We identify and track over time the factors that make financial system vulnerable to fire sales by constructing an index of aggregate vulnerability. The starts increasing quickly in 2004, before most other major systemic risk measures, triples 2008. fire-sale-specific delevering speed concentration illiquid assets account for majority this increase. Individual banks' contributions vulnerability...

We study experimentally whether employers or workers should invest in firm specific training. Only workers are assumed to have an alternative trading opportunity. Both the turnover costs case where this alternative takes the form of an outside option and the no-friction case where it serves as a threat point are considered. Theory predicts that in the turnover costs case employers have better i...

Although much has been learned about the role firms play in the labor market, whether establishments within the same firm adopt similar labor-market practices is an open question. This question is particularly relevant for firms with establishments in different locales and industries. For example, a finding that wages within a firm have a common component across unrelated workers and industries...

We report a policy experiment that illustrates a potential problem of using historical pass-through rates as a means of predicting the competitive consequences of projected firmspecific cost savings in antitrust contexts, particularly in merger analysis. The effects of cost savings on welfare can vary vastly, depending on how the savings affect the industry supply schedule. In a capacity-constr...

* Doctoral Student, The University of Alberta Business School, Edmonton, Canada T6G 2R6. Tel: (780) 492-5435. Fax: (780) 492-3325. E-mail: [email protected]. ** Stephen A. Jarislowsky Distinguished Professor of Finance, School of Business, University of Alberta, Edmonton, Alberta, Canada, T6G 2R6. Tel: (780) 492-5683. Fax: (780) 492 3325. E-mail [email protected]; Research Associate, Nati...

The main objective of this study is to give the insight of describing mixing accounting ratios and macroeconomic variables as the risk factors in Iran. The results indicate a significant relationship between book to market ratio, financial leverage, size factors and expected stock returns in the Iranian market. In consistent with the other studies, we came to the conclusion that the term struct...

T paper studies the role of the yield-dependent trading cost structure influencing the optimal choice of the selling price and production quantity for a firm that operates under supply uncertainty in the agricultural industry. The firm initially leases farm space, but its realized amount of fruit supply fluctuates because of weather conditions, diseases, etc. At the end of the growing season, t...