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Author: Jong Kook Shin
Publisher:
ISBN:
Category :
Languages : en
Pages : 91
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Book Description
Although information asymmetry is gaining ground as the single most plausible explanation of home bias, little testable research has been done to analyze how such an information differential is formed and sustained in an efficient asset market. By extending the testable model of endogenous information pioneered by Ehrlich et al. (2008) to an economy with multiple risky assets, I develop new predictions concerning the diversity in "home bias" or portfolio concentration across different individuals and countries as a function of observable determinants of endogenous information asymmetry such as years of schooling and the wage rate or opportunity cost of asset management. Using international samples covering 23 countries over the peirod 2001 ~ 2007, I test theoretical predictions of the model and find strong supportive evidence. Then I provide an overview of the implications of this framework not empirically exploited in this contribution. They include a novel account concerning "flight-to-familiarity", volatility contagion and price disconnect. Finally, I suggest a strategy to estimate a measure that can rank-order the price information content (PIC) for future empirical work.
Author: Jong Kook Shin
Publisher:
ISBN:
Category :
Languages : en
Pages : 91
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Book Description
Although information asymmetry is gaining ground as the single most plausible explanation of home bias, little testable research has been done to analyze how such an information differential is formed and sustained in an efficient asset market. By extending the testable model of endogenous information pioneered by Ehrlich et al. (2008) to an economy with multiple risky assets, I develop new predictions concerning the diversity in "home bias" or portfolio concentration across different individuals and countries as a function of observable determinants of endogenous information asymmetry such as years of schooling and the wage rate or opportunity cost of asset management. Using international samples covering 23 countries over the peirod 2001 ~ 2007, I test theoretical predictions of the model and find strong supportive evidence. Then I provide an overview of the implications of this framework not empirically exploited in this contribution. They include a novel account concerning "flight-to-familiarity", volatility contagion and price disconnect. Finally, I suggest a strategy to estimate a measure that can rank-order the price information content (PIC) for future empirical work.
Author: Isaac Ehrlich
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Isaac Ehrlich
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
By allowing for imperfectly informed markets and the role of private information, we offer new insights about observed deviations of portfolio concentrations in domestic relative to foreign risky assets, or "home bias", from what standard finance models predict. Our model ascribes the "bias" to endogenous information acquisition bolstered by investors' human capital. We develop discriminating hypotheses about the influence of "specific" and "general" human capital endowments and direct and opportunity costs of managing risky assets in determining whether to hold these assets, and how the assets' portfolio shares vary across investors and financial markets. These hypotheses are supported by numerical and econometric analyses of panel data from the US over 1992-2007, and 23 international financial markets over 2001-2007. The results indicate the existence of differences across countries in the degree to which home asset prices are "information-revealing", which may be relevant for fully understanding the global financial crisis of 2007-09.
Author: United Nations. Economic Commission for Europe. Task Force on Measuring Human Capital
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 160
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Book Description
This Guide on Measuring Human Capital discusses conceptual, methodological and implementation issues and challenges.
Author: Barbara Fraumeni
Publisher: Academic Press
ISBN: 0128190582
Category : Business & Economics
Languages : en
Pages : 222
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Book Description
Measuring Human Capital addresses a country’s most important resource: its own people. Bettering human capital benefits individuals and their country and leads to improved sustainability for the future. For many years economists only used Gross Domestic Product (GDP), now acknowledged to be inadequate without supplemental measures, to gauge a country’s overall value. There is now a recognition that many variables contribute to a country’s worth, which make accurate measurement difficult. Looking beyond GDP by focusing on human capital, researchers, policymakers, government officials, and students can understand what elements impact human capital and how they might improve it in order to increase economic growth and well-being. Addresses six major measures of human capital, covering at least 130 countries Describes both monetary and index estimates Includes two monetary measures by the World Bank and the Inclusive Wealth Report by UNEP and the Urban Institute of Kyushu University Includes four index measures by the Institute for Health Metrics and Evaluation of the University of Washington, United Nations Development Programme, World Economic Forum, and World Bank Includes two country chapters, one on China and the other on the United States
Author: Roy E. Bailey
Publisher: Cambridge University Press
ISBN: 9780521848275
Category : Business & Economics
Languages : en
Pages : 706
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Book Description
The Economics of Financial Markets presents a concise overview of capital markets, suitable for advanced undergraduates and for beginning graduate students in financial economics. Following a brief overview of financial markets - their microstructure and the randomness of stock market prices - this textbook explores how the economics of uncertainty can be applied to financial decision-making. The mean-variance model of portfolio selection is discussed, with analysis extended to the capital asset pricing model (CAPM). Arbitrage plays a pivotal role in finance and is studied in a variety of contexts, including the APT model of asset prices. Methods for the empirical evaluation of CAPM and APT are also discussed, together with the volatility of asset prices, the intertemporal CAPM and the equity premium puzzle. An analysis of bond contracts leads into an assessment of theories of the term structure of interest rates. Finally, financial derivatives are explored, focusing on futures and options contracts.
