Download or read book Two Essays on the Firm Uncertainty and Economic Behavior written by Yuri Arenberg and published by . This book was released on 1986 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on the Firm Uncertain and Economic Behavior written by Yuri Arenberg and published by . This book was released on 1986 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Economic Behavior Under Uncertainty written by Michael Balch and published by North-Holland. This book was released on 1974 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Economic Behavior and Uncertainty written by M. S. Balch and published by . This book was released on 1974 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Empirical Essays on Uncertainty and Economic Behavior written by Paul Jones and published by . This book was released on 2014 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation looks at the new and growing field of macroeconomic uncertainty. It consists of three empirical essays on different measures of macroeconomic uncertainty and how uncertainty affects macroeconomic behavior. The first essay uses a new uncertainty index from Baker et al. (2012). We evaluate the time-varying correlation between macroeconomic uncertainty, inflation, and output. Estimation results from a multivariate DCC-GARCH model reveal that the sign of the correlation between macroeconomic uncertainty and inflation changed from negative to positive during the late 1990s, whereas the correlation between uncertainty and output is consistently negative. In the second essay, we propose domestic uncertainty shocks may serve as a channel through which business cycles are transmitted internationally. To quantify uncertainty, we use two measures from the current literature and estimate structural vector autoregressions to evaluate the effects U.S. uncertainty shocks have on the Japanese and British economies. Our results suggest U.S. uncertainty shocks have international effects consistent with a demand shock in the context of an open-economy IS/LM model with sticky prices. For the final essay we estimate a number of macroeconomic variables as logistic smooth transition autoregressive (LSTAR) processes with uncertainty as the transition variable. Nonlinear estimation allows us to answer several interesting questions left unanswered by a linear model. For a number of important macroeconomic variables, we show (i) a positive shock to uncertainty has a greater effect than a negative shock, and (ii) the effect of the uncertainty shock is highly dependent on the state of the economy. Hence, the usual linear estimates concerning the consequences of uncertainty are underestimated in circumstances such as the recent financial crisis.
Download or read book Essays on the Behavior of Firms Under Uncertainty and International Finance written by Nobumori Yagi and published by . This book was released on 1985 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on economic behavior under uncertainty written by M. Balch and published by . This book was released on 1974 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Dynamic Uncertainty written by Steven E. Scroggin and published by . This book was released on 2005 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Economic Behavior Under Uncertainty written by Kaïs Dachraoui and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Economic Behavior Under Uncertainty Theory and Empirical Evidences written by and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Download or read book Two essays on uncertainty and economics written by Leonard J. Mirman and published by . This book was released on 1973 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book ESSAYS ON ECONOMIC BEHAVIOR UNDER UNCERTAINTY SELECTED PAPERS FROM A CONFERENCE NSF NBER CONFERENCE ON DECISION RULES AND UNCERTAINTY NATIONAL SCIENCE FOUNDATION NATIONAL BUREAU OF ECONOMIC RESEARCH written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays in Economics of Uncertainty written by Gautam Bhattacharya and published by . This book was released on 1980 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Uncertainty written by Jose Guilherme de Lara Resende and published by . This book was released on 2005 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on the Impacts of Weather and Uncertainty on Aspects of Firm Valuation written by Dylan J. Norris and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter one examines how weather conditions near a firm's major institutional investors affect stock market reactions to firms' earnings announcements. We find that unpleasant weather experienced by institutional investors leads to higher earnings announcement premiums and more delayed market responses to earnings news. We interpret the evidence as weather-induced negative moods increasing required compensation for earnings uncertainty and reducing activity levels of institutional investors. The influence of institutional investors' weather is stronger than that of New York City or firm headquarters weather. Additional cross-sectional evidence suggests that weather mainly influences the trading behavior of less sophisticated and transient institutional investors. Chapter two examines the effect of economic policy uncertainty (EPU) on portfolio company (PC) exit outcomes spanning 20 countries from 1997-2012. The data examined indicate that the likelihood of a successful exit, as well as the dollar value outcome of a successful exit, is impacted by the degree of economic policy uncertainty in the year of the exit. Specifically, the evidence is consistent with an increased probability a firm waits to exit or goes defunct and a decreased probability of exiting via an initial public offering (IPO) or merger/acquisition (M&A) when EPU in the domicile country of the PC is high. Subsample analysis on IPOs and M&A shows that dollar outcomes, as measured by proceeds raised or deal value, are significantly lower when an exit occurs during a year in which the PC domicile nation is characterized with high EPU. We identify this phenomenon as the "Uncertainty Effect" and investigate ways to mitigate this negative effect through VC syndicate internationalization. While the effect of an international investor base is positive in general, we find that a geographically diversified syndicate can increase the negative "Uncertainty Effect." Our results suggest a more nuanced relationship than was previously thought to exist.
