Local Bias and Stock Market Conditions Author(s): Mariassunta Giannetti, Luc Laeven CEPR Discussion Paper Number 8969 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 23/05/2012 Keyword(s): behavioral finance, financial cycles, home bias, institutional investors, investor sentiment, local bias, market uncertainty, mutual funds, stock market JEL(s): E32 Abstract: We show that the local bias in...

The Return of Financial Repression Author(s): Carmen Reinhart CEPR Discussion Paper Number 8947 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/04/2012 Keyword(s): capital controls, debt, financial repression, inflation, interest rates, regulation JEL(s): E2, E3, E6, F3, F4, H6, N10 Abstract: Periods of high indebtedness have historically been associated with a rising incidence of default...

Transparency, Tax Pressure and Access to Finance Author(s): Andrew Ellul, Tullio Jappelli, Marco Pagano, Fausto Panunzi CEPR Discussion Paper Number 8939 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/04/2012 Keyword(s): access to finance, tax pressure, Transparency JEL(s): G31, G32, G38, H25, H26 Abstract: In choosing transparency, firms must trade off the benefits from better access to...

Competition for Managers, Corporate Governance and Incentive Compensation Author(s): Viral V Acharya, Marc Gabarro, Paolo Volpin CEPR Discussion Paper Number 8936 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/04/2012 Keyword(s): corporate governance, executive compensation, externalities JEL(s): D82, G18, G21 Abstract: We propose a model in which better governance incentivizes managers...

Household Finance: An Emerging Field Author(s): Luigi Guiso, Paolo Sodini CEPR Discussion Paper Number 8934 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/04/2012 Keyword(s): Consumer financial protection, Financial advice, Household financial decisions, Individual portfolio choice JEL(s): d1, d3 Abstract: Household finance - the normative and positive study of how households use...

A proposal for the resolution of systemically important assets and liabilities: The case of the repo market Author(s): Viral V Acharya, T Sabri Öncü CEPR Discussion Paper Number 8927 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/04/2012 Keyword(s): crises, fire sales, macroprudential regulation, resolution authority, runs, sale and repurchase agreements, systemic risk JEL(s): E58, G01,...

Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts Author(s): Per Johan Strömberg CEPR Discussion Paper Number 8914 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/03/2012 Keyword(s): capital structure, credit cycles, leveraged buyouts, Private equity JEL(s): G24, G32 Abstract: Private equity funds pay particular attention to capital structure when executing...

Aggregate Risk and the Choice between Cash and Lines of Credit Author(s): Viral V Acharya, Heitor Almeida, Murillo Campello CEPR Discussion Paper Number 8913 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/03/2012 Keyword(s): asset beta, bank lines of credit, cash holdings, liquidity management, loan maturity, loan spreads, systemic risk JEL(s): E22, E5, G21, G31, G32 Abstract: We model...

Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent Author(s): Viral V Acharya, Marco Pagano, Paolo Volpin CEPR Discussion Paper Number 8905 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/03/2012 Keyword(s): executive compensation, managerial talent, managerial turnover, short-termism JEL(s): D62, G32, G38, J33 Abstract: We present a model of labor market equilibrium...

Aspirations, Well-being, Risk-Aversion and Loss-Aversion Author(s): Kees Koedijk, Rachel A J Pownall, Meir Statman CEPR Discussion Paper Number 8904 Paper Details | PDF Download* | Purchase Electronic | Purchase Printed Programme Area(s): Financial Economics (FE) Date of Publication: 01/03/2012 Keyword(s): behavioural portfolio theory, loss-aversion, prospect theory, risk-taking, subjective well-being JEL(s): D81, G11 Abstract: Financial well-being is distinct from income. Some...