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| Registros recuperados: 11 | |
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| Klonner, Stefan. |
| A bidding rotating savings and credit association (Rosca) is modeled as a sequence of symmetric-independent-private-value auctions with price-proportional benefits to bidders. We estimate a structural econometric model which, by introducing an altruistic component into each bidder's utility function, allows for socially favorable deviations from the private information, non-altruistic bidding equilibrium. We find that bidding is more altruistic in groups managed by experienced organizers and in Roscas whose current members have already run through more than one Rosca cycle of the current group, implying that effective leadership and enduring relationships help mitigate the social cost of strategic behavior. When a bidder has to meet an unforeseen... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Roscas; Auctions; Consumer/Household Economics; D44; G20. |
| Ano: 2003 |
URL: http://purl.umn.edu/28449 |
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| Law, Siong Hook; Habibullah, Muzafar Shah. |
| This paper examines the effects of financial development and institutional quality on economic performance in the East Asian economies using the panel cointegration and panel group mean fully modified OLS estimations. The empirical results based on the Solow growth model indicate that well developed institutional quality and financial market lead to the improved output per capita in East Asian economies. The effect of financial development on economic performance is larger when the financial system is embedded within a sound institutional framework. Thus, institutional improvements in these economies are important, not only in promoting economic development but also to deliver the benefits of financial development. |
| Tipo: Journal Article |
Palavras-chave: Financial development; Quality of institutions; Economic performance; Financial Economics; G20; E44. |
| Ano: 2006 |
URL: http://purl.umn.edu/50150 |
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| Aghion, Philippe; Van Reenen, John; Zingales, Luigi. |
| We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of risky projects. The data supports the career concerns model. First, whereas the lazy manager hypothesis predicts a substitution effect between institutional ownership and product market competition (and managerial entrenchment generally), the career-concern model allows for complementarity. Empirically, we reject substitution effects. Second, CEOs are less likely to be fired in the face of... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Career Concerns; Innovation; Institutional Ownership; Productivity and R&D; Financial Economics; G20; G32; O31; O32; O33. |
| Ano: 2010 |
URL: http://purl.umn.edu/93414 |
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| Walter, Ingo. |
| The financial services industry is "special" in a variety of ways, including the fiduciary nature of the business, its role at the center of the payments and capital allocation process with all its static and dynamic implications for economic performance, and the systemic nature of problems that can arise in the industry. So the structure, conduct and performance of the industry has unusually important public interest dimensions. One facet of the discussion has focused on size of financial firms, however measured, and the range of activities conducted by them. Is size positively related to total returns to shareholders? If so, does this involve gains in efficiency or transfers of wealth to shareholders from other constituencies, or maybe both? Does greater... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial services; Shareholders; Size of financial firms; Financial Economics; G20; L10. |
| Ano: 2002 |
URL: http://purl.umn.edu/26341 |
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| Koch, Alexander K.; Lazarov, Zdravetz. |
| More liquid financial contracts are claimed to draw trading volume from contracts for which they are close substitutes. We provide the first analysis of how trading volume across existing financial contracts is affected by changes in the factors that govern the degree to which they are substitutes. Using data on DAX options with different strike prices, we identify these factors and their impact on the distribution of trades across contracts. The results are relevant for exchange design since they help gauge when options with different strike prices are good (bad) substitutes and the strike price grid should be coarse (fine). |
| Tipo: Journal Article |
Palavras-chave: Clustering; Exchange Design; Options; Risk and Uncertainty; G10; G20; L15. |
| Ano: 2007 |
URL: http://purl.umn.edu/50155 |
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| Registros recuperados: 11 | |
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