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  • image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
    Authors: Igor Loncarski; Jenke ter Horst; Chris Veld;

    We study the announcement effects and their determinants of convertible debt issues in the Canadian market in order to identify issuer motives. The average wealth effect for the three-day event window around the announcement of convertible bonds between 1991 and 2004 is a significantly negative -2.7%. When the issues are classified into equity- and debt-like, we find that the wealth effects are significantly more negative for the equity-like convertible bond issuers. Equity-like convertibles are significantly negatively affected by agency costs of equity. However, agency costs of debt do not have a significant effect on equity-like convertibles and agency costs of equity do not have a significant effect on debt-like convertibles. These findings suggest that convertibles are used to mitigate different aspects of informational asymmetries. These findings are in line with motives proposed by Stein (1992). Moreover, we find that convertible debt offers announced by income trusts, which have become a special feature of the Canadian market, experience significantly less negative wealth effects than similar offers announced by other issuers. This result can be explained by a more debt-like convertible design and/or very low agency costs of equity in case of income trusts.

    image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/ Canadian Journal of ...arrow_drop_down
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    image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
    Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration
    Article . 2008
    License: Wiley Online Library User Agreement
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    SSRN Electronic Journal
    Article . 2008
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      image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/ Canadian Journal of ...arrow_drop_down
      image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
      image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
      Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration
      Article . 2008
      License: Wiley Online Library User Agreement
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      SSRN Electronic Journal
      Article . 2008
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  • image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
    Authors: Jing Lu; Irene M. Herremans;

    AbstractThis study investigates whether gender diversity on the board of directors in the United States is associated with firms' environmental performance. Under the theoretical framework of resource dependence theory, we argue that gender diversity brings a greater variety of skills to the board. Diversity allows for a healthy mix of knowledge and experience to improve the decision‐making process of the board. Using propensity score matching and controlling for endogeneity, this study uses a more rigorous statistical model than previous work. It also uses content analysis of directors' biographies to provide evidence of the role that gender diversity plays. We find gender diversity is positively associated with firms' environmental performance scores primarily in the more environmentally impacting industries. Therefore, our research provides valuable direction for those firms working to improve both their boards' gender diversity and their environmental performance. Our findings also offer insight into the mixed results of previous studies.

    image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Business Strategy an...arrow_drop_down
    image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
    Business Strategy and the Environment
    Article . 2019
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    SSRN Electronic Journal
    Article . 2019
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      image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Business Strategy an...arrow_drop_down
      image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
      Business Strategy and the Environment
      Article . 2019
      License: Wiley Online Library User Agreement
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      SSRN Electronic Journal
      Article . 2019
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  • image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
    Authors: James M. Nason; Gregor W. Smith;

    AbstractPhillips curves are central to discussions of inflation dynamics and monetary policy. The hybrid new Keynesian Phillips curve (NKPC) describes how past inflation, expected future inflation, and a measure of real aggregate demand drive the current inflation rate. This paper studies the (potential) weak identification of the NKPC under Generalized Method of Moments and traces this syndrome to a lack of higher‐order dynamics in exogenous variables. We employ analytic methods to understand the economics of the NKPC identification problem in the canonical three‐equation, new Keynesian model. We revisit the empirical evidence for the USA, the UK, and Canada by constructing tests and confidence intervals based on the Anderson and Rubin (1949) statistic, which is robust to weak identification. We also apply the Guggenberger and Smith (2008) LM test to the underlying NKPC pricing parameters. Both tests yield little evidence of forward‐looking inflation dynamics. Copyright © 2008 John Wiley & Sons, Ltd.

    image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/ Journal of Applied E...arrow_drop_down
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    image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
    Journal of Applied Econometrics
    Article . 2008
    License: Wiley Online Library User Agreement
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    SSRN Electronic Journal
    Article . 2005
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    113
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      image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/ Journal of Applied E...arrow_drop_down
      image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
      image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
      Journal of Applied Econometrics
      Article . 2008
      License: Wiley Online Library User Agreement
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      Article . 2005
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  • image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
    Authors: Doægan, Battal; Ehlers, Lars H.;

