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最新文章

• Who should buy long-term bonds? AI翻译
  作者：Campbell, JY; Viceira, LM
  作者单位：Harvard University; National Bureau of Economic Research; Harvard University; Center for Economic & Policy Research (CEPR)
  摘要：According to conventional wisdom, long-term bonds are appropriate for conservative long-term investors. This paper develops a model of optimal consumption and portfolio choice for infinite-lived investors with recursive utility who face stochastic interest rates, solves the model using an approximate analytical method, and evaluates conventional wisdom. As risk aversion increases, the myopic component of risky asset demand disappears bur the intertemporal hedging component does not. Conservati...
• Dividends and expropriation AI翻译
  作者：Faccio, M; Lang, LHP; Young, L
  作者单位：Catholic University of the Sacred Heart; Chinese University of Hong Kong; Chinese University of Hong Kong
  摘要：Whereas most U.S. corporations are widely held, the predominant form of ownership in East Asia is control by a family, which often supplies a top manager. These features of crony capitalism are actually more pronounced in Western Europe. In both regions, the salient agency problem is expropriation of outside shareholders by controlling shareholders. Dividends provide evidence on this. Group-affiliated corporations in Europe pay higher dividends than in Asia, dampening insider expropriation. Di...
• Information technology and the US economy AI翻译
  作者：Jorgenson, DW
  作者单位：Harvard University
• What hides behind an unemployment rate: Comparing Portuguese and US labor markets AI翻译
  作者：Blanchard, O; Portugal, P
  作者单位：Massachusetts Institute of Technology (MIT); Banco de Portugal; Universidade Nova de Lisboa
  摘要：Behind similar unemployment rates in the United States and Portugal hide two very different labor markets. Unemployment duration is three times longer in Portugal than in the United States. Symmetrically, flows of workers into unemployment are three times lower in Portugal. These lower flows come in roughly equal proportions from lower job creation and destruction, and from lower worker flows given job creation and destruction. A plausible explanation is high employment protection in Portugal....
• Firm-specific human capital as a shared investment: Reply AI翻译
  作者：Hashimoto, M
  作者单位：University System of Ohio; Ohio State University
• State-owned and privately owned firms: An empirical analysis of profitability, leverage, and labor intensity AI翻译
  作者：Dewenter, KL; Malatesta, PH
  作者单位：University of Washington; University of Washington Seattle
• The market evaluation of criminality: Evidence from the auction of British convict labor in America, 1767-1775 AI翻译
  作者：Grubb, F
  作者单位：University of Delaware
• Habit persistence, asset returns, and the business cycle AI翻译
  作者：Boldrin, M; Christiano, LJ; Fisher, JDM
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; Northwestern University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
  摘要：Two modifications are introduced into the standard real-business-cycle model: habit preferences and a two-sector technology with limited intersectoral factor mobility. The model is consistent with the observed mean risk-free rate, equity premium, and Sharpe ratio on equity. In addition, its business-cycle implications represent a substantial improvement over the standard model. It accounts for persistence in output, comovement of employment across different sectors over the business cycle, the...