Consulta: subjectFacets:"G2"
Registros recuperados: 12
Data/hora: 11/06/2024 08:22:00

The Future of Securities Regulation
Provedor de dados: 31
Autores: Luigi,   Zingales.
The U.S. system of security law was designed more than 70 years ago to regain investors’ trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in the new millennium, investors’ perception is that they have been defrauded by managers who are not accountable to anyone. For this reason, I propose a series of reforms that center around corporate governance, while shifting the focus from the protection of unsophisticated investors in the purchasing of new securities issues to the investment in mutual funds, pension funds, and other forms of asset management.
Tipo: Working or Discussion Paper
Palavras-chave: U.S. Security Law; Securities Regulation; Trust; Financial Economics; G2; G28; G01.
Ano: 2009
URL: http://purl.umn.edu/50356

More analysts, better ratings: Do rating agencies invest enough in less developed countries?
Provedor de dados: 31
Autores: Ferri,   Giovanni.
Rating agencies' track record is good in developed countries but poor in emerging economies. Why? Given the almost-monopolistic structure of the industry, we conjecture that agencies might underinvest in information gathering. We propose an indicator quantifying the agencies' effort to gather information and assess whether greater effort affects rating levels. We detect: (i) absolute underinvestment for non-OECD sovereigns (less effort in spite of greater opaqueness); (ii) relative underinvestment for non-OECD firms compared with OECD ones (though the former receive a larger effort, more intense effort boosts firm ratings in non-OECD countries while depressing them in OECD countries).
Tipo: Journal Article
Palavras-chave: Sovereign risk; Credit ratings; Rating agencies’ effort; G2; G3.
Ano: 2004
URL: http://purl.umn.edu/43847

How strong is the “natural hedge”? The effects of crop acreage and aggregation levels
Provedor de dados: 31
Autores: Finger,   Robert.
The level of natural hedge, i.e. the (negative) correlation between price and yield levels, is an important determinant for farmers’ income risks and their demand for risk management instruments. The natural hedge is often approximated with correlations observed at more aggregated levels, e.g. the county level. This induces biases because the natural hedge at the farm-level is smaller than on more aggregated levels. In this paper, we put this idea one step forward and investigate the empirical relationship between price-yield correlations and the underlying crop acreage, using farm-level data for 5 crops in Switzerland. We find that, for instance, a 1% increase in area under maize and intensive barley leads to a change in the correlation by -0.02 and...
Tipo: Presentation
Palavras-chave: Price-yield correlation; Aggregation bias; Crop insurance; Risk and Uncertainty; Q1; G2.
Ano: 2012
URL: http://purl.umn.edu/122538

Deposit Collectors
Provedor de dados: 31
Autores: Ashraf,   Nava; Karlan,   Dean S.; Yin,   Wesley.
Informal lending and savings institutions exist around the world, and often include regular door-to-door deposit collection of cash. Some banks have adopted similar services in order to expand access to banking services in areas that lack physical branches. Using a randomized control trial, we investigate determinants of participation in a deposit collection service and evaluate the impact of offering the service for micro-savers of a rural bank in the Philippines. Of 137 individuals offered the service in the treatment group, 38 agreed to sign-up, and 20 regularly used the service. Take-up is predicted by distance to the bank (a measure of transaction costs of depositing without the service) as well as being married (a suggestion that household bargaining...
Tipo: Working or Discussion Paper
Palavras-chave: Savings behavior; Microfinance; Field experiment; Savings mobilization; Deposit collector; Financial Economics; D1; D9; G1; G2; O1.
Ano: 2005
URL: http://purl.umn.edu/28502

1996 PRICING PERFORMANCE OF MARKET ADVISORY SERVICES FOR CORN AND SOYBEANS
Provedor de dados: 31
Autores: Jackson,   Thomas E.; Irwin,   Scott H.; Good,   Darrel L.
The purpose of this research report is to present an evaluation of advisory service pricing performance in 1996 for corn and soybeans. Specifically, the average price received by a subscriber to an advisory service is calculated for corn and soybean crops harvested in 1996. The average net advisory price across all 26 corn programs is $2.63 per bushel. The range of net advisory prices for corn is quite large, with a minimum of $2.08 per bushel and a maximum of $3.12 per bushel. The average net advisory price across all 24 soybean programs is $7.27 per bushel. As with corn, the range of net advisory prices for soybeans is substantial, with a minimum of $6.80 per bushel and a maximum of $7.80 per bushel.
Tipo: Working or Discussion Paper
Palavras-chave: Agricultural Market Advisory Services; G1; D8; D7; D4; G2; H4; H8; Q1; Z1; Marketing.
Ano: 1998
URL: http://purl.umn.edu/14787

Delegated Monitors, Large and Small: The Development of Germany's Banking System, 1800-1914
Provedor de dados: 31
Autores: Guinnane,   Timothy W.
Banks play a greater role in the German financial system than in the United States or Britain. Germany’s large universal banks are admired by those who advocate bank deregulation in the United States. Others admire the universal banks for their supposed role in corporate governance and industrial finance. Many discussions distort the German Banking system by overstressing one of several types of banks, and ignore the competition and cooperation between the famous universal banks and other banking groups. Tracing the historical development of the German banking system from the early nineteenth century places the large universal banks in context.
Tipo: Working or Discussion Paper
Palavras-chave: Universal banking; German banks; German economic history; Financial Economics; G2; G3; N2.
Ano: 2001
URL: http://purl.umn.edu/28447

