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  • Economics
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  • 1
    Language: English
    In: Journal of Financial Economics, September 2012, Vol.105(3), pp.565-580
    Description: We extend the measure of integration to provide an estimate of systemic risk within international equity markets. Our measure indicates an increasing likelihood of market crashes. The conditional probability of market crashes increases substantially following increases of our risk measure. High levels of our risk measure indicate the probability of a global crash is greater than the probability of a local crash. That is, conditional on high levels of systemic risk, the probability of a severe crash across multiple markets is larger than the probability of a crash within a smaller number of markets.
    Keywords: Financial Crises ; Systemic Risk ; Crash ; Fragility ; Business ; Economics
    ISSN: 0304-405X
    E-ISSN: 1879-2774
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  • 2
    Language: English
    In: Journal of Accounting and Economics, 2011, Vol.51(1), pp.204-218
    Description: review the financial reporting literature related to voluntary and mandatory firm disclosures, and sell-side analyst reports. The discussion summarizes their approach, highlights some of their main conclusions, and presents alternative ideas about promising avenues for future research. ► Mixed Data Sampling (MIDAS) regression is a good alternative to return decomposition. ► Voluntary disclosure models incorporating real effects on production are promising. ► Empirical research on voluntary disclosure's costs and benefits has limitations. ► Transparency may reduce welfare in mandated disclosure models with production effects. ► Empirical tests of investment effects of disclosure confront endogeneity issues.
    Keywords: Financial Reporting ; Disclosure ; Regulation ; Business
    ISSN: 0165-4101
    E-ISSN: 1879-1980
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  • 3
    Language: English
    In: Journal of Banking and Finance, April 2012, Vol.36(4), pp.1107-1121
    Description: ► Sentiment-prone stocks exhibit opaque characteristics, such as high volatility. ► Our conditional alpha model offers advantages when performance varies by states. ► Opaque stocks offer strong marginal performance following low sentiment periods. ► Translucent stock performance is relatively constant across levels of sentiment. ► Sentiment is a systematic risk that is not subsumed by additional risk factors. Economists have long recognized the importance of information veracity in valuing risky securities. Market participants concerned about the credibility of information measures may require additional compensation to entice them to hold stocks with less transparent information. These same securities are expected to display greater sensitivities to measures of market sentiment. We find that investor sentiment sensitivities increase directly with multiple measures of opacity in the cross-section. Next we examine the extent to which sentiment sensitivities are priced in an asset pricing context. Using the model of conditional performance evaluation, we find an inverse relation between known investor sentiment and the marginal performance of opaque stocks. In contrast, translucent stocks exhibit relatively little variability in performance across levels of sentiment.
    Keywords: Investor Sentiment ; Asset-Pricing ; Conditional Performance ; Business
    ISSN: 0378-4266
    E-ISSN: 1872-6372
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  • 4
    Language: Spanish
    In: Conservation Biology, October 2012, Vol.26(5), pp.769-777
    Description: Alces alcesp p p Ovibos moschatus
    Keywords: Conservation Policy ; Moose ; Muskoxen ; Orphans ; Overwinter Survival ; Photogrammetry ; Alce ; Buey Almizclero ; Fotogrametría ; Huérfanos ; Políticas De Conservación ; Supervivencia A La Hibernación
    ISSN: 0888-8892
    E-ISSN: 1523-1739
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  • 5
    In: Conservation Biology, August 2013, Vol.27(4), pp.679-689
    Description: . , , , , , . Globalización del Mercado de Cachemira y la Declinación de Mamíferos Mayores en Asia Central Pseudois nayaur: Saiga tartarica, Pantholops hodgsoni, Camelus bactrianus, Panthera uncial, Equus hemionus, E. kiang, E. przewalski Bos mutus.
    Keywords: Fashion ; Herders ; India ; Mongolia ; Saiga ; Trade ; Comercio ; India ; Moda ; Mongolia ; Pastores ; Saiga
    ISSN: 0888-8892
    E-ISSN: 1523-1739
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  • 6
    Language: English
    In: Journal of Financial Economics, July 2013, Vol.109(1), pp.146-176
    Description: This paper empirically examines how capital affects a bank’s performance (survival and market share) and how this effect varies across banking crises, market crises, and normal times that occurred in the US over the past quarter century. We have two main results. First, capital helps small banks to increase their probability of survival and market share at all times (during banking crises, market crises, and normal times). Second, capital enhances the performance of medium and large banks primarily during banking crises. Additional tests explore channels through which capital generates these effects. Numerous robustness checks and additional tests are performed.
