Ditapis dengan
Fire Sales in a Model of Complexity
In this paper we present a model of fire sales and market breakdowns, and of the financial amplification mechanism that follows from them. The distinctive feature of our model is the central role played by endogenous uncertainty. As conditions deteriorate, more ?banks? within the financial network become distressed, which increases each (non-distressed) bank?s likelihood of being hit by an indi…
- Edisi
- -
- ISBN/ISSN
- -
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Uncertainty, Time-Varying Fear, and Asset Prices
I construct an equilibrium model that captures salient properties of index option prices, equity returns, variance, and the risk-free rate. A representative investor makes consumption and portfolio choice decisions that are robust to his uncertainty about the true economic model. He pays a large premium for index options because they hedge important model misspecification concerns, particularly…
- Edisi
- -
- ISBN/ISSN
- -
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Ambiguous information, portfolio inertia, and excess volatility
I study the effects of risk and ambiguity (Knightian uncertainty) on optimal portfolios and equilibrium asset prices when investors receive information that is difficult to link to fundamentals. I show that the desire of investors to hedge ambiguity leads to portfolio inertia and excess volatility. Specifically, when news is surprising, investors may not react to price changes even if there are…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- JOF6606
A Bayesian's bubble
The acceleration of the U.S. productivity growth in the late 1990s suggests a significant advance in technological innovation, making the perceived probability of entering a "new economy" ever increasing. Based on macroeconomic data, we identify a Bayesian investor's belief evolution when facing a possible structural break in the economy. We show that such belief evolution plays a significant r…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
The Value of informative priors in Bayesian inference with sparse data
Informative priors that reflect the structure of the model can improve estimation when data are sparse, while "standard," noninformative priors can have unintended consequences. First, the authors discuss selecting informative priors for variances and introduce a conjugate prior for covariance matrices. The proposed prior is more flexible than the inverse Wishart without increasing computations…
- Edisi
- -
- ISBN/ISSN
- 222437
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Partisipasi Anggaran, Ketidakpastian Tugas, Penggunaan Informasi Akuntansi Un…
Baca ditempat
- Edisi
- -
- ISBN/ISSN
- 18298494
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- JAKI0501
The Typology of conflict Management Style
Baca ditempat
- Edisi
- -
- ISBN/ISSN
- 19781989
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- The South East Asian Journal of Mangement
Model misspecification, the equilibrium natural interest rate, and the equity…
This paper analyzes the natural rate of interest and the equity premium in a nonlinear model where agents are uncertain over both future technology growth and the future course of monetary policy. I show that model uncertainty, and notably uncertainty on the future course of monetary policy, can give rise to a sizable precautionary savings motive. This result is potentially problematic for both…
- Edisi
- -
- ISBN/ISSN
- 222879
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
The Effects of monetary policy on unemployment dynamics under model uncertain…
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the United States. We employ a Bayesian model averaging procedure on a wide range of models which differ in several dimensions to account for the uncertainty that the policymaker fac…
- Edisi
- -
- ISBN/ISSN
- 222879
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
The Typology of conflict management style
This paper proposes a triple model of typology of conflict management style, which incorporates three factors: (1) interaction concerns (cooperation versus competitiveness), (2) individualistic versus collectivistic cultures, and (3) environmental uncertainty (stable versus dynamic). The objectives are achieved by reviewing literature on the typology of conflict management style from the workin…
- Edisi
- -
- ISBN/ISSN
- 19781989
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Optimal monetary policy with an uncertain cost channel
The cost channel of monetary transmission describes a supply-side effect of interest rates on firms' costs. Previous research has found this effect to vary, both over time and across countries. Moreover, the cyclical nature of financial frictions is likely to amplify the cost channel. This paper derives optimal monetary policy in the presence of uncertainty about the true size of the cost chann…
- Edisi
- -
- ISBN/ISSN
- 222879
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Channel negotiations with information asymmetries: contingent influences of c…
This article reports three experiments that examine how communication types (informational, relational, and coercive messages) and mutual trustworthiness reputations influence sequential bargaining between an uncertain manufacturer and an informed distributor in a marketing channel. In Experiment 1, bargainers use informational and relational messages to establish a positive social tenor in the…
- Edisi
- -
- ISBN/ISSN
- 222437
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Monetary policy in a forward-looking input-output economy
This paper examines the implications for monetary policy of sticky prices in both final and intermediate goods in a New Keynesian model. Both optimal policy under commitment and discretionary policy under simple loss functions are studied. Household utility losses under alternative loss functions are compared; additionally, the robustness of policy performance to model and shock misperceptions …
- Edisi
- -
- ISBN/ISSN
- 222879
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
The Typology of Conflict Management Style
Baca ditempat
- Edisi
- -
- ISBN/ISSN
- -
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- The South East Asian Journal of Manajement
Marketing under uncertainty: the logic of an effectual approach
How do people approach marketing in the face of uncertainty, when the product, the market, and the traditional details involved in market research are unknowable ex ante? The authors use protocol analysis to evaluate how 27 expert entrepreneurs approach such a problem compared with 37 managers with little entrepreneurial expertise (all 64 participants are asked to think aloud as they make marke…
- Edisi
- -
- ISBN/ISSN
- 222429
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
A Resources-based analysis of the conditions for the emergence of profits
The resource-based view (RBV) has been successful in explaining the sustainability of competitive advantages based on the characteristics of individual resources but less so for understanding firm profitability and the reasons why profits may emerge. This article investigates the three conditions for a set of resources to create collectively greater returns that they demand from the firm, thus …
- Edisi
- -
- ISBN/ISSN
- 1492063
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
To Innovate or imitate? entry strategy and the role of market research
A firm planning market entry can attempt to develop a product that is either similar to the incumbent's existing offering (imitation) or entirely novel (innovation). The authors establish that when the incumbent is more aggressive in research and development (R&D), this negatively affects the entrant's marginal return on R&D. Thus, if greater profits produce a strong (weak) desire for the incum…
- Edisi
- -
- ISBN/ISSN
- 222437
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Collective risk management in a flight to quality episode
Severe flight to quality episodes involve uncertainty about the environment, not only risk about asset payoffs. The uncertainty is triggered by unusual events and untested financial innovations that lead agents to question their worldview. We present a model of crises and central bank policy that incorporates Knightian uncertainty. The model explains crisis regularities such as market-wide capi…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Top management team functional background diversity and firm performance: exa…
Prior findings on the association between top management team (TMT) functional diversity and firm performance have been inconsistent. We consider the moderating effects of internal context (colocation of TMT members) and external context (environmental uncertainty) on the TMT diversity-firm performance relationship. Additionally, we consider both dominant and intrapersonal functional diversity.…
- Edisi
- -
- ISBN/ISSN
- 14273
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Market liquidity, investor participation, and managerial autonomy: why do fir…
We focus on public-market investor participation to analyze the firm's decision to stay public or go private. The liquidity of public ownership is both a blessing and a curse: It lowers the cost of capital, but also introduces volatility in a firm's shareholder base, exposing management to uncertainty regarding shareholder intervention in management decisions, thereby affecting the manager's pe…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Karya Umum 
Filsafat 
Agama 
Ilmu-ilmu Sosial 
Bahasa 
Ilmu-ilmu Murni 
Ilmu-ilmu Terapan 
Kesenian, Hiburan, dan Olahraga 
Kesusastraan 
Geografi dan Sejarah