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PDF Ebook Option Trading and Oil Futures Markets

... family about thewer long journey home we remember only 04 general After the summer to go to Beijing Zhu car?-based residential ... we am no economwest we do not know how advanced the knowledge of economics, but we was born wen Zhu ?-based office at the ...

Story - antoq - 10/18/2010 - 13:46 - 155 comments - 0 attachments

Ebook The Gender Gap In Political Knowledge: A Comparison Of Political Knowledge Levels In The United States, Canada, And Great Britain

The gender gap in political knowledge poses an interesting question that is much studied, yet there is ... why men seem to know more about politics than women. This knowledge gap exists despite the fact that women have similar education levels ... on pocketbook or financial considerations while women, in general, care more about social concerns. Women are very active voters, often ...

Story - wulan - 05/01/2010 - 05:51 - 0 comments - 0 attachments

PDF Ebook What To Eat? Goal-Conflict Theory and Weight Maintenance

... is not the case. Despite the frequency of dieting in the general population and the knowledge that overweight and obesity are accompanied by health problems, ...

Story - antoq - 12/20/2011 - 06:16 - 0 comments - 0 attachments

Ebook Knowledge and Attitude of Radiographers towards HIV/AIDS Patients Attending Radiology Clinics in Enugu State, Nigeria

... on disease and injury prevention (Caldron, 1997). Knowledge has been defined as the capacity to acquire, retain and use ... towards the issue (Adams, 1990). The attitude of the general public towards people with HIV/AIDS is mostly negative (Williams and ...

Story - puput - 10/30/2010 - 07:06 - 0 comments - 0 attachments

PDF Ebook Freeing Knowledge, Telling Secrets: Open Source Intelligence and Development

... revolution accelerates that must be addressed; knowledge and knowledge management, or in other words, collection and ... system that values keeping secrets more than accumulating general knowledge that is publicly available.4 Combined with excessive ... does. This phenomenon was described by Air Force Lt. General Mike Hayden, speaking as director of the NSA in 2002, as the "stovepipe ...

Story - antoq - 11/06/2010 - 06:51 - 0 comments - 0 attachments

Ebook Savings Banks, Liquidity Creation and Monetary Policy

... change influences the overall liquidity creation by banks. Knowledge about this interaction can be crucial, especially in times of crisis. ... these banks are mandated to provide liquidity and general banking services for a given market. By being state-owned they exhibit ...

Story - puput - 09/23/2011 - 04:42 - 0 comments - 0 attachments

Ebook The impact of regional and functional integration on the post-entry performance: of knowledge intensive business service firms

... determinants of post-entry performance of newly founded knowledge intensive business service firms (KIBS) using a newly created firm ... concerned with the role of KIBS (and services in general) for economic development and change, with the nature and significance ...

Story - puput - 10/21/2010 - 07:07 - 0 comments - 0 attachments

Ebook Credit Market Imperfections and Long-Run Macroeconomic Consequences

... controversial issues by focusing on some plausible dynamic general-equilibrium channels through which credit constraints on firm borrowing ... capital is a fixed proportion of the society's stock of knowledge. The young households work to receive wages and save for consumption ...

Story - puput - 09/21/2011 - 02:50 - 0 comments - 0 attachments

Ebook R&D and productivity: The knowledge capital model revisited

Investment in knowledge at the firm level is a primary source of productivity growth. Firms ... productivity. To account for the fact that investment in knowledge creates long-lived assets for firms, Griliches (1979) augmented the ... in the accumulation of knowledge (Klette 1996). In general, there is little reason to believe that this and other features such as ...

Story - wulan - 04/09/2010 - 07:33 - 0 comments - 0 attachments

Ebook Effect of Personal Financial Knowledge on College: Students’ Credit Card Behavior

... Although some students do have difficulty with credit, in general, college students are at least as responsible as their age peers in ... market. Economic theory proposes that consumers require knowledge to make utility maximizing choices. The purpose of this study was to ...

