Investment And Institutional Uncertainty

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Investment and Institutional Uncertainty

Author : Aymo Brunetti
Publisher : World Bank Publications
ISBN 13 : 9780821341599
Total Pages : 46 pages
Book Rating : 4.3/5 (415 download)

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Book Synopsis Investment and Institutional Uncertainty by : Aymo Brunetti

Download or read book Investment and Institutional Uncertainty written by Aymo Brunetti and published by World Bank Publications. This book was released on 1997-01-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looking decades ahead into the future, many informed observers see China moving steadily to the top of the world's economic league. Several sources, including the OECD, forecast that the country will be the world's largest economy by 2020. China's urban economy has been the driving force behind the country's recent trends of accelerated growth. By the same token, deterioration in the urban centers could constrain future growth. The Dynamics of Urban Growth in Three Chinese Cities looks at the interplay between geography, size, and industrial structure that determines the industrial vigor of cities. Their conclusions, abundantly illustrated through the experience of the Chinese cities of Shanghai, Tianjin, and Guangzhou, is that each of these factors must be made to work for the city through effective policymaking. The authors compare these cities with each other in the context of the changes sweeping China's economy, review their history and their reform programs from the early 1980s to the mid-1990s, and examine their infrastructure and human capital. The volume includes maps of the cities and their outlying areas and of China's road and rail system, as well as figures depicting the industrial structure of each city. Published for the World Bank by Oxford University Press.

Investment and Institutional Uncertainty

Author : Aymo Brunetti
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (97 download)

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Book Synopsis Investment and Institutional Uncertainty by : Aymo Brunetti

Download or read book Investment and Institutional Uncertainty written by Aymo Brunetti and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Investment under Uncertainty

Author : Robert K. Dixit
Publisher : Princeton University Press
ISBN 13 : 1400830176
Total Pages : 484 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Investment under Uncertainty by : Robert K. Dixit

Download or read book Investment under Uncertainty written by Robert K. Dixit and published by Princeton University Press. This book was released on 2012-07-14 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

The Era of Uncertainty

Author : Francois Trahan
Publisher : John Wiley & Sons
ISBN 13 : 1118134095
Total Pages : 228 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis The Era of Uncertainty by : Francois Trahan

Download or read book The Era of Uncertainty written by Francois Trahan and published by John Wiley & Sons. This book was released on 2011-07-13 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic Investment Strategies for an Era of Economic Uncertainty “Over the years, François’ insightful analyses of the business cycle has led to market calls that have both benefitted investors on the upside and (more important to many) protected them from losses on the downside. François’ incredible track record in successfully interpreting the trends that can be found in leading indicators and other macroeconomic data have also led to his well deserved reputation as an expert in sector rotation - providing investors on both the long and short side of the market opportunities to profit from his ideas. In my opinion, his most important and influential macro prediction to date was his call in the middle of the last decade when he predicted that the worst housing crisis in American history would soon be upon us, and that it would have far-ranging implications for both the global economy and world financial markets.”

Risk, Uncertainty and Profit

Author : Frank H. Knight
Publisher : Cosimo, Inc.
ISBN 13 : 1602060053
Total Pages : 401 pages
Book Rating : 4.6/5 (2 download)

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Book Synopsis Risk, Uncertainty and Profit by : Frank H. Knight

Download or read book Risk, Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.

Optimal Institutions Under Persistent Tax Uncertainty

Author : Victor Peirone
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)

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Book Synopsis Optimal Institutions Under Persistent Tax Uncertainty by : Victor Peirone

Download or read book Optimal Institutions Under Persistent Tax Uncertainty written by Victor Peirone and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Various economic models ignore the complexity of green field investment and do not assign a fundamental role to institutional uncertainty on the decision making of capital expenditures. These assumptions can be applicable to developed nations, but do not certainly fit into emerging economies. We found that countries with greater volatility in taxation invest less on average. In the Argentine case, this country is among the 1/8 highest tax volatility and lowest investment economies in a sample of ninety nations. Here we explore a tool kit to analyze policies and institutional arrangements to improve pareto optimal outcome.

Institutional Investor Protection and Political Uncertainty

Author : Tingting Liu
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (896 download)

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Book Synopsis Institutional Investor Protection and Political Uncertainty by : Tingting Liu

Download or read book Institutional Investor Protection and Political Uncertainty written by Tingting Liu and published by . This book was released on 2010 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous literature shows that political uncertainty surrounding elections affects corporate investment decisions. Considering the impact of legal institutions that protect investors, we conjecture that well-functioning institutional investor protection would help smooth the negative impact of political uncertainty on corporate investments. In doing so, we collected a sample in 40 countries from 1981 to 2009. We find that firms reduce investment expenditures in election years, but increase investment expenditures in the following years controlling for firm characteristics and economic conditions. This finding suggests that political uncertainty generates cycles in investment expenditures in election years, which is consistent with previous studies. Moreover, we find that there is a positive relationship between legal investor protection and investment expenditures. In addition, the interaction of legal investor protection and the election dummy is significantly positively related to firms' investments, suggesting that legal investor protection helps smooth the negative effect of political uncertainty on corporate investments during election years. Our results are robust to alternative measures. We also find that corporate investments positively related to cash flows, profitability, growth opportunities, and the overall economic development of a country.