Download or read book Manager Attention Policy Uncertainty and Stock Market written by Dingqian Liu and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis has three essays that study the intersections of macroeconomics, finance, and text analysis. The topics include executives' attention and financial decisions, economic policy uncertainty and stock market forecasting, and the stock market performance in the time of the Covid-19 pandemic. The essays hope to provide unique measurements of attention and uncertainty, empirical evidence, and theories to understand the connections and differences between classic theories and agents' behavior in actual economic activities. The first essay is my job market paper. I examine the attention of executive managers and their financing behavior, focusing on the information acquisition process. Corporations are sensitive to both macroeconomic and firm-specific challenges. Executives must choose overall attention capacity and divide finite attention between these topics. By using natural language processing and quarterly earnings call transcripts, I assess the information content of this dialog. The attention capacity quantifies the effective information used to make borrowing decisions, consisting of information processing macro and firm-specific issues. The attention allocation measures the ratio of attention paid to macroeconomics. Executives make two critical decisions during the information acquiring process. First, executives decide the overall attention capacity, determined by the general uncertainty. Second, executives decide the optimal attention allocated between macro and firm-specific topics. In the rise of uncertainty from either subject, executives' attention capacity increases (scale effect) and assign greater awareness to this topic (substitution effect). I show that the substitution effect is higher than the scale effect. Using an optimal static capital structure model with endogenous information choice, I demonstrate that an executive can tolerate a higher leverage rate when actively acquiring information. Thus, the information decision process is crucial to understanding the recent rising leverage phenomenon.The second essay examines the relationship between the stock market performance and the economic activities in the time of Covid-19. Stock prices and workplace mobility trace out striking clockwise paths in daily data from mid-February to late May 2020. Global stock prices fell 30 percent from February 17 to March 12, before mobility declined. Over the next 11 days, stocks fell another 10 percentage points as mobility dropped 40 percent. From March 23 to April 9, stocks recovered half their losses, and mobility decreased further. From April 9 to late May, both stocks and mobility rose modestly. This dynamic plays out across the 35 countries in our sample, with notable departures in China, South Korea, and Taiwan. The size of the global stock market crash in reaction to the pandemic is many times larger than a standard asset-pricing model implies. Looking more closely at the world's two largest economies, the pandemic had greater effects on stock market levels and volatilities in the U.S. than in China, even before it became evident that early U.S. containment efforts would flounder. Newspaper-based narrative evidence confirms the dominant - and historically unprecedented - the role of pandemic-related developments in the stock market behavior of both countries. The third essay tests the prediction power of the mainland China Economic Policy Uncertainty in forecasting the Chinese stock market. Rational asset pricing theory indicates that the fluctuations of the real economy have a significant impact on the stock market. The Chinese stock market is highly regulated and sensitive to regulations and market policies uncertainty. Using an efficient Dynamic Model Averaging (eDMA) model, this paper investigates how well the newspaper-based Economic Policy Uncertainty (EPU) index can predict the returns of the Chinese Shanghai Stock Exchange Index. Empirical evidence shows that EPU mutes the impact of monetary policy as a predictor. Also, eDMA significantly improves the forecasting performance compared to other forecasting methodologies.
