Centre for Economic and Financial Research

Displaying 1-7 of 7 results

  • White Papers // May 2011

    The Effect Of Coinsurance Rate On The Demand For Healthcare: A Natural Experience In Japan

    The paper measures the effect of coinsurance rate on the demand for healthcare in Japan. The authors construct the control group of consumers and estimate the average treatment effect of the April 2003 rise in coinsurance rate of heads of households on their healthcare expenditure. Another approach assesses the impact...

    Provided By Centre for Economic and Financial Research

  • White Papers // Dec 2010

    Signaling Credit-Worthiness: Land Titles, Banking Practices And Access To Formal Credit In Indonesia

    Many land titling programs have produced lackluster results in terms of achieving access to credit for the poor. This may reflect insufficient emphasis on local banking practices. Bankers commonly use sophisticated methods other than collateral to ensure repayment. Some methods rely on ex-ante information flows and formal land titles can...

    Provided By Centre for Economic and Financial Research

  • White Papers // Apr 2010

    Why Less Informed Managers May Be Better Leaders

    Unlike the textbook model of a top manager being an omniscient planner, coordinator and monitor, the real life managers suffer from discontinuity, lack of systematic information collection and limited time for analysis and reflection. Why do not business leaders set up their organizations in the way that would allow them...

    Provided By Centre for Economic and Financial Research

  • White Papers // Aug 2009

    Strategic Asset Allocation In Money Management

    This paper analyzes the dynamic portfolio choice implications of strategic interaction among money managers. The strategic interaction emerges as the managers compete for money flows displaying empirically documented convexities. A manager gets money flows increasing with performance, and hence displays relative performance concerns, if her relative return is above a...

    Provided By Centre for Economic and Financial Research

  • White Papers // Feb 2009

    Investor Sentiments

    The authors consider a general class of games that have been used to model many economic problems where players' sentiments are believed to play an important role. Dropping the common-prior assumption, they identify the relevant notion of sentiments for strategic behavior in these games. This notion is tied to how...

    Provided By Centre for Economic and Financial Research

  • White Papers // Jan 2009

    Imperfect Competition In Financial Markets And Capital Structure

    The authors consider a model of corporate finance with imperfectly competitive financial intermediaries. Firms can finance projects either via debt or via equity. Because of asymmetric information about firms' growth opportunities, equity financing involves a dilution cost. Nevertheless, equity emerges in equilibrium whenever financial intermediaries have sufficient market power. In...

    Provided By Centre for Economic and Financial Research

  • White Papers // Aug 2006

    Risks Of Investing In The Russian Stock Market: Lessons Of The First Decade

    The modern history of the Russian stock market has mirrored ups and downs of the country's transition as well as swings in investor perceptions. In this paper, the authors describe the evolution of the Russian stock market over its first decade, with particular attention to the risk factors driving stock...

    Provided By Centre for Economic and Financial Research

  • White Papers // Apr 2010

    Why Less Informed Managers May Be Better Leaders

    Unlike the textbook model of a top manager being an omniscient planner, coordinator and monitor, the real life managers suffer from discontinuity, lack of systematic information collection and limited time for analysis and reflection. Why do not business leaders set up their organizations in the way that would allow them...

    Provided By Centre for Economic and Financial Research

  • White Papers // Aug 2009

    Strategic Asset Allocation In Money Management

    This paper analyzes the dynamic portfolio choice implications of strategic interaction among money managers. The strategic interaction emerges as the managers compete for money flows displaying empirically documented convexities. A manager gets money flows increasing with performance, and hence displays relative performance concerns, if her relative return is above a...

    Provided By Centre for Economic and Financial Research

  • White Papers // Jan 2009

    Imperfect Competition In Financial Markets And Capital Structure

    The authors consider a model of corporate finance with imperfectly competitive financial intermediaries. Firms can finance projects either via debt or via equity. Because of asymmetric information about firms' growth opportunities, equity financing involves a dilution cost. Nevertheless, equity emerges in equilibrium whenever financial intermediaries have sufficient market power. In...

    Provided By Centre for Economic and Financial Research

  • White Papers // Feb 2009

    Investor Sentiments

    The authors consider a general class of games that have been used to model many economic problems where players' sentiments are believed to play an important role. Dropping the common-prior assumption, they identify the relevant notion of sentiments for strategic behavior in these games. This notion is tied to how...

    Provided By Centre for Economic and Financial Research

  • White Papers // Dec 2010

    Signaling Credit-Worthiness: Land Titles, Banking Practices And Access To Formal Credit In Indonesia

    Many land titling programs have produced lackluster results in terms of achieving access to credit for the poor. This may reflect insufficient emphasis on local banking practices. Bankers commonly use sophisticated methods other than collateral to ensure repayment. Some methods rely on ex-ante information flows and formal land titles can...

    Provided By Centre for Economic and Financial Research

  • White Papers // Aug 2006

    Risks Of Investing In The Russian Stock Market: Lessons Of The First Decade

    The modern history of the Russian stock market has mirrored ups and downs of the country's transition as well as swings in investor perceptions. In this paper, the authors describe the evolution of the Russian stock market over its first decade, with particular attention to the risk factors driving stock...

    Provided By Centre for Economic and Financial Research

  • White Papers // May 2011

    The Effect Of Coinsurance Rate On The Demand For Healthcare: A Natural Experience In Japan

    The paper measures the effect of coinsurance rate on the demand for healthcare in Japan. The authors construct the control group of consumers and estimate the average treatment effect of the April 2003 rise in coinsurance rate of heads of households on their healthcare expenditure. Another approach assesses the impact...

    Provided By Centre for Economic and Financial Research