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  • Other Sources  (353)
  • 2005-2009  (349)
  • 1955-1959  (4)
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  • 1
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2018-11-07
    Description: The purpose of this paper is to empirically investigate the interaction between hedging, financing, and investment decisions. This work is relevant in that theoretical predictions are not necessarily identical to those in the case where only two decisions are being made. We argue that the way in which hedging affects the firms’ financing and investing decisions differs for firms with different growth opportunities. We empirically find that high-growth firms increase their investment, but not their leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.
    Keywords: G31 ; G32 ; ddc:330 ; investment ; financing ; hedging ; Investitionsentscheidung ; Unternehmensfinanzierung ; Hedging ; Simultanes Gleichungssystem
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2018-11-07
    Description: This paper provides a theory of debt and hedging based on human capital. We distinguish human capital from physical capital in two ways: (1) human capital is inalienable and can exercise a one-sided option to leave the firm, and (2) human capital is not perfectly replaceable. We show that a firm may reach the first best solution while issuing debt or equity to outsiders provided that either the insiders receive a senior claim or that the firm hedges. We then show that, given asymmetric information concerning costs, the only viable solution has the firm issuing debt to outsiders and hedging.
    Keywords: ddc:330 ; Humankapital ; Hedging ; Kapitalstruktur ; Börsengang ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2015-05-22
    Description: Natural and agricultural resources for which there is a substantial black market, such as coca, opium, and diamonds, appear especially likely to be exploited by the parties to a civil conflict. Even legally traded commodities such as oil and timber have been linked to civil war. On the other hand, these resources may also provide one of the few reliable sources of income in the countryside. In this paper, we study the economic and social consequences of a major exogenous shift in the production of one such resource coca paste into Colombia, where most coca leaf is now harvested. Our analysis shows that this shift generated only modest economic gains in rural areas, primarily in the form of increased self-employment earnings and increased labor supply by teenage boys. The results also suggest that the rural areas which saw accelerated coca production subsequently became more violent, while urban areas were affected little. The acceleration in violence is greater in departments (provinces) where there was a pre-coca guerilla presence. Taken together, these findings are consistent with the view that the Colombian civil conflict is fueled by the financial opportunities that coca provides, and that the consequent rent-seeking activity by combatants limits the economic gains from coca cultivation.
    Keywords: ddc:330 ; Koka ; Ländliches Einkommen ; Ländliche Entwicklung ; Bürgerkrieg ; Kolumbien
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Durham, NC: Duke University, Center for the History of Political Economy (CHOPE)
    Publication Date: 2018-06-26
    Description: Four talks on Keynes in relation to the Bloomsbury Group: I. Maynard Keynes of Bloomsbury (Craufurd Goodwin); II. Keynes as Policy Advisor (E. Roy Weintraub); III. Keynes and Economics (Kevin D. Hoover); IV. Keynes and Hayek (Bruce Caldwell). The talks were delivered as part of roundtable discussion on John Maynard Keynes of Bloomsbury, the inaugural event of the Center for the History of Political Economy at Duke University, and were held in conjunction with Vision and Design: A Year of Bloomsbury, a campus-wide interdisciplinary program surrounding an exhibition of Bloomsbury art at Duke University's Nasher Museum of Art.
    Keywords: B20 ; B22 ; B31 ; B25 ; ddc:330 ; John Maynard Keynes ; Bloomsbury Group ; economic policy ; Great Depression ; macro economics ; Friedrich A. von Hayek ; Keynesian economics ; Austrian economics
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Cape Town: African Online Scientific Information Systems (AOSIS)
    Publication Date: 2020-05-23
    Description: This study focuses on the performance persistence of equity funds in the South African Unit Trust Industry against its appropriate index benchmark (ALSI) over the period 1988 to 2003. A few funds exhibited extraordinary persistence - either in out-performing or under-performing. In general it was found that over the short term (month-to-month and quarter-to-quarter basis) there was a tendency that the current performance of a fund would be repeated, with a greater tendency among the top performing funds to remain a top performer.However, when the persistence of fund performance was measured on a year-to-year basis, less consistency among funds was identified. The decile ranking movement of a fund - upwards, downwards or sideways - became more random in nature. When the forward-looking period was extended to three years, however, the chances that the fund would have stayed in the same decile became very slim.Herein lies the danger of placing your trust with one active manager only; over the long run the performance ranking of managers can assume a random nature if manager skill is not persistent.
    Keywords: ddc:650
    Language: English
    Type: doc-type:article
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  • 6
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    Cape Town: African Online Scientific Information Systems (AOSIS)
    Publication Date: 2020-05-23
    Description: ‘[V]irtually all public and private enterprises – including most successful corporations - are becoming dominantly repositories and coordinators of intellect' (Quinn, 1992: 241). University based management schools play a role in harnessing this intellect by supporting the development of leaders with the capacity to think critically, to make choice and to facilitate implementation. As centers working with a higher proportion of mature executives, management schools are forced to address the complex resource Issues surrounding knowledge accumulation and knowledge dissemination. Enhancing the capacity of our future leaders to contribute to society requires gifted academics – academics that expand the desire for inquiry in their students and thereby develop their capacities for self-driven lifelong learning. Are such academics teachers, researchers or hybrids?‘[We, researchers, should] not fall into the trap of answering questions of increasing irrelevance with increasing precision' (John Gardner – cited in Davenport Prusak, 2003: 87).