    We investigate efficient and minimally unstable Pareto improvements over the deferred acceptance (DA) mechanism—a popular school choice mechanism that is stable but not efficient. We show that there is no Pareto improvement over the DA mechanism that is minimally unstable among efficient assignments when the stability comparison is based on counting the number of blocking pairs. Our main result characterizes the priority profiles for which there exists a Pareto improvement over the DA assignment that is minimally unstable among efficient assignments. We further consider an alternative natural stability comparison based on the set of blocking students who are involved in at least one blocking pair, show that the impossibilities remain, and characterize the possibility domain of priority profiles.

    image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/ EconStorarrow_drop_down
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    EconStor
    Article . 2021
    License: CC BY NC
    Data sources: EconStor
    image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
    image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
    Theoretical Economics
    Article . 2021
    License: CC BY NC
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    SSRN Electronic Journal
    Article . 2020
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      image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/ EconStorarrow_drop_down
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      EconStor
      Article . 2021
      License: CC BY NC
      Data sources: EconStor
      image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
      image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
      Theoretical Economics
      Article . 2021
      License: CC BY NC
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      Article . 2020
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  • Authors: David M. Arseneau; Sanjay K. Chugh; André Kurmann;

    This paper clarifies the role of initial asset value constraints in Ramsey models of incomplete factor taxation. We show that the optimal long-run capital tax is zero in the long run if and only if there is no binding constraint on the initial capital tax rate. This finding contrasts with Armenter (2008) who argues that zero long-run capital taxes reappear in models of incomplete factor taxation as long as the government is barred from manipulating initial asset wealth. The reason for this difference is that the two constraints cannot both be binding at the same time. Hence, in Armenter’s (2008) analysis, the initial asset value constraint is necessarily more restrictive than the constraint on the initial capital tax rate.

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  • image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
    Authors: Philippe De Donder; Marie-Louise Leroux;

    AbstractWe study the demand for Long Term Care (LTC hereafter) insurance in a setting where agents have state‐dependent preferences over both a daily life consumption good and LTC expenditures. We assume that dependency creates a demand for LTC expenditures while decreasing the marginal utility of daily life consumption, for any given consumption level. Agents optimize over their consumption of both goods as well as over the amount of LTC insurance (LTCI). We first show that some agents optimally choose not to insure themselves, while no agent wishes to buy complete insurance, in accordance with the so‐called LTCI puzzle. At equilibrium, the transfer received from the insurer covers only a fraction of the LTC expenditures. The demand for LTCI need not increase with income when preferences are non state‐dependent or insurance is actuarially unfair. Also, preferences have to be state‐dependent with no insurance bought to rationalize the empirical observation of a higher marginal utility at equilibrium when autonomous. Finally, focusing on iso‐elastic preferences, we recover the empirical observation that health/LTC expenditures are not very sensitive to income, and we show that LTCI as a fraction of income should decrease with income and then become nil above a threshold.

    image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/ Toulouse 1 Capitole ...arrow_drop_down
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    image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
    image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
    Health Economics
    Article . 2021
    License: Wiley Online Library User Agreement
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    Health Economics
    Article . 2021
    SSRN Electronic Journal
    Article . 2019
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  • image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
    Authors: Lazrak, Ali; Zhang, Jianfeng;

    We study pre-vote interactions in a committee that enacts a welfare-improving reform through voting. Committee members use decentralized promises contingent on the reform enactment to influence the vote outcome. Equilibrium promises prevent beneficial coalitional deviations and minimize total promises. We show that multiple equilibria exist, involving promises from high- to low-intensity members to enact the reform. Promises dissuade reform opponents from enticing the least enthusiastic reform supporters to vote against the reform. We explore whether some recipients of the promises can be supporters of the reform and discuss the impact of polarization on the total promises.

    image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/ arXiv.org e-Print Ar...arrow_drop_down
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    SSRN Electronic Journal
    Article . 2023
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    https://doi.org/10.48550/arxiv...
    Article . 2023
    License: CC BY
    Data sources: Datacite
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      image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/ arXiv.org e-Print Ar...arrow_drop_down
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      SSRN Electronic Journal
      Article . 2023
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      Article . 2023
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  • image/svg+xml art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos Open Access logo, converted into svg, designed by PLoS. This version with transparent background. http://commons.wikimedia.org/wiki/File:Open_Access_logo_PLoS_white.svg art designer at PLoS, modified by Wikipedia users Nina, Beao, JakobVoss, and AnonMoos http://www.plos.org/
    Authors: Jean-Yves Duclos; Abdelkrim Araar; John Giles;