Author: Tito Boeri
Publisher: Princeton University Press
ISBN: 0691158932
Category : Business & Economics
Languages : en
Pages : 464
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Book Description
Most labor economics textbooks pay little attention to actual labor markets, taking as reference a perfectly competitive market in which losing a job is not a big deal. The Economics of Imperfect Labor Markets is the only textbook to focus on imperfect labor markets and to provide a systematic framework for analyzing how labor market institutions operate. This expanded, updated, and thoroughly revised second edition includes a new chapter on labor-market discrimination; quantitative examples; data and programming files enabling users to replicate key results of the literature; exercises at the end of each chapter; and expanded technical appendixes. The Economics of Imperfect Labor Markets examines the many institutions that affect the behavior of workers and employers in imperfect labor markets. These include minimum wages, employment protection legislation, unemployment benefits, active labor market policies, working-time regulations, family policies, equal opportunity legislation, collective bargaining, early retirement programs, education and migration policies, payroll taxes, and employment-conditional incentives. Written for advanced undergraduates and beginning graduate students, the book carefully defines and measures these institutions to accurately characterize their effects, and discusses how these institutions are today being changed by political and economic forces. Expanded, thoroughly revised second edition New chapter on labor-market discrimination New quantitative examples New data sets enabling users to replicate key results of the literature New end-of-chapter exercises Expanded technical appendixes Unique focus on institutions in imperfect labor markets Integrated framework and systematic coverage Self-contained chapters on each of the most important labor-market institutions
Author: Kimberly K. Merriman
Publisher: Springer
ISBN: 3319589342
Category : Business & Economics
Languages : en
Pages : 104
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Book Description
This book addresses the gap between the espoused importance of organizational human capital and how it is actually reported and assessed. It also discusses the current and potential uses of human capital measurement and a way for HR to position itself among other business functions such as finance, accounting, and operations. Readers will finish with an understanding of approaches for the valuation of a firm’s human capital, practical applications for the economic analysis of human capital, and gaps that are ripe for research and practice to address.
Author: Alan Burton-Jones
Publisher: OUP Oxford
ISBN: 0191634964
Category : Business & Economics
Languages : en
Pages : 718
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Book Description
Macroeconomic research on human capital - the stock of human capabilities and knowledge - has been extensively published but to date the literature has lacked a comprehensive analysis of human capital within the organization. The Oxford Handbook of Human Capital has been designed to fill that gap, providing an authoritative, inter-disciplinary, and up to date survey of relevant concepts, research areas, and applications. Specially commissioned contributions from over 40 authors reveal the importance of human capital for contemporary organizations, exploring its conceptual underpinnings, relevance to theories of the firm, implications for organizational effectiveness, interdependencies with other resources, and role in the future economy. Unlike neoclassical macroeconomic concepts of human capital, human capital in organizations is shown to be dynamic and heterogeneous, requiring new theories and management frameworks. The systemic role of human capital is explored, revealing it as the lynchpin of social, structural and other forms of intangible and tangible capital. Connections between human capital and organizational performance are investigated from HR management, procurement, alignment, value appropriation, and accounting perspectives. Links between micro and macro perspectives are provided through analyses of inter firm human capital mobility, national and regional human capital formation regimes and industry employment relations practices. This Handbook is designed for scholars and graduate students of organization and management theory, strategy, entrepreneurship, knowledge and intellectual capital, accounting, IT, HR, IR, economic sociology and cultural studies. For policy makers and practitioners it should provide an up to date guide to the nature and role of human capital in contemporary organizations and the roles that government, industry and other extra firm institutions can play in facilitating its development.
Author: Centre for Educational Research and Innovation
Publisher: Org. for Economic Cooperation & Development
ISBN:
Category : Business & Economics
Languages : en
Pages : 128
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Book Description
Investment in human capital is to the fore of debate and analysis in OECD countries about how to promote economic prosperity, fuller employment, and social cohesion. Individuals, organisations and nations increasingly recognise that high levels of know
