Languages and corporate savings behavior
نویسندگان
چکیده
منابع مشابه
Pension Reform, Savings Behavior and Corporate Governance
France, Germany and Italy, to take the three largest economies in continental Europe, have large and ailing pay-as-you-go public pension systems, very thin capital markets, and low capital performance. Taking Germany as an example, we show that these three issues are closely linked. Specifically, we argue that pension reform, via a change in portfolio composition of households and a strengtheni...
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We study the effects of the interplay between banking deregulation and corporate governance on the lending behavior of savings banks in Spain. The removal of branching barriers that constrained these banks has led to a nationwide expansion, increasing the number of their branches and their commercial lending volume dramatically. Analyzing a unique data set combining information on the geographi...
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We show that individual investors over-extrapolate from their personal experience when making savings decisions. Investors who experience particularly rewarding outcomes from saving in their 401(k)-a high average and/or low variance return-increase their 401(k) savings rate more than investors who have less rewarding experiences with saving. This finding is not driven by aggregate time-series s...
متن کاملCorporate Savings, Financing, and Investment with Aggregate Uncertainty Shocks
This paper investigates how firms manage their savings, financing, and investment when aggregate uncertainty is time-varying. I develop and estimate a dynamic model featuring aggregate uncertainty shocks, costly external financing, investment irreversibility, and time-varying risk premia. In my model, firms have a precautionary-savings motive and real options to wait, both of which interact wit...
متن کاملEmergence of Asia: Reforms, Corporate Savings, and Global Imbalances∗
One of the explanations for global imbalances is the self-financing behavior of credit-constrained firms in rapidly growing emerging markets. We use an extensive firm-level data set from several Asian countries during 2002–2011, and test the micro foundation of this theory by estimating the effect of an exogenous change in credit constraints, resulting from financial reforms, on firms’ saving b...
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ژورنال
عنوان ژورنال: Journal of Corporate Finance
سال: 2017
ISSN: 0929-1199
DOI: 10.1016/j.jcorpfin.2017.07.009