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Working Paper
Concentrated shareholdings and the number of outside analysts
Smith, Stephen D.; Sabherwal, Sanjiv (1999)
Assuming some fixed cost to information acquisition, diffuse shareholders in publicly held firms have little incentive to produce information that can substitute for the services of financial analysts. However, we argue that concentrated shareholdings, either by outsiders like institutions or by inside managers, reduce the demand for analyst services. The former group finds it worthwhile to produce its own information and avoid any moral hazard problems associated with analyst forecasts, while the concentration of shareholdings by insiders reduces the moral hazard problem associated with ...
FRB Atlanta Working Paper , Paper 99-7

Working Paper
Belief dispersion among household investors and stock trading volume
Li, Geng; Li, Dan (2011)
We study the effects of belief dispersion on stock trading volume. Unlike most of the existing work on the subject, our paper focuses on how household investors' disagreements on macroeconomic variables influence market-wide trading volume. We show that greater belief dispersion among household investors is associated with significantly higher trading volume, even after controlling for the disagreements among professional forecasters. Further, we find that the belief dispersion among household investors who are more likely to own stocks has more pronounced effects on trading volume, ...
Finance and Economics Discussion Series , Paper 2011-39

Working Paper
Home bias and high turnover in an overlapping generations model with learning
Guidolin, Massimo (2005)
This paper develops a two-country OLG model under the assumption that investors are on a Bayesian learning path. While investors from both countries receive identical information flows, domestic investors start off with less precise prior beliefs concerning foreign fundamentals. On a learning path, differences in beliefs and estimation risk generate portfolio biases similar to those observed empirically: home bias in equity portfolios and trend-chasing in international flows. In addition, due to the higher volatility of the estimates of foreign state variables, our model produces excessive ...
Working Papers , Paper 2005-012

Journal Article
Measuring and analyzing aggregate fluctuations: the importance of building from microeconomic evidence - commentary
Campbell, Jeffrey R. (1997-05)
Review , Issue May , Pages 83-86

Working Paper
Indeterminacy and investment adjustment costs
Kim, Jinill (1998)
It is widely known that a neoclassical growth model with sufficient increasing returns to production may feature an indeterminate steady state. This note shows how investment adjustment costs increase the degree of increasing returns required for indeterminacy to arise. We also argue that sector-specific externalities are observationally equivalent to negative adjustment costs. It is widely known that a neoclassical growth model with sufficient increasing returns to production may feature an indeterminate steady state. This note shows how investment adjustment costs increase the degree of ...
Finance and Economics Discussion Series , Paper 1998-38

Working Paper
Bank lending, financing constraints and SME investment
Rodriguez-Fernandez, Francisco; Udell, Gregory F.; Carbo-Valverde, Santiago (2008)
SME investment opportunities depend on the level of financing constraints that firms face. Earlier research has mainly focused on the controversial argument that cash flow-investment correlations increase with the level of these constraints. We focus on bank loans rather than cash flow. Our results show that investment is sensitive to bank loans for unconstrained firms but not for constrained firms, and trade credit predicts investment, but only for constrained firms. We also find that unconstrained firms use bank loans to finance trade credit provided to other firms. Our results illustrate ...
Working Paper Series , Paper WP-08-04

Working Paper
Determinants of long-term bond risk premiums
Jackson, William D. (1976)
Investor risk aversion in the long-term bond markets strongly influences the ability of many businesses to finance capital expenditures.
Working Paper , Paper 76-03

Working Paper
'Captive markets': the impact of kidnappings on corporate investment in Colombia
Suarez, Gustavo A.; Pshisva, Rony (2006)
This paper measures the impact of crime on firm investment by exploiting variation in kidnappings in Colombia from 1996 to 2002. Our central result is that firms invest less when kidnappings directly target firms. We also find that broader forms of crime--homicides, guerrilla attacks, and general kidnappings--have no significant effect on investment. This finding alleviates concerns that our main result may be driven by unobserved variables that explain both overall criminal activity and investment. Furthermore, kidnappings that target firms reduce not only the investment of firms that sell ...
Finance and Economics Discussion Series , Paper 2006-18

Working Paper
Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics
Thomas, Julia K.; Khan, Aubhik (2007)
The authors study a model of lumpy investment wherein establishments face persistent shocks to common and plant-specific productivity, and nonconvex adjustment costs lead them to pursue generalized (S,s) investment rules. They allow persistent heterogeneity in both capital and total factor productivity alongside low-level investments exempt from adjustment costs to develop the first model consistent with the cross-sectional distribution of establishment investment rates. Examining the implications of lumpy investment for aggregate dynamics in this setting, the authors find that they remain ...
Working Papers , Paper 07-24

Journal Article
Interview with Arthur Levitt
Stern, Gary H. (2000-09)
The Region , Volume 14 , Issue Sep , Pages 14-22

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