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Journal of Economics and Finance
Publishes theoretical and empirical articles in the general areas of economics and finance.
Articles from Vol. 30, No. 1, Spring
Do Self-Serving Managers Choose Chapter 11 Filing over Out-of-Court Restructuring?
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AbstractI investigate whether self-serving managers in financially distressed firms influence a firm's decision on the choice of debt restructuring method. I show that there is a non-linear relationship between managerial ownership and the probability...
Identifying Regime Changes in Closed-End Fund Discounts
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AbstractIn seeming contradiction of the efficient markets hypothesis, closed-end fund shares typically trade at discounts to their portfolio values. We find that about half of these discounts are nonstationary. Focusing only on those funds that have...
Non-Linear and Non-Symmetric Exchange-Rate Adjustment: Evidence from Medium-And High-Inflation Countries
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AbstractThis paper analyses a model of non-linear exchange rate adjustment that extends the literature by allowing asymmetric responses to over- and under-valuations. Applying the model to Greece and Turkey, we find that adjustment is asymmetric and...
Performance Compensation Contracts and Ceos' Incentive to Shift Risk to Debtholders: An Empirical Analysis
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AbstractThe paper investigates the relationships among CEO incentive contracts, manager ownership, charter value, and bank risk taking. We analyze whether the presence and magnitude of incentive contracts induce CEOs of financially distressed firms and...
The Dangers of Commitment: Monetary Policy with Adaptive Learning
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AbstractThis paper studies a class of interest rate rules, introduced by Evans and Honkapohja (2001a, 2004), that respond to public expectations and to lagged variables. The policymaker commits to the extent that the interest rate responds to lagged...
