Recall and unemployment Fujita, Shigeru; Moscarini, Giuseppe
The American economic review,
12/2017, Letnik:
107, Številka:
12
Journal Article
Recenzirano
Odprti dostop
We document in the Survey of Income and Program Participation covering the period 1990–2013 that a surprisingly large share of workers return to their previous employer after a jobless spell, and ...experience very different unemployment and employment outcomes than job switchers. The probability of recall is much less procyclical and volatile than the probability of finding a new employer. We add to a quantitative, and otherwise canonical, search-and-matching model of the labor market a recall option, which can be activated freely following aggregate and job-specific productivity shocks. Recall and search effort significantly amplify the cyclical volatility of new job-finding and separation probabilities.
Shock Propagation and Banking Structure Giannetti, Mariassunta; Saidi, Farzad
The Review of financial studies,
07/2019, Letnik:
32, Številka:
7
Journal Article
Recenzirano
Odprti dostop
We explore whether lenders’ decisions to provide liquidity in periods of distress are affected by the extent to which they internalize the negative spillovers of industry downturns. We conjecture ...that high-market-share lenders are more likely to internalize negative spillovers and show that they provide liquidity to industries in distress when fire sales are likely to ensue. High-market-share lenders also provide liquidity to customers and suppliers of distressed industries when the disruption of supply chains is expected to be costly. Our results suggest a novel channel to explain why credit concentration may favor financial stability.
Research has examined the process of "entrepreneurial migration," whereby employees from successful industry incumbents move to new ventures. This phenomenon has been linked to direct benefits to ...entrepreneurial firms, offering valuable knowledge and routines obtained by employees during their tenure at incumbent firms. We propose a theoretical framework in which shared experience-a common background in beneficial knowledge management practices-creates a "cohort effect," facilitating direct ties and innovation benefits to new ventures receiving inventors from the same incumbent firms. Analyzing longitudinal data on inventor migration to 658 new biotech ventures tracked from 1990 to 2013, we find shared migration ties increase knowledge and market overlap between firms, enhancing their likelihood of direct engagement through alliances and employee hiring as well as the quality of knowledge they develop. Our core theoretical contribution is the identification of a migration cohort effect, in which inventors who share contemporaneous experiences at incumbent firms and migrate to new ventures create unique relationships between those ventures. Where prior research on spawning and migration has focused primarily on the direct benefit of human capital transfer from incumbents to new ventures, we explore the broader network implications of similarities and interactions between firms receiving this human capital.
We build a model in which the Fed and the market disagree about future aggregate demand. The market anticipates monetary policy “mistakes,” which affect current demand and induce the Fed to partially ...accommodate the market’s view. The Fed expects to implement its view gradually. Announcements that reveal an unexpected change in the Fed’s belief provide a microfoundation for monetary policy shocks. Tantrum shocks arise when the market misinterprets the Fed’s belief and overreacts to its announcement. Uncertainty about tantrums motivates further gradualism and communication. Finally, disagreements affect the market’s expected inflation and induce a policy trade-off similar to “ cost-push” shocks. (JEL D83, E12, E31, E43, E44, E52, E58)
El objetivo de este trabajo es analizar empíricamente los efectos macroeconómicos de la inversión extranjera directa (ied) sobre la inversión en Uruguay en el periodo 1990-2013. Para ello se ...consideran diversos aspectos teóricos y analíticos así como la metodología de modelos de inversión y técnicas econométricas. La principal conclusión es que existió un efecto total positivo de la ied sobre la formación de capital de la economía. El mismo estuvo compuesto únicamente del efecto directo positivo, dado que el efecto indirecto fue neutral (la ied no complementó ni desplazó la inversión doméstica). Dicho efecto directo estuvo asociado al significativo ingreso de ied y sus principales características, mientras que el indirecto a diversos factores tales como la baja inversión doméstica y el escaso desarrollo de encadenamientos productivos entre las Empresas Transnacionales (et) y las empresas domésticas.
Firm values can substantially change between the time deal terms are set and the actual deal closing, risking renegotiation, or termination. We find increases in market volatility decrease subsequent ...deal activity, but only for public targets subject to an interim period. The effect is strongest when volatility is highest, for deals taking longer to close, and for larger targets. Merging parties attempt to shorten the interim window as risk increases. Firmand industry-level uncertainty measures reveal similar findings, ruling out an unobserved macro variable. We conclude interim uncertainty contributes to understanding the timing and intensity of public firms' merger activity.
