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Journal Article
Direct investments in securities: A primer
DeGennaro, Ramon P. (2003-01)
Direct investment plans (commonly known as DRIPs) let investors bypass traditional investment channels and avoid problems such as high transactions costs and the relatively large dollar amounts necessary to purchase certain assets. While no one expects these plans to answer all of the modern investor's needs, DRIPs probably appeal to the buy-and-hold clientele seeking the lowest possible transactions costs. ; This article discusses DRIPs, describing how the financial services industry has evolved to meet the needs of the small investor. The author identifies the remaining limitations on this ...
Economic Review , Volume 88 , Issue Q1 , Pages 1-14

Journal Article
Investment analysts' forecasts of earnings
Ciciretti, Rocco; Dwyer, Gerald P.; Hasan, Iftekhar (2009-09)
The literature on investment analysts' forecasts of firms' earnings and their forecast errors is enormous. This paper summarizes the evidence on the distribution of analysts' forecasts and forecast errors using data for all U.S. firms from 1990 to 2004. The evidence indicates substantial asymmetry of earnings, earning forecasts, and forecast errors. There is strong support for average and median earning forecasts being higher than actual earnings a year before the earnings announcement. Such differences between earnings and forecasts also exist across time periods and industries. A month ...
Review , Volume 91 , Issue Sep , Pages 545-568

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

Newsletter
Maintaining and financing infrastructure in tough budgetary times
Mattoon, Richard H. (2002-12)
Chicago Fed Letter , Issue Dec

Working Paper
When in peril, retrench: testing the portfolio channel of contagion
Reinhart, Carmen M.; Gelos, Gaston; Broner, Fernando (2004)
One plausible mechanism through which financial market shocks may propagate across countries is through the effect of past gains and losses on investors? risk aversion. The paper first presents a simple model examining how heterogeneous changes in investors? risk aversion affects portfolio decisions and stock prices. Second, the paper shows empirically that, when funds? returns are below average, they adjust their holdings toward the average (or benchmark) portfolio. In other words, they tend to sell the assets of countries in which they were ?overweight?, increasing their exposure to ...
Working Paper Series , Paper 2004-28

Working Paper
Stare down the barrel and center the crosshairs: Targeting the ex ante equity premium
Kramer, Lisa; Donaldson, Glen; Kamstra, Mark (2003)
The equity premium of interest in theoretical models is the extra return investors anticipate when purchasing risky stock instead of risk-free debt. Unfortunately, we do not observe this ex ante premium in the data; we only observe the returns that investors actually receive ex post, after they purchase the stock and hold it over some period of time during which random economic shocks affect prices. Over the past century U.S. stocks have returned roughly 6 percent more than risk-free debt, which is higher than warranted by standard economic theory; hence the "equity premium puzzle." In this ...
FRB Atlanta Working Paper , Paper 2003-4

Journal Article
The increasing importance of retailers' inventories
Worthington, Paula R. (1998-07)
Although inventory--sales (IS) ratios and inventory volatility have declined somewhat since the early 1980s, little evidence supports the view that declining IS ratios are associated with declines in inventory investment volatility. In the retail sector, IS ratios have risen and inventory investment volatility has, at best, not increased, pointing to a more significant role in future cyclical fluctuations.
Economic Perspectives , Volume 22 , Issue Q III

Working Paper
Country fund discounts and the Mexican crisis of December 1994: did local residents turn pessimistic before international investors?
Schmukler, Sergio L.; Frankel, Jeffrey A. (1996)
It has been suggested that Mexican investors were the "front-runners" in the peso crisis of December 1994, turning pessimistic before international investors. Different expectations about their own economy, perhaps due to asymmetric information, prompted Mexican investors to be the first ones to leave the country. This paper investigates whether data from three Mexican country funds provide evidence that supports the "divergent expectations" hypothesis. We find that, right before the devaluation, Mexican country fund Net Asset Values (driven mainly by Mexican investors) dropped faster ...
International Finance Discussion Papers , Paper 563

Working Paper
Asset allocation and section 529 plans
DeGennaro, Ramon P. (2003)
Previous research has concluded that prespecified asset allocations used by many Section 529 college savings plans are suboptimal. We extend this research to show that though it may be true, it is true for reasons other than those asserted in previous research. In addition, it tends to deflect attention from other investment options and strategies.
FRB Atlanta Working Paper , Paper 2003-1

Journal Article
The stock market: too high? too low? just right
Clement, Douglas (2001-06)
The Region , Volume 15 , Issue Jun , Pages 8-10

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