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Articles 1 - 5 of 5
Full-Text Articles in Social and Behavioral Sciences
A Long Spell Of Uncertainty, John Austin, Chris Decker, Tom Doering, Ernie Goss, Bruce Johnson, Lisa Johnson, Ken Lemke, Franz Schwarz, Scott Strain, Eric Thompson, Keith Turner
A Long Spell Of Uncertainty, John Austin, Chris Decker, Tom Doering, Ernie Goss, Bruce Johnson, Lisa Johnson, Ken Lemke, Franz Schwarz, Scott Strain, Eric Thompson, Keith Turner
Economics Faculty Publications
We find ourselves in a period of sustained economic uncertainty. Today, like 6 months ago, the U.S. economy is on the brink of a recession. Weakness in lending activity, coupled with weakness in the housing sector and related manufacturing industries has stymied economic growth since late 2007. At times, recession seems imminent. But, the official measures, such as quarterly gross domestic product, do not clearly signal that the economy is contracting. Further, prices are rising rapidly for food and energy. That is the uncertainty. Will 2008 be remembered as a recession year, or as a period of disappointing but slow …
Endogenous Asymmetric Information And International Equity Home Bias: The Effects Of Portfolio Size And Information Costs, John M. Barron, Jinlan Ni
Endogenous Asymmetric Information And International Equity Home Bias: The Effects Of Portfolio Size And Information Costs, John M. Barron, Jinlan Ni
Economics Faculty Publications
Equity home bias is one of the major puzzles in international finance. This paper investigates the impact of asymmetric information on equity home bias in a rational expectation model where portfolio managers differ in their levels of initial portfolio size and information acquisition is endogenous. The model characterizes the information acquisition and investment decisions made by each portfolio manager, and the resulting equilibrium. We find that portfolio managers with larger portfolio size acquire information about the foreign asset; this is consistent with new evidence linking the degree of home bias across portfolio managers to portfolio size.
Economics Of Science, Arthur M. Diamond Jr.
Economics Of Science, Arthur M. Diamond Jr.
Economics Faculty Publications
No abstract provided.
Testing The Pecking-Order Theory: Evidence From Chinese Listed Companies, Jinlan Ni, Miaomiao Yu
Testing The Pecking-Order Theory: Evidence From Chinese Listed Companies, Jinlan Ni, Miaomiao Yu
Economics Faculty Publications
The pecking-order theory of capital structure, which predicts that firms prefer internal to external finance, is one of the most influential theories of corporate leverage. This article examines whether the financial structure of China's listed companies follows a pecking order from debt to equity. Using the entire cross-section sample of China's listed companies in 2004, the authors find no evidence that China's listed companies follow a pecking order when they need funds to finance investment projects. Further subgroup analyses indicate that big companies follow a pecking order and small and medium companies do not. These results suggest that the Chinese …
Institutional Ownership And Firm’S Dividend Policy, Jinlan Ni
Institutional Ownership And Firm’S Dividend Policy, Jinlan Ni
Economics Faculty Publications
This paper examines the linkage between dividend policy and institutional ownership within the context of the dividend model of Allen, Bernardo and Welch (2000). Specifically, it provides an empirical test of Allen, Bernardo and Welch (2000)’s novel implication that a tax differential between institutions and retail investors effects dividend policies. Using merge data of US industrial firms from 1980-2002, our results indicate that the dividend paying decision is positively related with institutional ownership. That is, firms with higher institutional ownership are more likely to be dividend payers. Further, we find that the deferred tax or tax credits that the institutional …