منابع مشابه
Search, Asset Liquidity and Business Cycles
This paper presents a real business cycle model with search frictions in the asset market, where equity liquidity is endogenously determined. I use the model to study how labor input, asset liquidity and asset prices fluctuate in response to productivity and liquidity shocks, and how, in turn, these fluctuations magnify the impact of productivity shocks on economic activity. A household’s inves...
متن کاملIndustrial Organization , Asset Pricing , and Business Cycles ∗
We develop a dynamic general equilibrium model with many different industries, in which firms set prices strategically in product markets. Our approach extends previous literature by endogenizing the market price of risk and allowing for more general risk structures. General equilibrium in the model is shown to exist under general conditions. Strategic interaction between firms amplifies busine...
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This study empirically examines whether managers manipulate reported income through the timing of sales of long-lived assets and investments. Several empirical implications of the income-smoothing and debt-equity hypothesis in the context of asset sales were tested. The findings are consistent with the timing of asset sales by managers so that the recognized accounting income from these sales s...
متن کاملIncome from Asset sales, Earnings Change, and Leverage
Due to the fact that assets are recorded at their historical value and they may include unrealized gains (losses), managers may manipulate earnings through the sale of these assets and provide financial information which is not accurate and reliable. The aim of this study is to investigate the relationship between income from asset sales, earnings change and leverage of companies listed on Tehr...
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ژورنال
عنوان ژورنال: Review of Finance
سال: 2017
ISSN: 1572-3097,1573-692X
DOI: 10.1093/rof/rfx040