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Acharya, Viral V. - 2013

. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative …

Persistent link: https://www.econbiz.de/10013071913

Dividends as Reference Points : A Behavioral Signaling Approach

Baker, Malcolm - 2012

We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

Persistent link: https://www.econbiz.de/10013103531

Why Do Companies Pay Dividends?

Feldstein, Martin S. - 2010

analysis of dividend behavior with respect to tax parameters and to the conditions determining the riskiness of the securities …

Persistent link: https://www.econbiz.de/10012763197

Nimby Taxes Matter : State Taxes and Interstate Hazardous Waste Shipments

Levinson, Arik - 2013

This paper examines the extent to which state taxes have inhibited interstate transport of" hazardous waste for disposal in the United States. It uses panel data from the Toxics Release" Inventory (TRI) and the Resource Conservation and Recovery Act (RCRA) on interstate" shipments of waste, and...

Persistent link: https://www.econbiz.de/10014158316

Balance of Payments and the Foreign Exchange Market : A Dynamic Partial Equilibrium Model

Kouri, Pentti J. K. - 2021

This paper develops a dynamic partial equilibrium model of the foreign exchange market extending the standard textbook model in two respects. First, capital account transactions are explicitly incorporated into the model, and secondly, 'rational' speculative behaviour is also introduced. At a...

Persistent link: https://www.econbiz.de/10013234961

Partial- vs. General-Equilibrium Models of the International Capital Market

Dumas, Bernard - 2021

In this essay, I discuss and compare two ways of modeling international capital market equilibrium: the orthodox, general-equilibrium approach and the heterodox, partial-equilibrium CAPM (Capital Asset Pricing Model) approach. The benchmark for this comparison is the model's ability to provide...

Persistent link: https://www.econbiz.de/10013245520

Investing Retirement Wealth : a Life-Cycle Model

Campbell, John Y. - 2010

If household portfolios are constrained by borrowing and short-sales restrictions asset markets, then alternative retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial-equilibrium model of optimal life-cycle portfolio choice...

Persistent link: https://www.econbiz.de/10012763806

Trade Reforms and Current Account Imbalances : When Does the General Equilibrium Effect Overturn a Partial Equilibrium Intuition?

Ju, Jiandong - 2012

Permanent shocks such as trade liberalizations are hard to discuss in a standard dynamic Hechscher-Ohlin model due to potential interest rate over-determination. We make three contributions. First, we introduce an endogenous discount factor which solves the problem of interest rate...

Persistent link: https://www.econbiz.de/10013096127

The Structure of Wages and Investment in General Training

Acemoglu, Daron; Pischke, Jörn-Steffen - 2022

In the standard model of human capital with perfect labor markets general training. When labor market frictions compress the structure of wages in the general skills of their employees. The reason is that the distortion in the wage structure" turn technologically' general skills into specific'...

Persistent link: https://www.econbiz.de/10013321573

Empirical Patterns of Firm Growth and R&D Investment : A Quality Ladder Model Interpretation

Klette, Tor Jakob; Griliches, Zvi - 2021

We present a model of endogenous firm growth with R&D investment and innovation as the engine of growth. The objective of our analysis is to present a framework that can be used for microeconometric analysis of firm performance in high-tech industries. The model for firm growth is a partial...

Persistent link: https://www.econbiz.de/10013210678