    The paper contributes to the measurement of poverty and vulnerability in three ways. First, it proposes a new approach to separating poverty into chronic and transient components. Second, it provides corrections for the statistical biases introduced when using a small number of periods to estimate the importance of vulnerability and transient poverty. Third, it applies these tools to the measurement of chronic and transient poverty in China using a rich panel data set that extends over 17 years. Alternative measurement techniques are found to yield significantly different estimates of the relative importance of chronic and transient poverty. The precision of the estimates is also considerably enhanced by simple statistical corrections. This research was partly funded by Canada's SSHRC, by Québec's FQRSC and by the National Science Foundation (SES-0214702). It was also carried out with support from the Poverty and Economic Policy (PEP) Research Network, which is financed by the Government of Canada through the International Development Research Centre (IDRC) and the Canadian International Development Agency (CIDA), and by the Australian Agency for International Development (AusAID). 12 páginas, 6 figuras, 4 tablas.-- El pdf del artículo es el documento de trabajo.

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    Journal of Development Economics
    Article . 2010
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      Journal of Development Economics
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    Authors: Johansen, Søren; Nielsen, Morten Ørregaard;

    We consider model based inference in a fractionally cointegrated (or cofractional) vector autoregressive model based on the conditional Gaussian likelihood. The model allows the process Xt to be fractional of order d and cofractional of order d b; that is, there exist vectorsfor which � 0 Xt is fractional of order d b: The parameters d and b satisfy either db � 1=2, d = b � 1=2, or d = d0 � b � 1=2. Our main technical contribution is the proof of consistency of the maximum likelihood estimators on the set 1=2� bdd1 for any d1� d0. To this end, we consider the conditional likelihood as a stochastic process in the parameters, and prove that it converges in distribution when errors are i.i.d. with suitable moment conditions and initial values are bounded. We then prove that the estimator ofis asymptotically mixed Gaussian and estimators of the remaining parameters are asymptotically Gaussian. We also …nd the asymptotic distribution of the likelihood ratio test for cointegration rank, which is a functional of fractional Brownian motion of type II.

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    Econometrica
    Article . 2012
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      Econometrica
      Article . 2012
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    Authors: Devereux, Michael B.; Engel, Charles;

    This paper develops a view of exchange rate policy as a trade-off between the desire to smooth fluctuations in real exchange rates so as to reduce distortions in consumption allocations, and the need to allow flexibility in the nominal exchange rate so as to facilitate terms of trade adjustment. We show that optimal nominal exchange rate volatility will reflect these competing objectives. The key determinants of how much the exchange rate should respond to shocks will depend on the extent and source of price stickiness, the elasticity of substitution between home and foreign goods, and the amount of home bias in production. Quantitatively, we find the optimal exchange rate volatility should be significantly less than would be inferred based solely on terms of trade considerations. Moreover, we find that the relationship between price stickiness and optimal exchange rate volatility may be non-monotonic.

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    SSRN Electronic Journal
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825 Research products
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    Authors: Igor Loncarski; Jenke ter Horst; Chris Veld;

    We study the announcement effects and their determinants of convertible debt issues in the Canadian market in order to identify issuer motives. The average wealth effect for the three-day event window around the announcement of convertible bonds between 1991 and 2004 is a significantly negative -2.7%. When the issues are classified into equity- and debt-like, we find that the wealth effects are significantly more negative for the equity-like convertible bond issuers. Equity-like convertibles are significantly negatively affected by agency costs of equity. However, agency costs of debt do not have a significant effect on equity-like convertibles and agency costs of equity do not have a significant effect on debt-like convertibles. These findings suggest that convertibles are used to mitigate different aspects of informational asymmetries. These findings are in line with motives proposed by Stein (1992). Moreover, we find that convertible debt offers announced by income trusts, which have become a special feature of the Canadian market, experience significantly less negative wealth effects than similar offers announced by other issuers. This result can be explained by a more debt-like convertible design and/or very low agency costs of equity in case of income trusts.

