This paper explores the connection between export expansion and GDP growth, with reference to the diverging growth experience of East Asian and Latin American countries (LAC). We are interested in the issue of whether export growth is associated with overall economic growth. In a statistical sense, the relation must hold, since exports are a part of GDP.
One of the stylized facts of growth is that factor income shares remain stable over time. This fact justifies many economic models using constant income shares. Recently, researchers have been more interested in explaining short-run fluctuations and cyclical movements of labor (income) share. However, the literature has focused on developed markets, predominantly the US, and is silent on labor share fluctuations in emerging markets.
An Islamic bank is a deposit-taking banking institution whose scope of activities includes all currently known banking activities, excluding borrowing and lending on the basis of interest. On the liabilities side, it mobilizes funds on the basis of a Mudarabah or Wakalah (agent) contract. It can also accept demand deposits which are treated as interest-free loans from the clients to the bank. and which are guaranteed. On the assets side, it advances funds on a profit-and–loss sharing or a debt-creating basis, in accordance with the principles of the Shar?ah.
This paper examines the future earnings implications of cash flows due to the tax benefit firms receive when employees exercise stock options, and whether the market correctly prices these implications when this cash flow is included in the operating section. Our analysis is motivated by three considerations. First, the appropriate treatment of the tax benefit on the statement of cash flows has been a contentious issue. Because the tax benefit relates to taxes and compensation, it is conceptually similar to other operating cash flows. However, the tax benefit only arises when the firm issues equity, similar in nature to other financing cash flows.
Management forecasts of earnings clearly provide valuable information about firms’ prospects. Many studies, going back at least to Foster (1973), have shown that these forecasts affect stock prices. More recent work has emphasized the conditional nature of the value of these forecasts. These studies, reviewed below, find that the impact of managerial guidance on stock market prices may be related to the complexity of the earnings process, the good versus bad news nature of the announcement, the precision of the forecast, the mode of disclosure, the quality of corporate governance, and manager credibility established by the history of past forecasts.
In this paper, we show that the market requires less return from LIFO firms than from FIFO firms, implying a higher valuation of LIFO firms. Francis et al. (2005) show a similar effect with accruals quality, i.e., that the market requires less return from firms with better accruals quality than from firms with poorer accruals quality.
This paper examines three primary hypotheses about the market for borrowing corporate bonds. The first is whether borrowing corporate bonds is more expensive and illiquid than borrowing stock. It is not. The borrowing costs for corporate bonds are usually low and linked to the costs of borrowing stock. In addition, we estimate that shorting represents 19.1% of corporate bond trades. The second hypothesis is whether bond shorting is motivated by investors possessing private information.
Trading in fixed income assets is a profitable business in global investment banks. Besides providing market liquidity through market-making activities, investment banks also devote significant amounts of proprietary capital to trade a wide variety of fixed income instruments, such as Treasury bills to 30-year government bonds, corporate bonds and mortgage-backed securities, etc. Besides investment banks, hedge funds and dedicated bond funds also actively pursue trading opportunities in fixed income assets.
Intestinal gas means different things to different people. Patients may complain of excessive bloating after eating, belching, or rectal gas (flatulence), or a combination of these symptoms. In order to deal with these different symptoms, patients should understand how the gastrointestinal tract works. With this knowledge, they can take steps to prevent or improve their symptoms.
Attenuation of postprandial glycemia is hypothesized to reduce the risk of progression from impaired glucose tolerance to diabetes. It is also thought to reduce the number of complications associated with diabetes. S. oblonga extract has been shown to reduce postprandial glycemia when it is fed in addition to a liquid nutritional supplement containing mainly maltodextrin. No studies have been done, however, using S. oblonga extract on a solid meal. The purpose of this study was to measure the effects of S. oblonga extract on the postprandial glycemic and lactate responses along with the perceived gastrointestinal, satiety, and flatulence symptoms severity following a solid, high starch meal. Fourteen subjects (8 males, 6 females) ate two test meals after an overnight fast following a standardized dinner.
