منابع مشابه
Pass-through, Exposure, and the Currency Composition of Debt
I propose a model of production and financing for firms in an open economy, which features financial frictions and imperfect competition in the domestic goods market. The optimal currency composition of debt comes from the motive to hedge currency exposure, which arises from the industry equilibrium in the domestic goods market. Using a panel dataset of traded Mexican firms, I find evidence tha...
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What drives countercyclical volatility? A large literature has documented that many economic variables are more disperse in recessions, but this could either occur because shocks get bigger or because rms respond more to shocks which are the same size. Existing evidence that the dispersion of endogenous variables rises in recessions cannot tell us which of volatility or responsiveness is getti...
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Trade promotions are the most important promotional tool available to a manufacturer. However trade promotions can achieve their objective of increasing short-term sales only if the retailer passes through these promotions. Empirical research has documented that there is a wide variation in retail pass-through across products. However little is known about the variations in pass-through over ti...
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Fast routing convergence is a key requirement for services that rely on stringent QoS. Yet experience has shown that the standard inter-domain routing protocol, BGP4, takes, at times, more than one hour to converge. Previous work has focused on exploring if this stems from protocol interactions, timers, etc. In comparison only marginal attention has been payed to quantify the impact of individu...
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The rate of cost pass-through exceeds 50% under strategic delegation of decision-making to managers with sales revenue contracts regardless of the number of rms in the industry and demand curvature. This contrasts sharply with pro t-maximization, for which cost pass-through can take on any positive value. The key intuition is that rms under delegation act as if they faced more rivals than th...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2002
ISSN: 0022-1082
DOI: 10.1111/1540-6261.00420