Elasticities of Demand for Consumer Credit
Provedor de dados: 31
Autores: Karlan,   Dean S.; Zinman,   Jonathan.
The price elasticity of demand for credit has major implications for macroeconomics, finance, and development. We present estimates of this parameter derived from a randomized trial. The experiment was implemented by a consumer microfinance lender in South Africa and identifies demand curves that, while downward-sloping with respect to price, are flatter than recent estimates in both developing and developed countries throughout most of a wide price range. However, demand becomes highly price sensitive at higher-than-normal rates. We discuss several interpretations of this kink and present some related evidence. We also find that loan size is far more responsive to changes in loan maturity than to changes in interest rate. This pattern is more pronounced...
Tipo: Working or Discussion Paper
Palavras-chave: Credit markets; Microfinance; Demand elasticity; Development finance; Maturity elasticity; Consumer credit; Liquidity constraints; Consumer/Household Economics; Demand and Price Analysis; D1; D9; E2; G2; O1.
Ano: 2005
URL: http://purl.umn.edu/28485

Financial Market Integration in a Wider European Union
Provedor de dados: 31
Autores: Stirbu,   Corneliu.
EU enlargement rests on the proven success of European unification. European monetary integration and the introduction of euro are probably the best examples of integration. The EU financial sector has been going through a large restructuring program in the last decades. There was a continuous wave of deregulation since the late 1980s, when the Single Market programme with minimal harmonisation and home country control was implemented in successive periods for banking, insurance and the securities markets. The accession of new members poses huge challenges on the European Union and the countries from Central and Eastern Europe (CEEC). Similarities in economic histories and experiences, as well as comparable methods applied to build the market economies,...
Tipo: Working or Discussion Paper
Palavras-chave: Financial Aspects of Economic Integration; Financial Institutions and Services; European Financial Markets; Financial Economics; Financial Economics; F36; G2; G15; P34.
Ano: 2004
URL: http://purl.umn.edu/26331

1995 PRICING PERFORMANCE OF MARKET ADVISORY SERVICES FOR CORN AND SOYBEANS
Provedor de dados: 31
Autores: Jackson,   Thomas E.; Irwin,   Scott H.; Good,   Darrel L.
The purpose of this research report is to present an evaluation of advisory service pricing performance in 1995 for corn and soybeans. Specifically, the average price received by a subscriber to an advisory service is calculated for corn and soybean crops harvested in 1995. The average net advisory price across all 25 corn programs is $3.04 per bushel. The range of net advisory prices for corn is quite large, with a minimum of $2.34 per bushel and a maximum of $3.81 per bushel.  The average net advisory price across all 25 soybean programs is $6.61 per bushel.  As with corn, the range of net advisory prices for soybeans is substantial, with a minimum of $5.75 per bushel and a maximum of $7.92 per bushel.
Tipo: Working or Discussion Paper
Palavras-chave: Agricultural Market Advisory Service (AgMAS) Project; D4; D7; D8; G1; G2; H4; H8; Q1; Z1; Marketing.
Ano: 1997
URL: http://purl.umn.edu/14790

Financial Innovation and Financial Fragility
Provedor de dados: 31
Autores: Gennaioli,   Nicola; Shleifer,   Andrei; Vishny,   Robert.
We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive. Financial innovation can make both investors and...
Tipo: Working or Discussion Paper
Palavras-chave: Financial Innovation; Financial Fragility; Securities; Risks; Financial Economics; G; G11; G15; G2.
Ano: 2010
URL: http://purl.umn.edu/96496

Observing Unobservables: Identifying Information Asymmetries with a Consumer Credit Field Experiment
Provedor de dados: 31
Autores: Karlan,   Dean S.; Zinman,   Jonathan.
Information asymmetries are important in theory but difficult to identify in practice. We estimate the empirical importance of adverse selection and moral hazard in a consumer credit market using a new field experiment methodology. We randomized 58,000 direct mail offers issued by a major South African lender along three dimensions: 1) the initial "offer interest rate" appearing on direct mail solicitations; 2) a "contract interest rate" equal to or less than the offer interest rate and revealed to the over 4,000 borrowers who agreed to the initial offer rate; and 3) a dynamic repayment incentive that extends preferential pricing on future loans to borrowers who remain in good standing. These three randomizations, combined with complete knowledge of the...
Tipo: Working or Discussion Paper
Palavras-chave: Information asymmetries; Field experiment; Adverse selection; Moral hazard; Development finance; Credit markets; Microfinance; Financial Economics; C9; D8; G2; G3; O1.
Ano: 2005
URL: http://purl.umn.edu/28482

Trust: A Concept Too Many
Provedor de dados: 31
Autores: Guinnane,   Timothy W.
Research on “trust” now forms a prominent part of the research agenda in history and the social sciences. Although this research has generated useful insights, the idea of trust has been used so widely and loosely that it risks creating more confusion than clarity. This essay argues that to the extent that scholars have a clear idea of what trust actually means, the concept is, at least for economic questions, superfluous: the useful parts of the idea of trust are implicit in older notions of information and the ability to impose sanctions. I trust you in a transaction because of what I know about you, and because of what I can have done to you should you cheat me. This observation does not obviate what many scholars intend, which is to embed economic...
Tipo: Working or Discussion Paper
Palavras-chave: Trust; Social capital; Credit cooperatives; Uniform laws; Institutional and Behavioral Economics; G2; N2.
Ano: 2005
URL: http://purl.umn.edu/28440