and positively related to partial (but not total) credit rationing. This finding is consistent with the hypothesis that this variable affects the total volume of bank loans. 相似文献
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The identification of aggregate human-capital externalities is still not fully understood. The existing ( Mincerian ) approach confounds positive externalities with wage changes due to a downward sloping demand curve for human capital. As a result, the Mincerian approach yields positive externalities even when wages equal marginal social products. We propose an approach that identifies human-capital externalities, whether or not aggregate demand for human capital slopes downward. Another advantage of our approach is that it does not require estimates of the individual return to human capital. Applications to U.S. cities and states between 1970 and 1990 yield no evidence of significant average-schooling externalities. 相似文献
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ANDREAS HORNSTEIN PER KRUSELL GIOVANNI L. VIOLANTE 《The Review of economic studies》2007,74(4):1089-1124
Does capital-embodied technological change play an important role in shaping labour-market outcomes? To address this question, we develop a model with vintage capital and search-matching frictions where irreversible investment in new vintages of capital creates heterogeneity in productivity among firms, matched as well as vacant. We demonstrate that capital-embodied technological change reduces labour demand and raises equilibrium unemployment and unemployment durations. In addition, the presence of labour-market regulations (unemployment benefits, payroll taxes, and firing costs) exacerbates these effects. Thus, the model is qualitatively consistent with some key features of the European labour-market experience relative to that of the U.S.: it features a sharper rise in unemployment and a sharper fall in the vacancy rate and the labour share. A calibrated version of our model suggests that this technology–policy interaction could explain a sizeable fraction of the observed differences between the U.S. and Europe. 相似文献