排序方式: 共有21条查询结果,搜索用时 453 毫秒
1.
Capitalization versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures versus R&D Outlays 总被引:1,自引:0,他引:1
We propose and implement a new method to estimate the relation between R&D investments and the uncertainty of future benefits from those investments. The empirical analysis compares the relative contributions of current investments in R&D and PP&E to future earnings variability using a sample of roughly 50,000 firm-year observations from 1972–1997. Evidence is strongly consistent with the hypothesis that R&D investments generate future benefits that are far more uncertain than benefits from investments in PP&E. Our results should help the current discussion on accounting for R&D and the methodology might be helpful in standard setting in other contexts as well. 相似文献
2.
As the COVID-19 pandemic spread across the world, governments introduced significant containment measures to control the spread of the virus. In this paper, we leverage inputs from IMF desk economists to construct a novel narrative index of containment measures for 11 countries in the Asia-Pacific region. A key innovation in our index is that it distinguishes between economic sectors (services, industry, retail), thus providing a more granular view of restrictions related to economic activity. Using this index, along with other high-frequency data, we find that containment measures have been successful in reducing the spread of the virus (though with some heterogeneity) but have also been associated with large short-term economic costs. Furthermore, exploiting the granularity of our index, we find that differences in strategies across countries regarding the closing of the industrial sector have mattered: imposing less severe restrictions on industry has been associated with lower economic costs without leading to worse health outcomes, possibly reflecting the less contact intensive nature of industrial activity. 相似文献
3.
Unemployment during and after the Great Recession has been persistently high. One concern is that the housing bust reduced geographical mobility and prevented workers from moving for jobs. We characterize flows out of unemployment that are related to geographical mobility to construct an upper bound on the effect of mobility on unemployment between 2007 and 2012. The effect of geographical mobility is always small: Using pre-recession mobility rates, decreased mobility can account for only an 11 basis points increase in the unemployment rate over the period. Using dynamics of renter geographical mobility in this period to calculate homeowner counterfactual mobility, delivers similar results. Using the highest mobility rate observed in the data, reduced mobility accounts for only a 33 basis points increase in the unemployment rate. 相似文献
4.
Jonathan D. Ostry Andrew Berg Siddharth Kothari 《Scottish journal of political economy》2021,68(2):209-237
Do structural reforms that aim to boost potential output also change the distribution of income? We shed light on this question by looking at the broad patterns in the cross-country data covering advanced, emerging-market, and low-income countries. Our main finding is that there is indeed evidence of a growth-equity trade-off for some important reforms. Financial and capital account liberalization seem to increase both growth and inequality, as do some measures of liberalization of current account transactions. Reforms aimed at strengthening the impartiality of and adherence to the legal system seem to entail no growth-equity trade-off—such reforms are good for growth and do not worsen inequality. The results for our index of network reforms as well as our measure of the decentralization of collective labor bargaining are the weakest and least robust, potentially due to data limitations. We also ask: If some structural reforms worsen inequality, to what degree does this offset the growth gains from the reforms themselves? While higher inequality does dampen the growth benefits, the net effect on growth remains positive for most reform indicators. 相似文献
5.
6.
We examine the effect of personal taxes on CEOs’ decisions to sell their equity, controlling for diversification, managerial overconfidence, and other determinants. While CEOs frequently sell large amounts of their unrestricted firm equity, the tax burden associated with the sale significantly deters them from selling equity even after controlling for other determinants like diversification. We also find that both taxable institutional investors and CEOs respond to taxes in their selling of equity, although CEOs appear to be less tax-sensitive. Our findings underscore the importance of taxes in corporate and managerial decisions and they have implications for executive compensation policies. 相似文献
7.
Tanvi Kothari Clark Hu Wesley S. Roehl 《International Journal of Hospitality Management》2007,26(4):886-898
As the lodging sector evolves into a more technology-oriented industry, the need to understand e-Procurement practices becomes more important. The main purpose of this study was to understand the challenges faced by decision makers at a chain hotel company in its adoption and implementation of e-Procurement. Results indicated that the company suffered from a lack of purchasing standardization across properties. Furthermore, this study suggests that not all vendors of e-Procurement solutions may be ready to partner with hotel companies. e-Procurement offers considerable potential for the industry but uncertainties such as those exhibited in this case must be addressed before significant resource commitments are made to e-Procurement. 相似文献
8.
9.
Evaluating Mutual Fund Performance 总被引:4,自引:0,他引:4
We study standard mutual fund performance measures, using simulated funds whose characteristics mimic actual funds. We find that performance measures used in previous mutual fund research have little ability to detect economically large magnitudes (e.g., three percent per year) of abnormal fund performance, particularly if a fund's style characteristics differ from those of the value-weighted market portfolio. Power can be substantially improved, however, using event-study procedures that analyze a fund's stock trades. These procedures are feasible using time-series data sets on mutual fund portfolio holdings. 相似文献
10.