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    Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration
    Article . 2008
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    Article . 2008
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      Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration
      Article . 2008
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  • image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
    Authors: Jing Lu; Irene M. Herremans;

    AbstractThis study investigates whether gender diversity on the board of directors in the United States is associated with firms' environmental performance. Under the theoretical framework of resource dependence theory, we argue that gender diversity brings a greater variety of skills to the board. Diversity allows for a healthy mix of knowledge and experience to improve the decision‐making process of the board. Using propensity score matching and controlling for endogeneity, this study uses a more rigorous statistical model than previous work. It also uses content analysis of directors' biographies to provide evidence of the role that gender diversity plays. We find gender diversity is positively associated with firms' environmental performance scores primarily in the more environmentally impacting industries. Therefore, our research provides valuable direction for those firms working to improve both their boards' gender diversity and their environmental performance. Our findings also offer insight into the mixed results of previous studies.

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    Business Strategy and the Environment
    Article . 2019
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    Article . 2019
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      Business Strategy and the Environment
      Article . 2019
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    Authors: James M. Nason; Gregor W. Smith;

    AbstractPhillips curves are central to discussions of inflation dynamics and monetary policy. The hybrid new Keynesian Phillips curve (NKPC) describes how past inflation, expected future inflation, and a measure of real aggregate demand drive the current inflation rate. This paper studies the (potential) weak identification of the NKPC under Generalized Method of Moments and traces this syndrome to a lack of higher‐order dynamics in exogenous variables. We employ analytic methods to understand the economics of the NKPC identification problem in the canonical three‐equation, new Keynesian model. We revisit the empirical evidence for the USA, the UK, and Canada by constructing tests and confidence intervals based on the Anderson and Rubin (1949) statistic, which is robust to weak identification. We also apply the Guggenberger and Smith (2008) LM test to the underlying NKPC pricing parameters. Both tests yield little evidence of forward‐looking inflation dynamics. Copyright © 2008 John Wiley & Sons, Ltd.

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    Journal of Applied Econometrics
    Article . 2008
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    Article . 2005
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      Journal of Applied Econometrics
      Article . 2008
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    Authors: Doægan, Battal; Ehlers, Lars H.;

    We investigate efficient and minimally unstable Pareto improvements over the deferred acceptance (DA) mechanism—a popular school choice mechanism that is stable but not efficient. We show that there is no Pareto improvement over the DA mechanism that is minimally unstable among efficient assignments when the stability comparison is based on counting the number of blocking pairs. Our main result characterizes the priority profiles for which there exists a Pareto improvement over the DA assignment that is minimally unstable among efficient assignments. We further consider an alternative natural stability comparison based on the set of blocking students who are involved in at least one blocking pair, show that the impossibilities remain, and characterize the possibility domain of priority profiles.

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    EconStor
    Article . 2021
    License: CC BY NC
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    Theoretical Economics
    Article . 2021
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    Article . 2020
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      Theoretical Economics
      Article . 2021
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      Article . 2020
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  • Authors: David M. Arseneau; Sanjay K. Chugh; André Kurmann;

    This paper clarifies the role of initial asset value constraints in Ramsey models of incomplete factor taxation. We show that the optimal long-run capital tax is zero in the long run if and only if there is no binding constraint on the initial capital tax rate. This finding contrasts with Armenter (2008) who argues that zero long-run capital taxes reappear in models of incomplete factor taxation as long as the government is barred from manipulating initial asset wealth. The reason for this difference is that the two constraints cannot both be binding at the same time. Hence, in Armenter’s (2008) analysis, the initial asset value constraint is necessarily more restrictive than the constraint on the initial capital tax rate.

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    Authors: Philippe De Donder; Marie-Louise Leroux;

    AbstractWe study the demand for Long Term Care (LTC hereafter) insurance in a setting where agents have state‐dependent preferences over both a daily life consumption good and LTC expenditures. We assume that dependency creates a demand for LTC expenditures while decreasing the marginal utility of daily life consumption, for any given consumption level. Agents optimize over their consumption of both goods as well as over the amount of LTC insurance (LTCI). We first show that some agents optimally choose not to insure themselves, while no agent wishes to buy complete insurance, in accordance with the so‐called LTCI puzzle. At equilibrium, the transfer received from the insurer covers only a fraction of the LTC expenditures. The demand for LTCI need not increase with income when preferences are non state‐dependent or insurance is actuarially unfair. Also, preferences have to be state‐dependent with no insurance bought to rationalize the empirical observation of a higher marginal utility at equilibrium when autonomous. Finally, focusing on iso‐elastic preferences, we recover the empirical observation that health/LTC expenditures are not very sensitive to income, and we show that LTCI as a fraction of income should decrease with income and then become nil above a threshold.

