Bargaining Power, Business Cycle and Levered Equity Risk

2016 ◽  
Author(s):  
Zhiyao Chen ◽  
Ilya A. Strebulaev
Keyword(s):  
Business Cycle ◽  
Bargaining Power ◽  
Equity Risk

Vacancy chains and the business cycle. Stringing together job-to-job transitions in micro data

2014 ◽  
Vol 35 (8) ◽  
pp. 1212-1235 ◽  
Author(s):  
Carlo Gianelle ◽  
Giuseppe Tattara
Keyword(s):  
Women Workers ◽  
Business Cycle ◽  
Labour Market ◽  
Bargaining Power ◽  
Chain Model ◽  
Micro Data ◽  
Content Type ◽  
Job Transitions ◽  
The Business Cycle ◽  
Vacancy Chains

Purpose – The purpose of this paper is to examine the dynamics of labour market flows over the business cycle through a vacancy chain model. It provides a direct computation of vacancy chains using micro data, empirically investigates the relationship between chain length and the characteristics of jobs and workers initiating the chain, and finally assesses the wage progression of workers moving along the chain. Design/methodology/approach – The paper draws on a longitudinal matched employer-employee database covering all employees in manufacturing in a large region of Italy. A transparent algorithm for vacancy chain computation is developed and standard econometric techniques are employed to analyze job-to-job transitions within identified chains. Findings – Vacancy chains account on average for more than one-third of total hires, and both the number and the length of chains are clearly pro-cyclical. Chains set in motion by women workers, young, old, blue collars, or employed by small firms tend to be shorter. There is a well-defined wage progression from the tail to the head of the chain, revealing that workers are sorted along chains according to skill and/or bargaining power. Research limitations/implications – There is a limited possibility of identifying separately individual ability and bargaining power. Practical implications – The vacancy chain methodology can increase the ability of policy makers to produce detailed maps of the labour market and identify worker profiles associated with poor outcomes and hence deserving special attention. Originality/value – For the first time, this paper operationalizes the vacancy chain approach on a large scale, at a very high level of detail, and over a long-time span.

scholarly journals Bank Capital, Borrower Power, and Loan Rates

2019 ◽  
Vol 32 (11) ◽  
pp. 4501-4541 ◽  
Author(s):  
João A C Santos ◽  
Andrew Winton
Keyword(s):  
Cash Flow ◽  
Default Risk ◽  
Bargaining Power ◽  
Negative Impact ◽  
Bank Capital ◽  
Oxford University ◽  
Equity Risk ◽  
Editorial Decision ◽  
Loan Spreads ◽  
Published Paper

Abstract We examine how bank capital and borrower bargaining power affect loan spreads. Consistent with previous studies, higher bank capital has a negative impact on loan rates, but borrower cash flow has a significant effect on this impact: compared with high-capital banks, low-capital banks charge more for borrowers with low cash flow, but offer greater marginal discounts as these borrowers’ cash flow rises. These effects are largely focused on more bank-dependent borrowers. We find some evidence that low-capital banks charge a higher premium for bank-dependent borrowers’ systematic risk, but not for their total equity risk or default risk. Received January 27, 2015; editorial decision July 7, 2018 by Editor Philip Strahan. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

The business cycle and the equity risk premium in real time

2010 ◽  
Vol 19 (4) ◽  
pp. 711-722 ◽  
Author(s):  
Renatas Kizys ◽  
Christian Pierdzioch
Keyword(s):  
Business Cycle ◽  
Real Time ◽  
Risk Premium ◽  
Equity Risk Premium ◽  
Equity Risk ◽  
The Business Cycle

Forming Sources of Long-run Growth: How to Understand Them?

2014 ◽  
pp. 4-20 ◽  
Author(s):  
G. Idrisov ◽  
S. Sinelnikov-Murylev
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Economic Policy ◽  
Business Cycle ◽  
Capital Markets ◽  
Productivity Growth ◽  
Government Spending ◽  
Long Run ◽  
Accelerate Growth ◽  
Budget Institutions

The paper analyzes the inconsequence and problems of Russian economic policy to accelerate economic growth. The authors consider three components of growth rate (potential, Russian business cycle and world business cycle components) and conclude that in order to pursue an effective economic policy to accelerate growth, it has to be addressed to the potential (long-run) growth component. The main ingredients of this policy are government spending restructuring and budget institutions reform, labor and capital markets reforms, productivity growth.

Debates on monetary policy issues and economic situation: Searching for constructive comments

2016 ◽  
pp. 25-43 ◽  
Author(s):  
A. Mogilat ◽  
Y. Achkasov ◽  
A. Egorov ◽  
A. Klimovets ◽  
S. Donets
Keyword(s):  
Monetary Policy ◽  
Business Cycle ◽  
Policy Analysis ◽  
Economic Situation ◽  
Policy Issues ◽  
Macroeconomic Conditions

The article discusses approaches and instruments used in the Bank of Russia public analytical materials for analysis and forecast of macroeconomic conditions and monetary indicators. The authors focus on indicators of business cycle and monetary conditions, as crucial for monetary policy analysis. The attention is paid to issues most frequently discussed in scientific and expert literature, specifically, to new indicators and models presented in the Bank of Russia Monetary Policy Reports in 2015.

Managed Futures and Hedge Fund Investment for Downside Equity Risk Management

CFA Digest ◽  
1997 ◽  
Vol 27 (2) ◽  
pp. 54-56
Author(s):  
Johann de Villiers
Keyword(s):  
Risk Management ◽  
Hedge Fund ◽  
Managed Futures ◽  
Equity Risk ◽  
Fund Investment
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