Stochastic Dominance

Author : Haim Levy
Publisher : Springer Science & Business Media
ISBN 13 : 0387293116
Total Pages : 439 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Stochastic Dominance by : Haim Levy

Download or read book Stochastic Dominance written by Haim Levy and published by Springer Science & Business Media. This book was released on 2006-08-25 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is devoted to investment decision-making under uncertainty. The book covers three basic approaches to this process: the stochastic dominance approach; the mean-variance approach; and the non-expected utility approach, focusing on prospect theory and its modified version, cumulative prospect theory. Each approach is discussed and compared. In addition, this volume examines cases in which stochastic dominance rules coincide with the mean-variance rule and considers how contradictions between these two approaches may occur.

Aggregate Uncertainty and the Supply of Credit

Author : Mr.Fabian Valencia
Publisher : International Monetary Fund
ISBN 13 : 1475513933
Total Pages : 26 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Aggregate Uncertainty and the Supply of Credit by : Mr.Fabian Valencia

Download or read book Aggregate Uncertainty and the Supply of Credit written by Mr.Fabian Valencia and published by International Monetary Fund. This book was released on 2013-12-02 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent studies show that uncertainty shocks have quantitatively important effects on the real economy. This paper examines one particular channel at work: the supply of credit. It presents a model in which a bank, even if managed by risk-neutral shareholders and subject to limited liability, can exhibit self-insurance, and thus loan supply contracts when uncertainty increases. This prediction is tested with the universe of U.S. commercial banks over the period 1984-2010. Identification of credit supply is achieved by looking at the differential response of banks according to their level of capitalization. Consistent with the theoretical predictions, increases in uncertainty reduce the supply of credit, more so for banks with lower levels of capitalization. These results are weaker for large banks, and are robust to controlling for the lending and capital channels of monetary policy, to different measures of uncertainty, and to breaking the dataset in subsamples. Quantitatively, uncertainty shocks are almost as important as monetary policy ones with regards to the effects on the supply of credit.

Recursive Methods in Economic Dynamics

Author : Nancy L. Stokey
Publisher : Harvard University Press
ISBN 13 : 0674735188
Total Pages : 607 pages
Book Rating : 4.6/5 (747 download)

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Book Synopsis Recursive Methods in Economic Dynamics by : Nancy L. Stokey

Download or read book Recursive Methods in Economic Dynamics written by Nancy L. Stokey and published by Harvard University Press. This book was released on 1989-10-10 with total page 607 pages. Available in PDF, EPUB and Kindle. Book excerpt: This rigorous but brilliantly lucid book presents a self-contained treatment of modern economic dynamics. Stokey, Lucas, and Prescott develop the basic methods of recursive analysis and illustrate the many areas where they can usefully be applied.

ESG and Responsible Institutional Investing Around the World: A Critical Review

Author : Pedro Matos
Publisher : CFA Institute Research Foundation
ISBN 13 : 1944960988
Total Pages : 80 pages
Book Rating : 4.9/5 (449 download)

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Book Synopsis ESG and Responsible Institutional Investing Around the World: A Critical Review by : Pedro Matos

Download or read book ESG and Responsible Institutional Investing Around the World: A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.

Global Investment Competitiveness Report 2019/2020

Author : World Bank Group
Publisher : World Bank Publications
ISBN 13 : 1464815437
Total Pages : 321 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Investment Competitiveness Report 2019/2020 by : World Bank Group

