Research in Finance, Volume 20 (Research in Finance) by A.H. Chen

By A.H. Chen

11 papers during this quantity current a few present fascinating and significant learn in finance. established upon the CAPM, Chen and Kane express that double taxation and differential tax premiums on a private and capital-gains source of revenue, have an effect on company inventory values and monetary rules in nonneutral methods. Sengupta indicates tax evasion judgements of a monopolist in a price-ceiling regulatory setting. of their paper, Osterberg and Thomson empirically learn the influence of state-level deposit choice legislation on solution sort and prices for all working FDIC-BIF insured advertisement banks that have been closed, or required FDIC monetary suggestions, from January 1986 via December 1992. Peek and Wilcox express that in classes of overseas monetary crises, or of household fiscal rigidity, the government-sponsored firms (GSEs) are like minded to stabilize personal loan markets.In their paper, Chen, Robinson and Siems empirically express the organization among banks' subordinated debt and their mortgage revenues actions and its implications within the transmission mechanism of financial coverage. additionally during this quantity, Lin et al. use the Granger causality try out to envision the linkage among the euro alternate expense and the cash offer and GDP within the euro neighborhood, in addition to its effect at the united kingdom trade price and the London inventory trade industry index. of their paper, Kane and Muzere expand the Diamond-Dybvig version of financial institution runs to an open marketplace economic climate and exhibit that including the vital banks and the IMF, promises will decrease, yet no longer do away with the banking in addition to forex crises. The paper through Chung et al. empirically exhibits the presence of a protracted reminiscence, estate in foreign money, destiny markets, and discusses its hedging implications. of their paper, Lee, Lee and Yu advance a valuation version for the pension gain promises that includes the plan termination stipulations in addition to a stochastic rate of interest. In a case examine, Hung et al. empirically express that the especially designed dividends (SDD) have confident signs within the Taiwan inventory alternate. eventually, of their paper, Guerard and Mark convey that using an R&D quadratic time period complements the mean-variance effective portfolios and stockholder returns.

Show description

Read Online or Download Research in Finance, Volume 20 (Research in Finance) (Research in Finance) PDF

Best economic conditions books

Investment Climate Around the World: Voices of the Firms from the World Business Environment Survey (Directions in Development)

The research of firm-level information accumulated via parallel overseas company surveys can demonstrate vital linkages among governance constraints and enterprise development and funding. the realm enterprise surroundings Survey (WBES), an initiative led by means of the area financial institution crew in 1999 and 2000, accrued firm info from greater than 10,000 organisations in eighty nations and one territory.

Miraculous Growth and Stagnation in Post-War Japan

This quantity examines various features of the japanese adventure in a comparative context. there's a lot the following of relevance to modern constructing nations nervous to begin the adventure of incredible progress and concerned to prevent the following stagnation. Such problems with the function of presidency in supplying the correct amount of child safety, the relevance of the economic system, the country’s atypical company constitution and the function of schooling in a comparative context serve to light up the teachings and legacies of this specified event in improvement.

Themes in macroeconomic history: The UK economy, 1919-1939

Characterised by way of mass unemployment, protectionism, different alternate fee regimes, the disintegration of the realm exchange, and terrible long term development clients, the interwar interval was once, by way of any criteria, a extraordinary one. This textbook presents a survey of the foremost macroeconomic questions that arose from the adventure of the British economic climate from 1919 to 1939.

Development economics in action : a study of economic policies in Ghana

Half A - Nkrumah and his quick Successors, 1960-72 1. advent 2. improvement, Disequilibrium and country Interventionism three. the industrial concepts of Nkrumah and his Successors four. household financial functionality within the Sixties five. exterior functionality: The foreign currencies Constraint and its reasons 6.

Additional resources for Research in Finance, Volume 20 (Research in Finance) (Research in Finance)

Sample text

Depositor Preference Legislation and Failed Banks’ Resolution Costs 45 Table 6. FIML-Probit Estimation of Closure Eq. a Variable Coefficient Std. 8102 a These results are used to adjust the estimated standard errors as in Table 7 for the resolution type Eq. (3). reported by Thomson (see Tables B1 and B2). The improved performance of our model can be traced to two sources. 18 Second, we estimate Eqs (2) and (3) as a bivariate probit (allowing for possible correlation between error terms) rather than estimating the closure equation with logit.

8. Marino and Bennett (1999) provide a discussion of the importance of foreign deposits for assessing the impact of the 1993 Act. 9. The Competitive Equality Banking Act of 1987 gave the FDIC an intermediate option for handling a failed bank, the bridge bank. Under bridge bank authority (which was expanded by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989) the FDIC can pass the assets and liabilities of the failing bank into a specially chartered National bank which the FDIC can operate for up to three years.

OSTERBERG AND JAMES B. 15 Since little case-specific data on receivership costs is available, let alone the marginal receivership cost for each closed institution, we include all three types of resolution costs in the dependent variable for Eq. (4). Net worth (book equity plus reserves) represents the cushion between the value of assets and the promised payments to debt holders, so Predicted Net Worth should be negatively related to costs. Unbooked losses should be positively related to resolution costs and are proxied here by two measures of losses on the asset portfolio, Other Real Estate Owned and Problem Loans (“past-due and non-accruing loans”).

Download PDF sample

Rated 4.03 of 5 – based on 33 votes