This paper tests whether there is a difference in the stock price reactions to industrial straight debt offerings of different risk. Using bond ratings at the time of announcement as a measure of ...risk, we find that there is no monotonic relation between stock price impact and rating and no statistically significant difference across risk classes, even though the sample includes low-rated debt issues from recent years. This confirms earlier evidence on straight debt issues, but differs from the evidence on convertible securities. The paper also finds that the results for straight debt are not affected by shelf registrations or by the issuing firms' involvement in merger and acquisition-related activity.
During 1980-84 the nuclear freeze movement headlined the news and scored numerous political victories. A examination of national pools reveals that public support for the freeze came heavily ...qualified. While Americans expressed strong support for the basic concept of a freeze, they expressed doubts about the possiblity of a verifiable and balanced freeze agreement. (Abstract amended)
Plans d'ajustement et disponibilité des facteurs de production importés,
par Sébastien Dessus.
Les politiques d'ajustement des soldes extérieurs n'ont elles pas affecté l'efficacité économique des ...entreprises en créant une contrainte de disponibilité de facteurs de production importés ? La modélisation de la demande d'importation d'intrants et de biens d'équipement faisant appel à l'économétrie du déséquilibre pour rendre compte d'une possible dichotomie entre décisions de l'Etat et du secteur privé, source du rationnement, est un élément de réponse. Cette spécification, estimée sur un panel de 26 pays en voie de développement de 1980 à 1984, permet d'observer que la probabilité moyenne des entreprises à être contraintes sur leurs demandes notionnelles a sensiblement augmenté depuis 1982, date des premiers plans d'ajustement.
Adjustment Plans and Availability of Imported Inputs,
by Sébastien Dessus.
Could it not be said that external balance readjustment policies have had a detrimental effect on firms' performance because they reduce volumes of imported inputs ? Part of the answer to this question can be found by modelling import demand of inputs and capital goods using disequilibrium econometrics to account for the dichotomy there can be between decisions taken at the governmental level and those taken at the private-sector level, which is why rationing exists. This specification, estimated by pooling 26 developing countries over the 1980-1984 period, shows that the average probability that firms faced constraints regarding their notional demand grew markedly from 1982, when the first adjustment plans were developed.
Pläne zur Angleichung des Außenbeitrags und Verfügbarkeit der importierten Produktionsfaktoren,
von Sébastien Dessus.
Es stellt sich die Frage, ob die Politiken zur Angleichung des Außenbeitrags aufgrund der eingeschränkten Verfügbarkeit importierter Produktionsfaktoren nicht die wirtschaftliche Leistungsfähigkeit der Untemehmen beeinträchtigt haben. Die Modellierung des Importbedarfs an Inputs und Anlageninvestitionsgütem auf der Grundlage der Ôkonometrie des Ungleichgewichts, um die mögliche Dichotomie zwischen den Beschlüssen des Staates und den Entscheidungen des privaten Sektors, Ursache der Rationierung, aufzuzeigen, kann hierbei eine Antwort geben. Dieser Zusammenhang, der anhand eines Panels von 26 Entwicklungsländern über den Zeitraum von 1980 bis 1984 geschätzt wurde, läßt erkennen, daß die durchschnittliche Wahrscheinlichkeit, daß die Untemehmen ihren theoretischen Bedarf einschränken rnüssen, seit 1982, das heißt dem Jahr der ersten Pläne zur Angleichung des Außenbeitrags, spürbarzugenommen hat.
Planes de ajuste y disponibilidad de los factores de producción importados,
por Sébastien Dessus.
¿ Han afectado las políticas de ajuste de los saldos exteriores la eficacia económica de las empresas creando un problema de disponibilidad de factores de producción importados ?. Para tratar de responder a este interrogante se élaboró un modelo de la demanda de importación de inputs y de bienes de equipo fundado en la econometría del desequilibrio, para tener en cuenta una posible dicotomía entre las decisiones del Estado y del sector privado, fuente de racionamiento. Dicho modelo, estimado en base a un panel de 26 países en vías de desarrollo, entre 1980 y 1984, permite observar que la probabilidad media de restricciones impuestas a las demanndas nocionales de las empresas aumentó sensiblemente a partir de 1982, fecha de elaboración de los primeros planes de ajuste.
An attempt is made to construct a predictive model of debt rescheduling in both low-income LDCs and in middle-income LDCs. Then, those financial and political/structural predictors that can be ...expected to influence the probability that an LDC will reschedule in a given year are outlined. The separate and joint effects of these factors on the probability of rescheduling is estimated in a probit model. Finally, the predictors of rescheduling in low-income LDCs and those predicting rescheduling in middle-income LDCs are contrasted.
This paper addresses the problem of testing financial models in the presence of market micro structure effects. The moment restrictions implied by the financial and market microstructure models are ...jointly tested using Hansen's (1982) GMM approach. To illustrate the methodology, I consider the random walk model in combination with the bid-ask price effect model of Blume and Stambaugh (1983). Within this sufficiently simple framework, I obtain closed-form expressions for the estimators, standard errors of the estimators, and the test statistic, which affords an opportunity to examine the precision of the estimators and the power of the test as the return interval increases. I show that apparent rejections of the random walk model cannot be sustained when tests of the model are adjusted for market micro structure effects, and I discuss other applications of the methodology.
The adequacy of life insurance purchases Kotlikoff, Laurence J; Auerbach, Alan
Journal of financial intermediation,
1991, Letnik:
1, Številka:
3
Journal Article
Results show that local authority assisted projects perform well when compared with regional development grant (RDG) but that regional selective assistance/national selective assistance (RSA /NSA) ...assisted projects perform even better. Much of the local authority assistance has been directed towards new company start-ups which would have gone ahead without being assisted. Projects concerned with machinery and equipment were most effective in employment terms and also had a range of other beneficial effects. (Abstract amended)
Reprint of much of the Center's report. Analyses the economic status of Black Americans and how it has changed since 1980. Covers economic conditions, poverty, unemployment and income levels and ...looks at federal budget and tax policies and how they have affected black economic wellbeing. Concludes that economic conditions have deteriorated for Black Americans since 1980. (GAW)
