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On Adjusting the HP-Filter for the Frequency of Observations

Ravn, Morten O; Uhlig, Harald - C.E.P.R. Discussion Papers - 2001

This Paper studies how the HP-Filter should be adjusted, when changing the frequency of observations. It complements the results of Baxter and King (1999) with an analytical analysis, demonstrating that the filter parameter should be adjusted by multiplying it with the fourth power of the...

Persistent link: https://www.econbiz.de/10005067569

Political Risk And Irreversible Investment: Theory And An Application To Quebec

Altug, Sumru G.; Demers, Fanny S; Demers, Michel - C.E.P.R. Discussion Papers - 2000

incorporates learning and a regime switch with time-varying transition probabilities. If a given regime represents a riskier …

Persistent link: https://www.econbiz.de/10005114366

Bureaucracy as a Mechanism to Generate Information

Novaes, Walter; Zingales, Luigi - C.E.P.R. Discussion Papers - 2003

managerial turnover, and it establishes a link between bureaucracy, incentive schemes, and leverage in a cross-section of firms. …

Persistent link: https://www.econbiz.de/10005504447

A Product Market Theory of Worker Training

Gersbach, Hans; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2003

We develop a product market theory that explains why firms invest in general training of their workers. We consider a model where firms first decide whether to invest in general human capital, then make wage offers for each other’s trained employees and finally engage in imperfect product...

Persistent link: https://www.econbiz.de/10005498011

Do Funds Make More When They Trade More?

Pastor, Lubos; Stambaugh, Robert F.; Taylor, Lucian - C.E.P.R. Discussion Papers - 2014

We find that active mutual funds perform better after trading more. This time-series relation between a fund’s turnover … to scale, we find evidence of industry-level decreasing returns: The positive turnover-performance relation weakens when … with high-fee funds having greater skill to identify time-varying profit opportunities and with small funds being more able …

Persistent link: https://www.econbiz.de/10011083863

Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience

Campbell, John Y; Ramadorai, Tarun; Ranish, Benjamin - C.E.P.R. Discussion Papers - 2014

directly-experienced returns to behavior and styles of stock. Both of these vary across investors at a point in time because … investment performance. High trading profits increase turnover, while high returns to equity styles have a short-term negative … Indian stocks with an experienced and low-turnover investor base. …

Persistent link: https://www.econbiz.de/10011084250

A Flexible Economy? Entrepreneurship and Productivity in New Zealand

McMillan, John - C.E.P.R. Discussion Papers - 2004

This Paper (a) provides a framework for quantifying any economy’s flexibility, and (b) reviews the evidence on New Zealand firms’ birth, growth and death. The data indicate that, by and large, the labour market and the financial market are doing their job.

Persistent link: https://www.econbiz.de/10005656446

Cooperation, Harassment, and Involuntary Unemployment: An Insider-Outsider Approach

Lindbeck, Assar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1987

wages of the underbidders. The resulting labor turnover costs create economic rent which the insiders tap in wage …

Persistent link: https://www.econbiz.de/10005791249

Skewness in Stock Returns, Periodic Cash Payouts, and Investor Heterogeneity

Albuquerque, Rui - C.E.P.R. Discussion Papers - 2009

expectations model with heterogeneous investors. The periodicity of cash payouts provides a natural motivation for time …

Persistent link: https://www.econbiz.de/10008491716

Fixed-Term Contracts and the Duration Distribution of Unemployment

Güell, Maia - C.E.P.R. Discussion Papers - 2002

In the mid-1980s, many European countries introduced fixed-term contracts. Since then their labour markets have become more dynamic. This Paper studies the implications of such reforms for the duration distribution of unemployment, with particular emphasis on the changes in the duration...

Persistent link: https://www.econbiz.de/10005123695