... 12 Intangible Assets Chapter 13 Liabilities Unearned Revenue Accrued Expenses Chapter 14 Accounts Payable Chapter 15 ...
Story - antoq - 10/29/2010 - 07:52 - 0 comments - 0 attachments
In this paper, we use firm-level data to quantify the intensive and extensive margin effects of real exchange rate fluctuations on Canadian retailers. We expect an exchange rate movement to have demand-side effects on retailers through its impact on cross-border shopping by Canadian and American consumers and to have supply-side effects through its impact on the price of imported goods that Canadian retailers purchase for resale. Our primary focus is on the demand-side effects and we find significant responses in Canadian retail to real exchange rate movements along the intensive margin.
The practical and theoretical importance of credit card debt cannot be overstated. As a major contributor to household debt levels it plays an important role in the current financial crisis. In testimony to its widespread nature some 180 million Americans currently have a credit card (Lusardi and Tufano 2009) of which approximately half regularly carry unpaid credit card debt (Sprenger and Stavins 2008). Its importance has sparked renewed interest in the study of household finance and high-interest borrowers in particular (Campbell 2006; Lusardi and Mitchell 2008; Agarwal, Driscol, Gabaix and Laibson 2008; Tufano, Maynard and De Neve 2008; Lusardi and Tufano 2009; Zinman 2009). The variables used to explain variation in credit card usage revolve principally around age, gender, ethnicity, income levels, employment, and financial literacy.
In laboratory and real world situations, a correlation has been found between impulsivity and a variety of decision-making domains including financial choices (Frederick 2005; Benjamin, Brown and Shapiro 2006). Because credit card debt is generally viewed as a form of present oriented decision making it has also received the attention of those economists studying intertemporal choices and discounting (Laibson, Repetto and Tobacman 2007; Agarwal, Skiba and Tobacman 2009). A number of such studies find that individual variation in the propensity to make impulsive, present oriented decisions is associated with specific cognitive functions. For example, individual differences in valuing immediate and delayed monetary rewards can be traced to separate neural systems (McClure, Laibson, Loewenstein and Cohen 2004) and processes in the anterior prefrontal cortex, a region in the brain shown to support the integration of diverse information (Shamosh, DeYoung, Green, Reis, Johnson, Conway, Engle, Braver and Gray 2008).
Since its inception almost 40 years ago, the asset securitization industry has grown to a multitrillion dollar business. The practice of creating multiple tranches from an asset pool has been widely adopted by financial engineers to securitize various assets, including home morgages, automobile loans, credit card receivables, corporate loans, and defaultable bonds.