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    Health Economics
    Article . 2021
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    Article . 2021
    SSRN Electronic Journal
    Article . 2019
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    Authors: Lazrak, Ali; Zhang, Jianfeng;

    We study pre-vote interactions in a committee that enacts a welfare-improving reform through voting. Committee members use decentralized promises contingent on the reform enactment to influence the vote outcome. Equilibrium promises prevent beneficial coalitional deviations and minimize total promises. We show that multiple equilibria exist, involving promises from high- to low-intensity members to enact the reform. Promises dissuade reform opponents from enticing the least enthusiastic reform supporters to vote against the reform. We explore whether some recipients of the promises can be supporters of the reform and discuss the impact of polarization on the total promises.

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    SSRN Electronic Journal
    Article . 2023
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    https://doi.org/10.48550/arxiv...
    Article . 2023
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    Authors: Jean-Yves Duclos; Abdelkrim Araar; John Giles;

    The paper contributes to the measurement of poverty and vulnerability in three ways. First, it proposes a new approach to separating poverty into chronic and transient components. Second, it provides corrections for the statistical biases introduced when using a small number of periods to estimate the importance of vulnerability and transient poverty. Third, it applies these tools to the measurement of chronic and transient poverty in China using a rich panel data set that extends over 17 years. Alternative measurement techniques are found to yield significantly different estimates of the relative importance of chronic and transient poverty. The precision of the estimates is also considerably enhanced by simple statistical corrections. This research was partly funded by Canada's SSHRC, by Québec's FQRSC and by the National Science Foundation (SES-0214702). It was also carried out with support from the Poverty and Economic Policy (PEP) Research Network, which is financed by the Government of Canada through the International Development Research Centre (IDRC) and the Canadian International Development Agency (CIDA), and by the Australian Agency for International Development (AusAID). 12 páginas, 6 figuras, 4 tablas.-- El pdf del artículo es el documento de trabajo.

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    Journal of Development Economics
    Article . 2010
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    Article . 2006
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      Journal of Development Economics
      Article . 2010
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    Authors: Johansen, Søren; Nielsen, Morten Ørregaard;

    We consider model based inference in a fractionally cointegrated (or cofractional) vector autoregressive model based on the conditional Gaussian likelihood. The model allows the process Xt to be fractional of order d and cofractional of order d b; that is, there exist vectorsfor which � 0 Xt is fractional of order d b: The parameters d and b satisfy either db � 1=2, d = b � 1=2, or d = d0 � b � 1=2. Our main technical contribution is the proof of consistency of the maximum likelihood estimators on the set 1=2� bdd1 for any d1� d0. To this end, we consider the conditional likelihood as a stochastic process in the parameters, and prove that it converges in distribution when errors are i.i.d. with suitable moment conditions and initial values are bounded. We then prove that the estimator ofis asymptotically mixed Gaussian and estimators of the remaining parameters are asymptotically Gaussian. We also …nd the asymptotic distribution of the likelihood ratio test for cointegration rank, which is a functional of fractional Brownian motion of type II.

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    Econometrica
    Article . 2012
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    Article . 2010
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      Econometrica
      Article . 2012
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    Authors: Devereux, Michael B.; Engel, Charles;

    This paper develops a view of exchange rate policy as a trade-off between the desire to smooth fluctuations in real exchange rates so as to reduce distortions in consumption allocations, and the need to allow flexibility in the nominal exchange rate so as to facilitate terms of trade adjustment. We show that optimal nominal exchange rate volatility will reflect these competing objectives. The key determinants of how much the exchange rate should respond to shocks will depend on the extent and source of price stickiness, the elasticity of substitution between home and foreign goods, and the amount of home bias in production. Quantitatively, we find the optimal exchange rate volatility should be significantly less than would be inferred based solely on terms of trade considerations. Moreover, we find that the relationship between price stickiness and optimal exchange rate volatility may be non-monotonic.

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