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作者：Ghosal, S; Miller, M
摘要：We study a model of sovereign debt crisis that combines problems of creditor co-ordination and debtor moral hazard. In the face of sovereign default, the need to give appropriate incentives to the debtor leads to excessive 'rollover failure' by creditors. We discuss how the incidence of crises might be reduced by international sovereign bankruptcy procedures involving increased 'contractibility' of sovereign debtor's payoffs, suspension of convertibility in a 'discovery' phase and penalties in...
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作者：Sarkar, S; Zapatero, F
作者单位：McMaster University; University of Southern California
摘要：The 'trade-off theory' of capital structure predicts a positive relationship between earnings and leverage, contradictory to well established empirical evidence. Since corporate earnings are known to be mean reverting, we reformulate the trade-off model with mean reverting earnings. We show that, with mean reverting earnings, there should be a negative relationship between optimal leverage and the current earnings level. The model also illustrates the importance of the earnings reversion param...
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作者：Barr, A
作者单位：University of Oxford
摘要：An economic experiment involving 24 small, tightly knit communities allows us to distinguish between trusting or trust-like behaviour based on expectational and non-expectational motivations. A model linking trusting behaviour to expectations of trustworthiness explains over half of the variation across communities. However, the estimated parameters are different (while being similarly well defined) for traditional and resettled communities. This is taken as evidence that non-expectational mot...
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作者：Fatum, R; Hutchison, MM
摘要：This study provides evidence supporting the effectiveness of sterilised foreign exchange market intervention by central banks using an event study approach. An event study framework is better suited to the study of sporadic and intense periods of official intervention, juxtaposed with continuously changing exchange rates, than standard time-series studies. Focusing on daily Bundesbank and US official intervention operations, we identify separate intervention 'episodes' and analyse the subseque...
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作者：Hanushek, EA
作者单位：Stanford University; National Bureau of Economic Research
摘要：In an effort to improve the quality of schools, governments around the world have dramatically increased the resources devoted to them. By concentrating on inputs and ignoring the incentives within schools, the resources have yielded little in the way of general improvement in student achievement. This paper provides a review of the US and international evidence on the effectiveness of such input policies. It then contrasts the impact of resources with that of variations in teacher quality tha...
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作者：Figuieres, C
作者单位：University of Bristol
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作者：Figuieres, C
作者单位：University of Bristol
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作者：Satchell, S
作者单位：University of Cambridge
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作者：Kühn, KU; Padilla, AJ
作者单位：University of Michigan System; University of Michigan
摘要：In this paper, we construct a new basis for insider-outsider theory that acknowledges that insiders are typically easier to organise, so that they can delegate their bargaining decisions to a representative if they want to. We show that harassment or discrimination of new workers by the insider work force is neither individually rational nor needed to explain union formation or inefficient hiring decisions. However, we show that there is a strong tendency for overemployment. Unions tend to inc...
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作者：Glaeser, EL; Laibson, D; Sacerdote, B
摘要：A standard optimal investment model can be used to analyse an individual's decision to accumulate social capital. We analyse six facts that support the predictions of this individual-based approach: (1) social capital first rises and then falls with age, (2) social capital declines with expected mobility, (3) social capital rises in occupations with greater returns to social skills, (4) social capital is higher among homeowners, (5) social connections fall sharply with physical distance, (6) p...