Download or read book Global Investment Competitiveness Report 2019/2020 written by World Bank Group and published by World Bank Publications. This book was released on 2020-07-06 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Investment Competitiveness Report 2019-2020 provides novel analytical insights, empirical evidence, and actionable recommendations for governments seeking to enhance investor confidence in times of uncertainty. The report's findings and policy recommendations are organized around "3 ICs" - they provide guidance to governments on how to increase investments' contributions to their country's development, enhance investor confidence, and foster their economies' investment competitiveness. The report presents results of a new survey of more than 2,400 business executives representing FDI in 10 large developing countries: Brazil, China, India, Indonesia, Malaysia, Mexico, Nigeria, Thailand, Turkey, and Vietnam. The results show that over half of surveyed foreign businesses have already been adversely affected by policy uncertainty, experiencing a decrease in employment, firm productivity, or investment. Foreign investors report that supporting political environments, stable macroeconomic conditions, and conducive regulatory regimes are their top three investment decision factors. Moreover, the report's new global database of regulatory risk shows that predictability and transparency increase investor confidence and FDI flows. The report also assesses the impact of FD! on poverty, inequality, employment, and firm performance using evidence from various countries. It shows that FDI in developing countries yields benefits to their firms and citizens-including more and better-paid jobs-but governments need to be vigilant about possible adverse consequences on income distribution. The report is organized in S chapters: Chapter 1 presents the results of the foreign investor survey. Chapter 2 explores the differential performance and development impact of greenfield FDI, local firms acquired by multinational corporations {i.e. brownfield FDI), and domestically-owned firms using evidence from six countries. Chapter 3 assesses the impact of FDI on poverty, inequality, employment and wages, using case study evidence from Ethiopia, Turkey and Vietnam. Chapter 4 presents a new framework to measure FDI regulatory risk that is linked to specific legal and regulatory measures. Chapter S focuses on factors for increasing the effectiveness of investment promotion agencies.

Capital and Uncertainty

Author : Ian Charles Runge
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Capital and Uncertainty by : Ian Charles Runge

Download or read book Capital and Uncertainty written by Ian Charles Runge and published by Edward Elgar Publishing. This book was released on 2000 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes capital investment as a process in which an individual, entrepreneur, or organization comes to understand "value" before making a choice. Runge, an economist and mining engineer based in Australia, maintains that subjective value and uncertainty inform investment decision-making far more than the calculus of simple neoclassical choice suggests. His model of the capital investment process within a firm analyzes uncertainty and where it translates into risk. Runge sets out theories and tools for choosing between alternatives with differing risk and return profiles. His model provides a framework for decision-making that can lead to choices with lower overall risk, higher returns, and increased value. Annotation copyrighted by Book News Inc., Portland, OR

Investment Decisions Under Uncertainty

Author : Sunanda Sen
Publisher :
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4.:/5 (18 download)

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Book Synopsis Investment Decisions Under Uncertainty by : Sunanda Sen

Download or read book Investment Decisions Under Uncertainty written by Sunanda Sen and published by . This book was released on 2018 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Bank Liquidity Creation and Financial Crises

Author : Allen N. Berger
Publisher : Academic Press
ISBN 13 : 0128005319
Total Pages : 296 pages
Book Rating : 4.1/5 (28 download)

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Book Synopsis Bank Liquidity Creation and Financial Crises by : Allen N. Berger

Download or read book Bank Liquidity Creation and Financial Crises written by Allen N. Berger and published by Academic Press. This book was released on 2015-11-24 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bank Liquidity Creation and Financial Crises delivers a consistent, logical presentation of bank liquidity creation and addresses questions of research and policy interest that can be easily understood by readers with no advanced or specialized industry knowledge. Authors Allen Berger and Christa Bouwman examine ways to measure bank liquidity creation, how much liquidity banks create in different countries, the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, the effects of bailouts, and much more. They also analyze bank liquidity creation in the US over the past three decades during both normal times and financial crises. Narrowing the gap between the "academic world" (focused on theories) and the "practitioner world" (dedicated to solving real-world problems), this book is a helpful new tool for evaluating a bank’s performance over time and comparing it to its peer group. Explains that bank liquidity creation is a more comprehensive measure of a bank’s output than traditional measures and can also be used to measure bank liquidity Describes how high levels of bank liquidity creation may cause or predict future financial crises Addresses questions of research and policy interest related to bank liquidity creation around the world and provides links to websites with data and other materials to address these questions Includes such hot-button topics as the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, and the effects of bailouts

Irreversibility, Uncertainty, and Investment

Author : Robert S. Pindyck
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4./5 ( download)

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Book Synopsis Irreversibility, Uncertainty, and Investment by : Robert S. Pindyck

Download or read book Irreversibility, Uncertainty, and Investment written by Robert S. Pindyck and published by World Bank Publications. This book was released on 1989 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Irreversible investment is especially sensitive to such risk factors as volatile exchange rates and uncertainty about tariff structures and future cash flows. If the goal of macroeconomic policy is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates.

Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics

Author : Seungho Jung
Publisher : International Monetary Fund
ISBN 13 : 1557759677
Total Pages : 36 pages
Book Rating : 4.5/5 (577 download)

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Book Synopsis Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics by : Seungho Jung

Download or read book Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics written by Seungho Jung and published by International Monetary Fund. This book was released on 2021-10-22 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.