Narrow search
Showing 1 - 10 of 103
Cover Image
Short-Termism as Optimal Investment Policy
Brusco, Sandro - C.E.P.R. Discussion Papers - 1999
short-termism. We show that when managerial ability has a multiplicative impact on revenue then the first best investment …
Persistent link: https://www.econbiz.de/10005791287
Cover Image
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
Cover Image
Austerity
Dellas, Harris; Niepelt, Dirk - C.E.P.R. Discussion Papers - 2014
favorable loan package; that it is associated with over-investment even when investment does not create collateral; and that low …
Persistent link: https://www.econbiz.de/10011145392
Cover Image
Austerity in 2009-2013
Alesina, Alberto F; Barbiero, Omar; Favero, Carlo A.; … - C.E.P.R. Discussion Papers - 2015
The conventional wisdom is (i) that fiscal austerity was the main culprit for the recessions experienced by many countries, especially in Europe, since 2010 and (ii) that this round of fiscal consolidation was much more costly than past ones. The contribution of this paper is a clarification of...
Persistent link: https://www.econbiz.de/10011145403
Cover Image
From strangers to partners in the hemisphere: New Prospects in Australia’s Economic Relations with Latin America
Kenyon, Don; Eng, Pierre van der - Research School of Economics, College of Business and … - 2011
From marginal relevance, the trade and business relations between Australia and Latin America have grown during the past two decades. A proximate reason is that they diversified to encompass a greater range of manufactures and services. Differences in the business environments of Australia and...
Persistent link: https://www.econbiz.de/10009131009
Cover Image
Investment and capital structure of partially private regulated firms
Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011
We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that …
Persistent link: https://www.econbiz.de/10009209829
Cover Image
A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...
Persistent link: https://www.econbiz.de/10009221567
Cover Image
Which Terror at Which Cost? On the Economic Consequences of Terrorist Attacks
Llussá, Fernanda; Tavares, José - C.E.P.R. Discussion Papers - 2010
Consumption and Investment are significantly and negatively affected by all terror indicators, and the largest impact is …
Persistent link: https://www.econbiz.de/10008680754
Cover Image
Habit Formation and Fiscal Transmission in Open Economies
Cardi, Olivier; Müller, Gernot - C.E.P.R. Discussion Papers - 2010
model. We find that i) government spending increases output and induces a simultaneous decline of investment and the current … account, but does not affect consumption; ii) the responses of output and investment are smaller in more open economies, while … simultaneous decline in investment and the current account. …
Persistent link: https://www.econbiz.de/10008684676
Cover Image
Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation
Philippon, Thomas - C.E.P.R. Discussion Papers - 2014
A quantitative investigation of financial intermediation in the U.S. over the past 130 years yields the following results : (i) the finance industry’s share of GDP is high in the 1920s, low in the 1950s and 1960s, and high again in the 1990s and 2000s; (ii) most of these variations can be...
Persistent link: https://www.econbiz.de/10011083657