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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
Asymmetric information and the lack of international portfolio diversification
Hatchondo, Juan Carlos (2005)
There is pervasive evidence that individuals invest primarily in domestic assets and thus hold poorly diversified portfolios. Empirical studies suggest that informational asymmetries may play a role in explaining the bias towards domestic assets. In contrast, theoretical studies based on asymmetric information fail to produce significant quantitative effects. The present paper develops a theoretical model in which the presence of informational asymmetries explains a significant fraction of the home equity bias observed in the data. The main departure from previous theoretical work is the ...
Working Paper , Paper 05-07

Working Paper
The use of accruals to manage reported earnings: theory and evidence
Wall, Larry D.; Koch, Timothy W. (2000)
This paper develops a model in which firm managers maximize their own compensation by using accruals to manage reported earnings. The results of the model suggest that the form of the managerial compensation function and managerial time preferences may have an important influence on the relationship between accruals and latent earnings. Among the possible relationships suggested by the model are strategies we call Smooth Income, Occasional Big Bath, Live for Today, and Maximize Variability, each of which suggests a different reporting strategy pursued by managers. Most empirical tests of ...
FRB Atlanta Working Paper , Paper 2000-23

Journal Article
Matchmaking for community investors
Afshar, Anna (2006-01)
By expanding both scale and scope, community development financial institutions are starting to interest more investors.
Communities and Banking , Issue Win , Pages 7-9

Journal Article
Investment cyclicality in manufacturing industries
Petersen, Bruce C.; Strauss, William A. (1989-11)
Economic Perspectives , Volume 13 , Issue Nov

Working Paper
Home production meets time-to-build
Kydland, Finn E.; Rupert, Peter; Gomme, Paul (2000)
An innovation in this paper is to introduce a time-to-build technology for the production of market capital into a model with home production. The paper?s main finding is that the two anomalies that have plagued all household production models?the positive correlation between business and household investment, and household investment leading business investment over the business cycle?are resolved when time-to-build is added.
Working Papers (Old Series) , Paper 0007R

Journal Article
COVID-19 Poses Risks for State and Local Public Pensions
Felix, Alison (2020-08-19)
If the coronavirus pandemic leads to a protracted recession, public pension funding could weaken further in the years to come. During the 2001 and 2007–09 recessions, investment returns failed to reach pension plans’ longer-term assumed returns, and shortfalls in state and local government budgets led some employers to temporarily reduce contributions. If pension funding falls during the current crisis, state and local governments may choose to adjust plan structures as they did after the Great Recession.
Economic Bulletin

Working Paper
Friends do let friends buy stocks actively
Heimer, Rawley (2013)
This research is the first to provide empirical evidence that social interaction is more prevalent amongst active rather than passive investors. While previous empirical work, spearheaded by Hong, Kubik, and Stein (2004), shows that proxies for sociability are related to participation in asset markets, the literature is unable to distinguish between the types of participants because of data limitations. I address this shortcoming by using data from the Consumer Expenditure Quarterly Interview Survey on individual holdings, and buying and selling of financial assets as well as expenditure ...
Working Papers (Old Series) , Paper 1314

Journal Article
Government investment and the European stability and growth pact
Lepetyuk, Vadym; Bassetto, Marco (2007-07)
The authors analyze whether it makes sense to treat public investment spending differently from other government spending when applying the deficit constraints mandated within the single European currency area. Given the low rates of population growth, mobility, and mortality in European countries, they find that excluding public investment from the computation of the deficit ceiling has only moderate implications for the current generations? spending choices. They also show that excluding net investment yields better outcomes than excluding gross investment.
Economic Perspectives , Volume 31 , Issue Q III , Pages 33-43

Report
Have financial markets become more informative?
Philippon, Thomas; Bai, Jennie; Savov, Alexi (2012)
The finance industry has grown. Financial markets have become more liquid. Information technology has improved. But have prices become more informative? Using stock and bond prices to forecast earnings, we find that the information content of market prices has not increased since 1960. The magnitude of earnings surprises, however, has increased. A baseline model predicts that as the efficiency of information production increases, prices become more disperse and covary more strongly with future earnings. The forecastable component of earnings improves capital allocation and serves as a direct ...
Staff Reports , Paper 578

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