Story - puput - 10/09/2010 - 08:07 - 0 comments - 0 attachments


Ebook Ownership Structure And Stock Market Liquidity

Submitted by puput on Tue, 07/13/2010 - 03:05

A market is liquid if the cost of buying or selling a large number of shares on demand is low. Amihud and Mendelson (1986) show that market participants are willing to pay for liquidity. They measure liquidity by the quoted bid-ask spread and show that there is a positive relation between expected returns and spread. This suggests that the costs of acquiring capital are lower for firms with more liquid securities. Thus, liquidity in the stock market has consequences for a firm's financing/investment policies.

There are a number of factors that can impact stock market liquidity. Glosten and Milgrom (1985) argue that one cause of illiquidity is the presence of privately informed traders. One such group of privately informed traders is the insiders of a firm. For example, Seyhun (1986) shows that insider trades precede abnormal changes in the price of their company's stock. This suggests that the level of insider ownership in a firm may influence the liquidity of the stock.

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Ebook Productivity and Global Imbalances: The Role of Non-Tradable TFP in Advanced Economies

Submitted by wulan on Wed, 02/03/2010 - 06:45

During the 1990s, large trade imbalances developed in different regions of the world, with the United States running persistent deficits, and Japan and the euro area first, and later emerging Asia and fuel-exporting countries, running surpluses (Figure 1). Today the United States absorbs three quarters of the world’s current account surpluses, and net U.S. liabilities are at record-high, representing over a fifth of U.S. GDP.

The debate about the sources and hence possible resolutions of these external imbalances is polarized. Some argue that global imbalances should not be resisted. This is because they largely manifest an equilibrium phenomenon, generated by the interaction of growth and financial development differentials among countries, that will resolve themselves slowly over time (see, for example, Engel and Rogers, 2006; Blanchard, 2007; Caballero, Fahri, and Gourinchas, 2007; Mendoza, Rull, and Quadrini, 2007; Perri and Fogli, 2007; and McGrattan and Prescott, 2007). Many, however, trust that these imbalances originate in economic distortions, and they should be resolved primarily through policy adjustment, including significant changes in effective exchange rates and fiscal policies or both (e.g., IMF, 2005 and 2006, Blanchard, Giavazzi and Sa, 2007; Mussa (2004), Obstfeld and Rogoff (2007), Roubini and Setser (2004), and Yoshitomi (2006)).

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Ebook Stock Market Liquidity and the Cost of Issuing Equity

Submitted by puput on Wed, 12/16/2009 - 08:22

Should a firm have any interest in the market liquidity of its securities? Previous studies have tried to answer this question by relating liquidity to the firm’s cost of capital. However, the empirical evidence to date on this issue is somewhat mixed. This paper takes a different approach to test whether liquidity matters to the firm by examining an event that links liquidity to the direct cost of raising external capital. We hypothesize that when firms access the external equity capital markets the liquidity of their stock affects the transaction costs—specifically, the investment banking fees—associated with floating new equity. Using a sample of 2,387 seasoned equity offerings (SEOs) during 1993-2000, we test this hypothesis and find that, ceteris paribus, investment banks’ fees are substantially lower for firms with more liquid stock.

The rationale for why liquidity might affect the flotation costs associated with a seasoned equity offering is that the costs faced by the investment banking group are similar in spirit to those of other market makers such as dealers, specialists, or block traders who line up buyers and sellers to acilitate the intermediation process. For example, the underwriting syndicate may face inventory risk from receiving the shares as well as adverse selection risk if they maintain a net position in the stock. Further, the investment banking group may also incur sunk costs in seeking out investors and processing the transactions. As a result, the more liquid the market for the underlying stock, the easier it is for the investment bank to place the new issue and reduce these intermediation costs. Since it should be easier to place an equity issue in a liquid market than to place it in an illiquid market, the stock market liquidity of the issuing firm should be an important determinant of the investment banking fees.

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