    Keywords: Financial Crises ; Survival ; Market Share ; Profitability ; Banking ; Business ; Economics
    ISSN: 0304-405X
    E-ISSN: 1879-2774
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  • 7
    Language: English
    In: Research Policy, 2012, Vol.41(1), pp.216-225
    Description: ► So-called “essential patents” included in standards have compared to control patents higher number of claims. ► They are also amended more often than the patents of the control group. ► The results have implications for the policies of patent offices. This article addresses companies’ filing behaviour in respect of patents relevant for standard-setting (“essential patents”). We discuss applicants’ incentives to achieve conformity of patent applications with technology standards under development. Based on these incentive structures, we hypothesise that the claims of essential patents are amended more often than those of comparable patents. Additionally, we argue that applicants have incentives to delay the grant decision. As a result, essential patents are hypothesised to have longer pendency times than comparable patents. This implies more possibilities for applicants to exploit the flexibility within the patent application process to amend the claims of pending patent applications. For empiric validation, we use procedural patent data from the European patent application process. We adopt a one-to-one matching approach, pairing essential patents in telecommunications with control patents on the matching criteria of technology class, filing date and applicant name. Additionally, we compare these essentials with patents from companies that do not hold standards-relevant patents. We detect higher numbers of claims and amendments to claims as well as other relevant characteristics for the essential patents. Using survival analysis, we show that the higher numbers of amendments and claims and the higher share of X references are responsible for higher pendency times, since they significantly decrease hazard rates in the survival analysis. We discuss the general implications for the functioning of the patent system and address the detrimental effects caused by the high degree of uncertainty generated by these filing strategies. Possible solutions such as better co-ordination are devised.
    Keywords: Intellectual Property Rights ; Patent Strategy ; Standards ; Telecommunication ; Sciences (General) ; Business
    ISSN: 0048-7333
    E-ISSN: 1873-7625
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  • 8
    Language: English
    In: Research Policy, 2012, Vol.41(2), pp.376-390
    Description: ► New insight on links between technology and insignia copying and company characteristics. ► Companies with strong investment in R&D face less problems. ► R&D activities abroad, but not sales and manufacturing abroad might create more problems with copying. ► Large companies are not per se more likely to become victims of patent infringement. ► More integrated approaches of IP- and especially R&D strategy necessary. This paper examines the relationship between a firm's strategic framework and business environment and the probability of becoming the target of “copying”, differentiated into (i) unauthorized reproduction of its technological product elements or insignia, and (ii) patent and trademark infringement. Based on bivariate and multivariate analyses of survey data, we show patterns of the links between being (legally or illegally) imitated and IP protection (e.g., defensive publishing), general strategy (e.g., selling products abroad or off-shoring R&D activities) and organizational factors (e.g., firm size). Management implications for successful strategies against the different types of being copied are derived.
    Keywords: Copying ; Ipr Infringement ; Ip Strategy ; Research and Development ; Sciences (General) ; Business
    ISSN: 0048-7333
    E-ISSN: 1873-7625
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  • 9
    Language: English
    In: Journal of Economic Psychology, 2011, Vol.32(1), pp.142-158
    Description: This paper investigates the association between maternal life satisfaction and the developmental functioning of 2–3-year-old children as well as the socio-emotional behavior of 5–6-year-old children. We use data from the German Socio-Economic Panel Study (SOEP), which allows us to control for a rich set of child and parental characteristics and to use the mother’s life satisfaction before the birth of her child as an instrument to eliminate potential reverse causality. The results indicate that the more satisfied the mother, the better her child’s verbal skills and the lower his or her socio-emotional problems. The relation is more pronounced for boys than for girls. The results are robust even when mothers’ personality or mothers’ cognitive skills are controlled for.
    Keywords: Life Satisfaction ; Subjective Well-Being ; Mothers ; Child Development ; Skill Formation ; Business ; Psychology ; Economics
    ISSN: 0167-4870
    E-ISSN: 1872-7719
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  • 10
    Language: English
    In: Demography, 2018, Vol.55(4), pp.1547-1565
    Description: Intergenerational mobility has remained stable over recent decades in the United States but varies sharply across the country. In this article, I document that areas with more prevalent slavery by the outbreak of the Civil War exhibit substantially less upward mobility today. I find a negative link between prior slavery and contemporary mobility within states, when controlling for a wide range of historical and contemporary factors including income and inequality, focusing on the historical slave states, using a variety of mobility measures, and when exploiting geographical differences in the suitability for cultivating cotton as an instrument for the prevalence of slavery. As a first step to disentangle the underlying channels of persistence, I examine whether any of the five broad factors highlighted by Chetty et al. (2014a) as the most important correlates of upward mobility—family structure, income inequality, school quality, segregation, and social capital—can account for the link between earlier slavery and current mobility. More fragile family structures in areas where slavery was more prevalent, as reflected in lower marriage rates and a larger share of children living in single-parent households, is seemingly the most relevant to understand why it still shapes the geography of opportunity in the United States.
    Keywords: Intergenerational mobility ; Slavery ; Persistence
    ISSN: 0070-3370
    E-ISSN: 1533-7790
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