The portfolio approach pioneered by Markowitz is one of the cornerstones of modern portfolio management. A broad knowledge has been accumulated about the performance, the strengths, and the weaknesses of this approach when applied to equity portfolios. However, much less is known about portfolio optimization in bond markets.
Standard asset pricing theory, e.g., the capital asset pricing model (CAPM), predicts that investors demand an ex ante risk premium for bearing the systematic risk that they cannot diversify away. The market portfolio in the equity market is the most diversified portfolio; as such, its conditional variance represents one of the most commonly used measures of market systematic risk. A positive relation between the expected return and variance of the market portfolio is intuitively appealing and Ghysels, Santa Clara, and Valkanov (2005) argue that it is the “first fundamental law of finance.”
Security markets vary greatly in their transparency, i.e. in the amount of information regarding market conditions made public on a timely basis. Equity markets generally disseminate continuous pre-trade information, such as best quotations and, in some cases, information about unexecuted limit orders, and also report immediately prices and sizes of completed trades.
I propose a simple model to study the implications of corporate governance for the business cycle, based on the idea that managers tend to expand their firms beyond the profit maximizing size. What matters for aggregate dynamics is whether these deviations from profit maximization are more likely to happen in booms or in recessions. This, in turn, depends on how the relative costs and benefits of monitoring firms’ decisions change with the state of the economy.
The financial crisis that developed starting in summer 2007 has made it clear that macro economic models need to allocate a more prominent role to the financial sector for understanding the dynamics of the business cycle. Contrary to what has been often reported in popular press, there is a long and well established tradition in macroeconomics adding financial market frictions in standard macroeconomic models and showing the importance of the financial sector for business cycle fluctuations. Bernanke and Gertler (1989)is one of the earliest studies. Kiyotaki and Moore (1997) provide another possible approach to incorporate financial frictions in a general equilibrium model. These two contributions are now the classic references for most of the work done in this area during the last 25 years.
In this paper we examine price variation in manufacturing industries over the business cycle. This study is motivated by the hypothesis that firms with market power may have incentives to exercise this power differentially over the business cycle. Such differential exercise of market power could exacerbate business cycle fluctuations relative to what would occur in the absence of market power.
The "failure" of the CAPM, more precisely, its inability to account for the cross section of average stock returns, has probably remained one of the main drivers behind research in asset pricing. Since Fama and French (1993), many empirically successful asset pricing models have been proposed. However, much less has been said when it comes to providing economically founded explanations for the asset pricing anomalies detected.
The housing cycle leads the business cycle, or as pointed by Leamer (2007): \Housing is the Business Cycle". Across all components of U.S. GDP, residential investment contributes most to the weakness of GDP prior to recessions and almost all recoveries can first be observed in residential investment as well. In this study, we focus on five GDP components, residential investment, durables, nondurable consumption, investment in business structures, and investment in equipment and software.
Wage inequality is not only substantially lower in continental European countries than in the US or UK, but also its evolution over time is very different across countries. A fairly consensual position is that the wage distribution reflects both supply and demand factors and the institutional environment. However, it is still debated whether pure factor demand and supply or labor market institutions are quantitatively more important for wage inequality.
In a recent strand of the Ramsey literature on optimal fiscal and monetary policy, Schmitt-Grohe and Uribe (2004b) and Siu (2004) have found that sticky product prices makes the volatility of Ramsey inflation quite small. This result contrasts with the strikingly high inflation volatility discovered by Chari, Christiano, and Kehoe (1991) in an environment with flexible prices. Given recent renewed attention to the importance of stickiness in nominal wages, a natural question is to what degree does low volatility of Ramsey inflation arise in a model featuring sticky wages, either instead of or in addition to sticky prices.
I hope it will be agreeable to the Society if I make known some of the results of a study of a rare disease of bones. The patient on whom I was able to study it was a gentleman of good family, whose parents and grandparents lived to old age with apparently sound health, and among whose relatives no disease was known to have prevailed. Especially, gout and rheumatism, I was told, were not known among them; but one of his sisters died with chronic cancer of the breast.
