American IPOs are priced after a process of bookbuilding, during which issuers can withdraw at any time. We hypothesize that the option to withdraw reduces underpricing by strengthening the issuers’ ...bargaining power with respect to investors. Empirical analysis reveals that underpricing is lower when investor perception of an IPO's likelihood of withdrawal is higher. Withdrawing issuers are neither smaller nor less profitable than issuers completing their IPOs, and engage underwriters that are as reputable as those managing completed offerings. Withdrawal is correlated with leverage, intended use of proceeds, expected issue size, venture backing, revenues, NASDAQ returns, and IPO activity.
Race, space, and unemployment duration Dawkins, Casey J.; Shen, Qing; Sanchez, Thomas W.
Journal of urban economics,
07/2005, Letnik:
58, Številka:
1
Journal Article
Recenzirano
This paper employs a special geo-coded tabulation of the US Panel Study of Income Dynamics (PSID) to examine the link between racial differences in residential location, or residential segregation, ...and racial disparities in unemployment durations. For a sample of 1098 workers whose employment was terminated during the years 1990 through 1992, we estimate continuous time duration models explaining unemployment durations for recently unemployed individuals as a function of personal and household characteristics affecting worker productivity, residential location characteristics at the time of job termination, and measures of job accessibility. We find that residential segregation affects racial differences in unemployment durations by exacerbating racial differences in job accessibility and neighborhood peer effects.
THE LAST GREAT DEBATE Sjursen, Danny
World affairs (Washington),
03/2017, Letnik:
180, Številka:
1
Journal Article
Recenzirano
Most U.S. scholarship on the political history of the First Persian Gulf War covers the general debate between the branches of government or among the international community. Several works address ...the length and quality of the legislature’s deliberation. The few studies examining veteran’s demographics in Congress mostly do so from a macro perspective. None meaningfully scrutinize the personal military service of individual congressmen or how the sheer quantity of veterans in the 102nd Congress influenced the debate. Correcting this oversight, this article shows how politically influential the personal experiences of so many legislators actually were. I argue that the quantity of veterans in the 101st and 102nd U.S. Congresses demonstrably influenced the character and quality of the debate preceding the war in two ways. First, veterans rendered arguments in the context of military experiences and reached conclusions from a veteran’s as much as a legislator’s perspective. Second, their common wartime participation generated a collegial atmosphere of mutual respect and serious deliberation largely free from normal partisan pressure—which stands in stark contrast to contemporary congressional gridlock. In doing so, I show that permeating this discourse and the emotional, yet civil, debate was a powerful source of historical memory.
La mayoría de la literatura estadounidense sobre la historia política de la primera guerra del golfo pérsico dan cobertura al debate general entre los poderes de gobierno o entre la comunidad internacional. Muchos estudios se dedican al análisis de la duración y calidad de las deliberaciones legislativas. Los pocos estudios que analizan la composición demográfica del congreso estadounidense lo hacen desde una perspectiva macro. Sin embargo, ninguno examina de manera significativa el servicio militar personal de los congresistas o cómo la cantidad de veteranos en el Congreso 102 influyó en el debate. Corrigiendo este descuido, este artículo muestra qué tan influyentes políticamente fueron en realidad las experiencias personales de tantos legisladores. Sostengo que la cantidad de veteranos en los 101ro y 102do Congresos de los Estados Unidos influyó de forma demostrable en el carácter y la calidad del debate que precedió a la guerra de dos formas. Primero, los veteranos presentaron argumentos en el contexto de experiencias militares y llegaron a conclusiones tanto desde el punto de vista del veterano como del legislador. En segundo lugar, su participación común en tiempos de guerra generó una atmósfera colegial de respeto mutuo y serias deliberaciones, en gran parte libres de la presión partidista normal, lo que contrasta con el estancamiento del Congreso contemporáneo. De esta forma se demuestra que la impregnación de este discurso y el debate emocional, aunque civil, fue una poderosa fuente de memoria histórica.