    Keywords: ddc:650
    Language: English
    Type: doc-type:article
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  • 7
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    Publication Date: 2017-09-25
    Description: Wie aus Fachpublikationen und Gesprächen mit der Industrie bekannt, stehen zurzeit die Geschäftsprozessmodellierung und Geschäftsprozessoptimierung im Mittelpunkt von Forschungs- und Entwicklungsaktivitäten. Derzeit sind viele Unternehmen damit beschäftigt, ihre Geschäftsprozesse zu überdenken und neu zu strukturieren, um am Markt erfolgreich zu sein. Im Folgenden soll eine Methodologie entwickelt werden, mit der sich aufgrund von Leistungsindikatoren Geschäftsprozesse analysieren und bewerten lassen. Dazu ist eine Abgrenzung zwischen Leistungsindikatoren zur Bewertung von Geschäftstätigkeiten (Key Performance Indicator) und den der Geschäftstätigkeiten zugrunde liegenden Geschäftsprozesse (Process Performance Indicator) vorzunehmen. Mithilfe einer Methodik zur Generierung dieser geschäftsprozessbezogenen Leistungsindikatoren sollen Möglichkeiten geschaffen werden, aufgrund von quantitativen und qualitativen Aussagen eines Geschäftsprozesses Rückschlüsse auf die Qualität dieses Geschäftsprozesses schließen zu können. Die Optimierung der Geschäftsprozesse im Sinne eines kontinuierlichen Verbesserungsprozesses hat einen direkten Einfluss auf den Erfolg eines Unternehmens.
    Keywords: ddc:65 ; ddc:650
    Language: German
    Type: article , doc-type:article , doc-type:articlewildau
    Format: application/pdf
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  • 8
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    Hamburg: Hamburgisches WeltWirtschaftsInstitut (HWWI)
    Publication Date: 2019-03-01
    Description: We adopt a general equilibrium approach in order to measure the effects of recent immigration on the Western German labor market, looking at both wage and employment effects. Using the Regional File of the IAB Employment Subsample for the period 1987-2001, we find that the substantial immigration of the 1990's had no adverse effects on native wages and employment levels. It had instead adverse employment and wage effects on previous waves of immigrants. This stems from the fact that, after controlling for education and experience levels, native and migrant workers appear to be imperfect substitutes whereas new and old immigrants exhibit perfect substitutability. Our analysis suggests that if the German labor market were as 'flexible' as the UK labor market, it would be more efficient in dealing with the effects of immigration.
    Keywords: E24 ; F22 ; J61 ; J31 ; ddc:330 ; Immigration ; Skill Complementarities ; Employment ; Wages
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    München: Ludwig-Maximilians-Universität München, Sonderforschungsbereich 386 - Statistische Analyse diskreter Strukturen
    Publication Date: 2020-01-17
    Description: The methodological development and the application in this paper originate from diffusion tensor imaging (DTI), a powerful nuclear magnetic resonance technique enabling diagnosis and monitoring of several diseases as well as reconstruction of neural pathways. We reformulate the current analysis framework of separate voxelwise regressions as a 3d space-varying coefficient model (VCM) for the entire set of DTI images recorded on a 3d grid of voxels. Hence by allowing to borrow strength from spatially adjacent voxels, to smooth noisy observations, and to estimate diffusion tensors at any location within the brain, the three-step cascade of standard data processing is overcome simultaneously. We conceptualize two VCM variants based on B-spline basis functions: a full tensor product approach and a sequential approximation, rendering the VCM numerically and computationally feasible even for the huge dimension of the joint model in a realistic setup. A simulation study shows that both approaches outperform the standard method of voxelwise regressions with subsequent regularization. Due to major efficacy, we apply the sequential method to a clinical DTI data set and demonstrate the inherent ability of increasing the rigid grid resolution by evaluating the incorporated basis functions at intermediate points. In conclusion, the suggested fitting methods clearly improve the current state-of-the-art, but ameloriation of local adaptivity remains desirable.
    Keywords: ddc:310 ; Diffusion tensor ; Brain imaging ; P-splines ; Varying coefficient model
    Language: English
    Type: doc-type:workingPaper
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  • 10
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    München: Ludwig-Maximilians-Universität München, Sonderforschungsbereich 386 - Statistische Analyse diskreter Strukturen
    Publication Date: 2020-01-17
    Description: We revisit a multidimensional varying-coefficient model (VCM), by allowing regressor coefficients to vary smoothly in more than one dimension, thereby extending the VCM of Hastie and Tibshirani. The motivating example is 3-dimensional, involving a special type of nuclear magnetic resonance measurement technique that is being used to estimate the diffusion tensor at each point in the human brain. We aim to improve the current state of the art, which is to apply a multiple regression model for each voxel separately using information from six or more volume images. We present a model, based on P-spline tensor products, to introduce spatial smoothness of the estimated diffusion tensor. Since the regression design matrix is space-invariant, a 4-dimensional tensor product model results, allowing more efficient computation with penalized array regression.
    Keywords: ddc:310 ; Brain imaging ; P-splines ; Varying coefficient model
    Language: English
    Type: doc-type:workingPaper
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