Product and labor market regulation differ substantially across OECD countries. Whereas Anglo-Saxon countries have flexible labor markets and deregulated product markets the opposite is the case for continental European countries. However, continental European countries have attempted policy reforms to relax the stringency of their regulations in the past decades.
The immune system protects the body from microorganisms such as bacteria and viruses, but in lupus its ability to distinguish between foreign material and its own tissues is defective. Inflammation follows immune attack on body tissues. At its onset, lupus may involve only one organ system. Lupus most commonly affects joints, the skin and the kidneys but the eye may also be involved. to antibodies and immune complexes damage tissues and cells. The cause of lupus is unknown.
The structure of the eye is highly organized and complex (Figure 1), reflecting the high degree of specialization that is required to support its function. The integrity and transparency of the ocular media (aqueous, lens, and vitreous), which refract, transmit, and sense light, are critical to optimal visual function. Any distortion of the visual axis — from the cornea through the anterior chamber, lens, and vitreous body to the retina (Figure 1) — by inflammatory processes within the eye can adversely affect vision. Uveitis or uveoretinitis is a general term referring to inflammation of the retina and uvea (the pigmented vascular coat of the eyeball, consisting of the choroid, ciliary body, and iris). Uveitis is categorized on an anatomical basis as anterior, intermediate, or posterior, or as panuveitis if it involves both the anterior and posterior parts of the eye.
Labor market institutions affect the outcomes of workers in a variety of ways. Many of these institutions are related to the wage setting process, and hence influence the wages paid to workers directly. But even institutions like unemployment insurance or employment protection will affect wages indirectly, because they change workers’ bargaining power in the wage setting process. The wages actually set will in turn influence the hiring decisions of firms, and hence employment outcomes. There is a vast literature studying these issues, both theoretically and empirically.
There exists numerous recent studies on emerging economies which emphasize the relationship between the changes in the real interest rates countries face in the international financial markets and the business cycle fluctuations those countries experience. However there is less number of studies that take into account the labor market dynamics in explaining emerging market business cycles. Recent crisis originated in financial sector but then transmitted to the real sector through the cost of working capital of firms and caused a rise in unemployment in both developed and emerging economies.
The aim of this paper is to analyse model risk within the context of credit risk modeling, and more specifically for defaultable bonds and credit derivatives. With the proliferation of financial losses related to the use of derivative securities risk management in general, and model risk management in particular has gained attention in the recent years. Recently, the booming credit risk literature has experienced a shift towards the so called reduced-form models that rely, basically, on an exogenous specification of default-inducing processes.
Corporate bonds are amongst the least understood instruments in the US financial markets. This is surprising given the sheer size of the US corporate bond market, about 6.8 trillion dollars outstanding as of June 2009, which makes such bonds an important source of capital for US firms. These bonds carry a risk of default, and hence command a yield premium or spread relative to their risk free counterparts. However, the academic literature in finance has been unable to explain a significant component of corporate bond yields/prices in relation to their Treasury counterparts, despite using a range of structural and reduced form credit risk models.
Colds are very common viral illnesses that occur year round, but primarily in winter months. Because there are many viruses that cause colds, people may experience multiple colds per year, or find that their symptoms vary with each infection. The flu is also caused by a virus, but is due to a specific virus called influenza virus. The typical symptoms of the flu are high fever, body aches, fatigue, sore throat, headache and/or painful cough.
Fatty acids, esterified to glycerol, are the main constituents of oils and fats. The industrial exploitation of oils and fats, both for food and oleochemical products, is based on chemical modification of both the carboxyl and unsaturated groups present in fatty acids. Although the most reactive sites in fatty acids are the carboxyl group and double bonds, methylenes adjacent to them are activated, increasing their reactivity. Only rarely do saturated chains show reactivity. Carboxyl groups and unsaturated centers usually react independently, but when in close proximity, both may react through neighboring group participation. In enzymatic reactions, the reactivity of the carboxyl group can be influenced by the presence of a nearby double bond.
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