Review: Zoë Wicomb Marais, Sue
English in Africa,
11/2020, Letnik:
47, Številka:
3
Journal Article
Recenzirano
Special IssueSites in Contestation: Reading Contemporary Popular Culture in AfricaZoë Wicomb. Race, Nation, Translation: South African Essays, 1990- 2013. Edited by Andrew van der Vlies. ...Johannesburg: U of Witwatersrand P, 2018. 352 pp. ISBN 978-1-77614-324-5I am at a bit of a loss to know quite what to say about what is self-evidently a superb and long overdue collection of the seminal essays of one of South Africa’s most intellectually formidable and uncompromising literary and cultural critics (and authors), especially since the volume so obviously recommends itself. Beautifully presented (with a stunning cover photo by Wicomb’s partner, Roger Palmer) and meticulously edited and introduced by Andrew van der Vlies, Race, Nation, Translation: South African Essays, 1990-2013 has been published simultaneously by the Wits and Harvard University Presses, and contains sixteen essays in total, spanning three decades from the early nineties to the mid-2010s. The essays are, however, not arranged chronologically, but have been divided thematically into “Part I: Hearing the Variety of Discourses” and “Part II: Intertextuality and the Postcolonial Author,” the subtitles of which are derived from two of Wicomb’s most influential pieces, published in 1990 and 2004/5 respectively. Part III consists of an in-depth interview with Wicomb, conducted by van der Vlies in 2017 and subtitled “Intertextualities, Interdiscourses and Intersectionalities.” Here the writer revisits some of her earlier positions, responding with both candour and generosity to van der Vlies’s questions: no doubt readers already familiar with her work will find this interview quite fascinating.
Abstract
We explore changes in the Ontario Labour Relations Board and the Ministry of Labour's Dispute Resolution Services over time. The core purpose of these public dispute resolution agencies in ...Canada has not changed since their creation, even amidst legislative fragmentation and consolidation, different governing parties, periods of public sector austerity, changing patterns of unionization and evolving court decisions.
In this paper, we evaluate the first‐stage pass‐through, namely the responsiveness of import prices to the exchange rate changes, for a sample of euro area (EA) countries. Our study aimed to shed ...further light on the role of microeconomic factors versus macroeconomic factors in influencing the extent of the exchange rate pass‐through (ERPT). As a first step, we conduct a sectoral analysis using disaggregated import prices data. We find a much higher degree of pass‐through for more homogeneous goods and commodities, such as oil and raw materials, than for highly differentiated manufactured products, such as machinery and transport equipment. Our results confirm that cross‐country differences in pass‐through rates may be due to divergences in the product composition of imports. The higher share of imports from sectors with lower degrees of pass‐through, the lower ERPT for an economy will be. In a next step, we investigate for the impact of some macroeconomics factors or common events experienced by EA members on the extent of pass‐through. Using the system generalised method of moments within a dynamic panel‐data model, our estimates indicate that decline of import‐price sensitivity to the exchange rate is not significant since the introduction of the single currency. Our findings suggest instead that the weakness of the euro during the first 3 years of the monetary union significantly raised the extent of the ERPT. This outcome could explain why the sensitivity of import prices has not fallen since 1999. We also point out a significant role played by the inflation in the Eurozone, as the responsiveness of import prices to exchange rate fluctuations tends to decline in a low and more stable inflation environment. Overall, our findings support the view that the extent of pass‐through is comprised of both macro‐ and microeconomic aspects that policymakers should take into account.
Using 1990 through 2013 data of U.S. firms with foreign operations, we show that (i) the serial correlation of analyst forecast errors increases in the extent of international diversification, (ii) ...post‐earnings‐announcement drift (PEAD) based on analyst forecast errors increases in the extent of international diversification, and (iii) the impact of international diversification on the serial correlation of analyst forecast errors and its associated drift is significantly reduced after the implementation of SFAS 131 on segment disclosures. When we replicate our tests using seasonally differenced earnings, we fail to observe similar patterns. Overall, our results suggest that investors’ underreaction to announced earnings is a likely explanation for PEAD. Our findings also indicate that disclosures required under SFAS 131 are useful to analysts in forming efficient earnings expectations, thereby helping capital market participants in the pricing of internationally diversified firms’ earnings.
Diversification internationale, SFAS 131 et mouvement postérieur à l'annonce des résultats
À l'aide de données portant sur des sociétés américaines exerçant leurs activités à l’étranger pour la période s’échelonnant de 1990 à 2013, les auteurs montrent que i) la corrélation sérielle des erreurs prévisionnelles des analystes augmente avec l’étendue de la diversification internationale, ii) le mouvement postérieur à l'annonce des résultats prenant appui sur les erreurs prévisionnelles des analystes augmente avec l’étendue de la diversification internationale et iii) l'incidence de la diversification internationale sur la corrélation sérielle des erreurs prévisionnelles des analystes et le mouvement qui y est associé a diminué sensiblement après l'adoption du SFAS 131 sur la publication d'informations sectorielles. Les auteurs répètent leurs tests en utilisant l’écart des résultats par action du trimestre par rapport à ceux du trimestre correspondant de l'exercice précédent sans observer de profils similaires. Dans l'ensemble, les résultats obtenus par les auteurs paraissent indiquer que la réaction timide des investisseurs à l'annonce des résultats est une explication probable du mouvement postérieur à l'annonce des résultats. Les constatations des auteurs indiquent également que les informations qu'exige le SFAS 131 sont utiles aux analystes dans la formulation efficiente d'attentes de résultat et donc dans l'aide qu'ils peuvent apporter aux intervenants sur les marchés financiers cherchant à établir la valeur des résultats des sociétés diversifiées à l’échelle internationale.
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