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Optimal Capital Allocation Using RAROC(tm) and EVA

Stoughton, Neal; Zechner, Josef - C.E.P.R. Discussion Papers - 2004

This Paper analyses firms’ capital allocation decisions when optimal capital structure is linked to the risk of underlying assets and when equity capital is costly and cannot be raised instantaneously. In the model, division managers receive private information and authority is delegated to...

Persistent link: https://www.econbiz.de/10005662320

Short-Termism as Optimal Investment Policy

Brusco, Sandro - C.E.P.R. Discussion Papers - 1999

Models of managerial short-termism rely on a number of assumption, such as limited availability of capital, fixed compensation schemes and an additive impact of managerial ability on revenue. We discuss the role of these assumption in generating short-termism. We show that when managerial...

Persistent link: https://www.econbiz.de/10005791287

Rural Windfall or a New Resource Curse? Coca, Income and Civil Conflict in Colombia

Angrist, Joshua; Kugler, Adriana D. - C.E.P.R. Discussion Papers - 2005

Natural and agricultural resources for which there is a substantial black market, such as coca, opium, and diamonds, appear especially likely to be exploited by the parties to a civil conflict. On the other hand, these resources may also provide one of the few reliable sources of income in the...

Persistent link: https://www.econbiz.de/10005124245

Intermediaries, transport costs and interlinked transactions

Lefèvre, Mélanie; Tharakan, Joe - C.E.P.R. Discussion Papers - 2011

Transport costs play a key role in agricultural markets in developing countries and are one of the causes of poverty amongst farmers that are geographically isolated. Another characteristic of agricultural markets is that they often involve interlinked transactions. However, the existing...

Persistent link: https://www.econbiz.de/10009324254

Reform Without Losers: An Interpretation of China's Dual-Track Approach to Transition

Lau, Lawrence J; Qian, Yingyi; Roland, Gérard - C.E.P.R. Discussion Papers - 1998

worked in product and labour markets in China’s economic reform in practice. …

Persistent link: https://www.econbiz.de/10005504255

One Third of the World's Growth and Inequality

Quah, Danny - C.E.P.R. Discussion Papers - 2002

This Paper studies growth and inequality in China and India – two economies that account for a third of the world … countries. For personal income inequalities in a China-India universe, the forces assuming first-order importance are …

Persistent link: https://www.econbiz.de/10005498030

The Limits of Career Concerns in Federalism: Evidence from China

Persson, Petra; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2015

Performance-based promotion schemes in administrative hierarchies have limitations. Chinese provincial leaders, despite facing strong career concerns, make different policy decisions depending on their career backgrounds. Provincial party secretaries who rose from low to high positions within...

Persistent link: https://www.econbiz.de/10011165652

A DSGE Model of China

Dai, Li; Minford, Patrick; Zhou, Peng - C.E.P.R. Discussion Papers - 2014

We use available methods for testing macro models to evaluate a model of China over the period from Deng Xiaoping …

Persistent link: https://www.econbiz.de/10011083573

Trade liberalization and Embedded Institutional Reform: Evidence from Chinese Exporters

Khandelwal, Amit; Schott, Peter K.; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2012

If trade barriers are managed by inefficient institutions, trade liberalization can lead to greater-than-expected gains. We examine Chinese textile and clothing exports before and after the removal of externally imposed quotas. Both the surge in export volumes and the decline in prices after the...

Persistent link: https://www.econbiz.de/10011083645

US Special Safeguard on Imports of Tires from China: Imposing Pain for Little Gain

Charnovitz, Steve; Hoekman, Bernard - C.E.P.R. Discussion Papers - 2012

In 2009, the United States imposed additional tariffs for a three-year period on imports of automotive tires from China … under a special-safeguard provision included in China’s Protocol of Accession to the WTO. China challenged the measure in … in which an accession protocol was used successfully as a defense; and the first that China lost as a complaining party …

Persistent link: https://www.econbiz.de/10011083656