Consistent with the agency cost rational, this paper documents that managers having larger private benefits of control purchase more insurance to reduce their own exposure to the probability of left-tail outcomes and hence the volatility of the firm's cash flows. Private benefits of control are estimated by the market value of the right to vote (measured as the difference between the price of t...

the aim of this paper is analyzing the role of psychology of numbers in financial markets and in this area, investigates the price clustering phenomenon in trading prices of tehran stock exchange. price clustering is one of anomalies that have been observed in financial markets that representative psychological biases or tendency to specific numbers in the market. this phenomenon includes of de...

In this paper, we analyze the differences of effects of a deposit insurance schemes on financial cooperative and joint stock banks risk taking. We develop a methodology which includes the specifics of the utility function for the financial cooperative and we compare the results to a similar profit maximizing joint stock bank. We find that the introduction of deposit insurance does in fact incre...

While explicitly assuming that stock price conveys valuable information to the management, we show that the value loss from diversification is a function of the stock price informativeness. More informed stock trading leads to a more efficient investment and a smaller diversification discount. © 2007 Elsevier B.V. All rights reserved.

Monthly price and stock data are used to test the influence of Philippine government buffer-stock programs on seasonal and annual variability of producer and consumer rice prices. The period examined is 1974-1990. NFA stock changes are shown to have had some stabilizing influence on seasonal and annual price changes, but the magnitude is small and not statistically significant.

In this study, a model of Bayesian Dynamic Stochastic General Equilibrium (DSGE) from Real Business Cycles (RBC) approach with the aim of identifying the factors shaping price bubbles of Tehran Stock Exchange (TSE) was specified. The above-mentioned model was conducted in two scenarios. In the first scenario, the baseline model with sentiment shock was examined. In this model, stock price bubbl...

The stock market is a complex system that affects economic and financial activities around the world. Analysis of stock price data can improve our understanding of the past price movements of stocks. In this work, we develop a method to determine the highly interconnected subsystems of the stock market. Our method relies on a k-core decomposition scheme to analyze large networks. Our approach i...

Using data from employer-provided health insurance and Medicare Part D, we investigate whether healthcare utilization responds to the dynamic incentives created by the nonlinear nature of health insurance contracts. We exploit the fact that, because annual coverage usually resets every January, individuals who join a plan later in the year face the same initial ("spot") price of healthcare but ...

Stock market plays a vital role in a country’s economy and it is an important consideration in all the fields due to its potential financial gain. Using Data mining future stock price, whether stock price go high or low can be predicted. There are two types of stock market predictions, fundamental analysis based on unstructured data and technical analysis based on structured data. In this paper...

Early in January 1984, beneficiaries under the OldAge, Survivors, and Disability Insurance (OASDI) program received a 3.5-percent cost-of-living increase. This increase, effective for December 1983, was originally scheduled to take effect in June but was postponed by the 1983 Amendments to the Social Security Act. . Automatic cost-of-living increases were instituted in 1975 by legislation enact...