-
作者：FLATH, D
作者单位：North Carolina State University
摘要：Largest debtholders in keiretsu member companies hold more stock if the companies have high debt to equity ratios or have weaker collateral, greater prospects of growth, or unique aspects. All are factors associated with the agency problems of debt that stockholding by a debtholder can help to resolve. The stockholding also induces greater borrowing by these same companies, ceteris paribus.
-
作者：CAMPA, JM
摘要：This paper tests the effects that real exchange rate fluctuations had on foreign direct investment into the United States during the 1980s. Using a sample of foreign investments in 61 four-digit SIC U.S. wholesale industries, this paper finds exchange rate volatility to be negatively correlated with the number of foreign investments that occur in these industries. This negative effect is most pronounced for industries where sunk investments in physical and intangible assets are relatively high...
-
作者：CROPPER, ML; DECK, L; KISHOR, N; MCCONNELL, KE
作者单位：The World Bank; ABT Associates; Resources for the Future
摘要：This paper compares, via simulation, the performance of the multinomial logit and hedonic models in estimating consumer preferences for product attributes. We ascribe preferences over the attributes of houses to a population of consumers, and, by having them bid for a set of houses calculate equilibrium prices. The resulting data are used to estimate the two models. We find that the gradient of a linear Box-Cox hedonic price function estimates marginal attribute bids at least as well as a line...
