A simple example shows that equilibria can fail to exist in second price (Vickrey) and English auctions when there are both common and private components to bidders' valuations and private information is held on both dimensions. The example shows that equilibrium only exists in the extremes of pure private and pure common values, and that existence in standard models is not robust to a slight p...

ABSTRACT I develop a structural model to quantify the costs of tax avoidance. In model, firm trades off savings with audit risk, financial reporting considerations, and operational frictions imposed by avoidance, last which label as nontax costs. The estimated parameters suggest costs, are difficult observe, decrease pretax income 6.4 percent or $58 million per firm-year. large magnitude this e...

We develop a deep learning model to detect emotions embedded in press conferences after the Federal Open Market Committee meetings and examine influence of detected on financial markets. find that, controlling for Reserve’s actions sentiment policy texts, positive tone voices Reserve chairs leads significant increases share prices. Other variables also respond vocal cues from chairs. Hence, how...

Abstract The aim of this paper is to analyze the long-lasting dynamic relationship between credit default swap (CDS) premia and government bond spreads (GBS), with regard sovereign risk. practical focus evaluate whether CDS market effectively leading or lagging in risk price discovery process during last decade monetary easing. analysis extends all “sensitive” countries Eurozone, so-called “PII...

This study examines asymmetric and the lag effects of oil price, gas exchange rate on stock performance Malaysian sub-industries. Using company-level data multi factor asset pricing models, this found that rate, common systematic risk factors such as market, size, book-to-market have significant sub-industries, but these exposures remain heterogeneous. Oil price show strong asymmetrical impacts...

Synchronization of estrus and ovulation are of paramount importance in modern livestock improvement programs. These methods are critical for assisted reproduction technologies, including artificial insemination and embryo transfer, that can increase productivity. In the current study, subcutaneous implants containing norgestomet were placed for long (14 days), medium (9 days), and short (5 days...

The flagellated protozoan Giardia duodenalis is a worldwide parasite causing giardiasis, an acute and chronic diarrheal disease. Metabolism in G. duodenalis has a limited complexity thus making metabolic enzymes ideal targets for drug development. However, only few metabolic pathways (i.e., carbohydrates) have been described so far. Recently, the parasite homolog of the mitochondrial-like glyce...

SYNOPSIS We examine the effectiveness of corporate governance in influencing insider trading around private in-house meetings (hereafter “private meetings”) between management and investors China. Consistent with better curbing (1) disclosure nonpublic price-sensitive information (2) trading, we find that quality is associated reduced frequency, value, profitability meetings. Firms appear to ex...