We present new evidence from a natural experiment to show circumstances in which ownership restrictions can enhance value. Our evidence is based on multiple restricted bond issues by an emerging market issuer at 150 basis points lower than comparable bonds, resulting in a billion dollars saving. This is intriguing: how can an emerging market issuer with junk bond ratings obtain such low yields? We argue ownership restrictions enhance value since they enable an issuer to precommit to renegotiate efficiently with a favored clientele in the potential default states, thereby circumventing deadweight costs of prolonged negotiations, particularly when the restricted clientele also values the underlying collateral higher than other investors. Ownership restrictions can also result in a transfe...
Asymmetry is a key feature to understand the different behavior of expansions and recessions, and it provides a stylized fact that business cycle models should help to explain. Furthermore, the types of asymmetries provide guidance about underlying economic mechanism. In this paper, we test for three types of asymmetry of business cycle: steepness, deepness and sharpness, by using the parametric tests of Clements and Krolzig (2003), based on Markov-Switching autoregressive models in the real GDP of Malaysia for the period from 1975Q1 to 2006Q4. This paper also uses three different approaches to remove trend component of GDP to investigate the sensitivity of the findings of asymmetries to the method of trend eliminations. Finally, for comparison, the non-parametric test of Randles et al....
Ruth Colvin Clark is a specialist in instructional design and technical training with a focus on bridging academic research and practitioner application in instructional methods. She holds a doctorate in the field and is president of her own company, Clark Training & Consulting. Her most recent book, Evidence-Based Training Methods: A Guide for Training Professionals, summarizes the most up-to-date evidence we have about critical decisions faced by training professionals every day. Whether you're a classroom instructor, developer of training materials, training manager, or designer or developer of any form of e-learning, you'll find that your training will be vastly more effective when you base your methods on evidence. Clark answered some common questions about the topic of evidenc...
Most observers agree that corporate social responsibility (CSR) is an important consideration for firms and their stakeholders. There is, however, disagreement in the literature about the motivation for firms to engage in socially responsible behavior. The CSR-Firm financial performance relationship has been investigated previously without substantial agreement about its nature or even its very existence. While CSR has traditionally been defined as a strategic 'process', empirical studies to date have been almost exclusively cross-sectional in nature, studying the immediate or short-term effects of CSR on firm performance. Nonetheless, many authors argue that the CSR-financial performance link should be studied over time. In this study, we use time series data to empirically analyze the...
Students react to two basic things when they are asked to rate a college course. Their ratings will reflect a certain response to the course content and to the method in which that content was delivered by a faculty person. We should expect that the resulting opinion of the teacher exists somewhat independent of the value that students perceive in the content of the courses that are taught. This paper defines this difference as a teacher's instructional value-added. That some teachers are more successful than others in impressing students is difficult to deny. However, little is known about the nature of this increment. Using data from one school, the paper shows how instructional value-added perceived by students is distributed by discipline, by level, and by individual. Separate resul...
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