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Working Paper
An experimental examination of the house money effect in a multi-period setting

There is evidence that risk-taking behavior is influenced by prior monetary gains and losses. When endowed with house money, people become more risk taking. This paper is the first to report a house money effect in a dynamic, financial setting. Using an experimental method, the authors compare market outcomes across sessions that differ in the level of cash endowment (low and high). Their experimental results provide strong support for a house money effect. Traders' bids, price predictions, and market prices are influenced by the amount of money that is provided prior to trading. However, ...
FRB Atlanta Working Paper , Paper 2003-13

Journal Article
Searching for More Impact: Impact Data on Banks for the Big Picture

How can an investor ? looking to invest in or place deposits in a bank in Chicago ? best identify a bank that is focused on underserved populations and that also fits his interest in social and financial performance criteria? How can a bank chief executive officer understand how her bank compares to peers in terms of social performance? How can regulators and public policymakers identify high-impact institutions that serve as anchors in underserved communities?
Profitwise , Issue 1 , Pages 10-15

Journal Article
Interview with Arthur Levitt

The Region , Volume 14 , Issue Sep , Pages 14-22

Conference Paper
Analyzing developments in the life insurance industry--commercial mortgage investment

Proceedings , Paper 391

Working Paper
Firm size and the impact of profit-margin uncertainty on investment: do financing constraints play a role?

We study the response of investment to changes in uncertainty about future profits. We find that in industries dominated by small firms, an increase in uncertainty about future profits depresses investment; in all other industries, increased uncertainty has virtually no effect (or has a positive effect) on investment. The data set from which these findings emerge is a balanced panel, consisting of annual data from 1958 to 1991 for 252 manufacturing industries in the United States. The theoretical work on this topic points to uncertainty about future profit flows as one of the important actors ...
International Finance Discussion Papers , Paper 557

Working Paper
Productivity, investment, and current accounts: reassessing the evidence

The most widely accepted explanation for the inverse association between private investments and current accounts [Glick and Rogoff, 1995] rests on data for manufactures through 1990. Is this consensus robust to revisions to the national accounts and the expansion of information technologies since 1990? To address this question I replicate their results and I find that post 1990 developments eliminate the support for such a conclusion. I also implement alternative formulations and find, again, a lack of empirical support for their findings. Thus I examine the role of measurement errors and ...
International Finance Discussion Papers , Paper 742

Working Paper
The determinants of the flow of funds of managed portfolios: mutual funds versus pension funds

Due to differences in financial sophistication and agency relationships, we posit that investors use different criteria to select portfolio managers in the retail mutual fund and fiduciary pension fund industry segments. We provide evidence on investors' manager selection criteria by estimating the relation between manager asset flow and performance. We find that pension fund clients use quantitatively sophisticated measures like Jensen's alpha, tracking error, and outperformance of a market benchmark. Pension clients also punish poorly performing managers by withdrawing assets under ...
FRB Atlanta Working Paper , Paper 2000-21

Journal Article
Are high-quality firms also high-quality investments?

The relationship between corporate reputation and investment results is the subject of ongoing debate. Some argue that high-quality firms ultimately provide superior stock price performance; others counter that stock prices already reflect these firms' prospects for growth and profitability. This study advances the debate by providing fresh evidence that investing in high-quality firms yields above-average returns and that these superior returns continue for up to five years.
Current Issues in Economics and Finance , Volume 6 , Issue Jan

Working Paper
Cross-border returns differentials

Were the U.S. to persistently earn substantially more on its foreign investments ("U.S. claims") than foreigners earn on their U.S. investments ("U.S. liabilities"), the likelihood that the current environment of sizeable global imbalances will evolve in a benign manner increases. However, using a monthly dataset on the foreign equity and bond portfolios of U.S. investors and the U.S. equity and bond portfolios of foreign investors, we find that the returns differential for portfolio securities is near zero, far smaller than previously reported. Examining all U.S. claims and liabilities ...
International Finance Discussion Papers , Paper 921

Journal Article
Matchmaking for community investors

By expanding both scale and scope, community development financial institutions are starting to interest more investors.
Communities and Banking , Issue Win , Pages 7-9



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