大多数关于第一次海湾战争政治历史的学术研究都涉及了政府各分支间或国际社会间产生的大辩论。好几篇研究仔细处理了立法机构商讨的深度和质量。极少数研究在宏观视角下检查了国会中退伍军人的人口统计数据。然而，还没有任何研究仔细检查国会议员的个人军事服务，得出有意义的发现，也没有检查第102届国会中退伍军人数量如何对辩论产生影响。为纠正这方面的疏忽，本文展示了众多立法者个人经历能产生怎样的政治影响。本文认为，第101和102届美国国会中退伍军人的数量从两方面明显影响了战前辩论的特征和质量。第一，退伍军人提供军事经历论点，从退伍军人的角度和相当的立法者角度得出结论。第二，他们共有的战时参与创造出一个相互尊重且严肃商讨的学院氛围，这在很大程度上不会面临一般党派压力，从而与当代国会僵局形成鲜明对比。在此过程中，本文展示：将该论述和“感性却又与国家相关的”辩论进行渗透，能强有力的唤起历史记忆。
This paper is concerned with the interaction between price and inventory decisions in retailing firms and its implications for the dynamics of markups and the existence of sales promotions. We ...consider a model where a monopolistically competitive retailer decides price and inventories, and assumes lump-sum costs when placing orders or changing nominal prices. In this model, the existence of stockout probabilities and fixed ordering costs generate a cyclical price behaviour characterized by long periods without nominal price changes and short periods with very low prices (i.e. sales promotions). We estimate this model using a unique longitudinal dataset with information about retail and wholesale prices, inventories, orders, and sales for several brands in a supermarket chain. Based on the estimated model we perform several counterfactual experiments that show the important role that inventories and fixed ordering costs play in the dynamics of retail prices and the frequency of sales promotions in this dataset.
Contrary to the conventional wisdom, bank capital ratios are positively related to returns on equity in the 1980s. Higher capital Granger-caused higher earnings and vice versa for U.S. banks, ...1983-1989. The surprising positive Granger-causation from capital to earnings occurred primarily through lower interest rates paid on uninsured purchased funds. The data support the hypothesis that expected bankruptcy costs for banks increased substantially in the 1980s, raising optimal capital ratios. The causation from capital to earnings became negative in the early 1990s, when aggregate risk, regulation, and earnings changed, but the findings still supported the expected bankruptcy costs hypothesis. (Printed by permission of the publisher.)
Economic theory suggests that an increase in the expected length of stay in a dwelling increases the probability of a household choosing to own a house rather than rent. This hypothesis is derived ...from recognition that there are substantial transaction costs associated with homeownership and increased expected time in the home reduces the annualized transaction cost. Using a military data set, we confirm that expected length of stay in a dwelling and the transaction costs of selling are very important to the ownership decision. Our best estimate of the transaction costs of selling a home are the sum of 3% of house value and 4% of household earnings.
Analyzing data on 2,225 men and 2,401 women from the National Comorbidity Survey, the authors examine the impact of psychiatric disorders on employment and, among those employed, work hours and ...income. They find that psychiatric disorders significantly reduced employment among both men and women. They also find evidence of small reductions in the conditional work hours of men and a substantial drop in the conditional income of men and women, although these findings are somewhat sensitive to the estimation methods and specification of the model.
Die Videothek Haupts, Tobias
2014, 2014-07-08, Letnik:
7
eBook
Im Zeitalter der Digitalisierung des Films scheint es erstaunlich, dass das Auftreten seiner haptischen Form noch nicht lang zurückliegt. Der Film auf Videokassette, der den Zuschauer von den ...Reglementierungen des Kinos und des Fernsehens emanzipierte, schuf nicht nur einen neuen Zugang zur Filmgeschichte, sondern einen gänzlich neuen Raum im Medienensemble: die Videothek. In der Bundesrepublik der 1980er Jahre bildete diese kulturelle Institution einen Nexus, der die neuen Fragen des Jugendschutzes, der Verbreitung von Filmen sowie der andersartigen Medienkonkurrenz bündelte und neu zu beantworten versuchte.
Die Videothek Haupts, Tobias
2014, 201407, Letnik:
7
eBook
Im Zeitalter der Digitalisierung des Films scheint es erstaunlich, dass das Auftreten seiner haptischen Form noch nicht lang zurückliegt. Der Film auf Videokassette, der den Zuschauer von den ...Reglementierungen des Kinos und des Fernsehens emanzipierte, schuf nicht nur einen neuen Zugang zur Filmgeschichte, sondern einen gänzlich neuen Raum im Medienensemble: die Videothek. In der Bundesrepublik der 1980er Jahre bildete diese kulturelle Institution einen Nexus, der die neuen Fragen des Jugendschutzes, der Verbreitung von Filmen sowie der andersartigen Medienkonkurrenz bündelte und neu zu beantworten versuchte.
We develop and estimate a model of market demand for a new pharmaceutical, whose quality is learned through prescriptions by forward‐looking physicians. We use a panel of antiulcer prescriptions from ...Italian physicians between 1990 and 1992 and focus on a new molecule available since 1990. We solve the model by calculating physicians' optimal decision rules as functions of their beliefs about the new pharmaceutical. According to our counterfactuals, physicians' initial pessimism and uncertainty can have large, negative effects on their propensity to prescribe the new drug and on expected health outcomes. In contrast, subsidizing the new good can mitigate informational losses. (JEL I10, L10)
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