Second, the present study shows that the time cost of raising children is not a prerequisite for the quality-quantity trade-off, pointing to a possibility that fertility may decline even when the opportunity cost of raising children remains constant. 4
This result is consistent with the pattern of fertility decline in Japan in the third quarter of the 20th century where marital fertility declined dramatically while being a housewife remained a common practice. In this period, although women’s participation in the labor force did not rise, the fertility rate declined from 3.65 to 1.91 mainly due to the change in marital fertility (National Institute of Population and Social Security Research of Japan, 2008, Table 4.15). 5
This is rooted in the findings in Kageyama
（2012） , which empirically showed that the relationships between LEGAP and these happiness indicators are bidirectional. In one direction, LEGAP negatively affects both HPN and HPGAP . An increase in LEGAP raises women ’ s widowhood ratio, and, since widows are, on average, less happy, it lowers women ’ s average happiness, HPN, and HPGAP . We call this effect the “ marital-status composition effect ” as the marital-status composition plays a central role.
al. (2014) also show that optimal bid shading in these auctions also distorts the efficiency of the allocations, and thus a general ranking of expected revenues from discriminatory and uniform price auctions can not be made without knowledge about the specific features of bidder demand.
Given the theoretical vacuum, a variety of empirical approaches have been employed to as- sess the efficacy of Treasury auction mechanisms. The Treasury’s own study of this question, as reported by Malvey and Archibald (1998), was based on experimentation with the uniform price format for 2- and 5-year notes. To assess the revenue properties of the uniform vs. the status-quo discriminatory format, Malvey and Archibald calculated the auction-when-issued rate spread, and did not statistically reject a mean difference across the different auction formats. However, they note that the uniform price auctions “produce a broader distribution of auction awards” across bidders, and especially a lowered concentration of awards to top primary dealers.
sector after the collapse of asset prices, as early as 1995, the Ministry of Finance started discussing a Prompt Corrective Action scheme with which the government could order undercapitalized banks to take remedial action. 5 In December 1996, the Ministry of Finance published the basic framework of the Prompt Corrective Action that was set to take effect in April 1998. In preparation, many banks tried to improve their regulatory capital ratio, on which the regulations were based. Because one way to do so was to decrease risky assets such as corporate loans, the government was concerned about creating a credit crunch. Therefore, the government decided to allow some flexibility for banks in the scheme’s implementation. For example, banks were allowed to choose between market and book values for their stocks and real estate holdings so that they did not have to report unrealized losses on securities in their trading account or they could include unrealized capital gains in their real estate assets in their capital. With such changes in place, the government officially introduced the Prompt Corrective Action in April 1998.
• We have assumed that there is only one hedge fund style. What might change if we consider multiple hedge fund styles in the model industry? If the manager’s talent also involves an aptitude for one style over another, then this would be equivalent to having several styles calibrated independently. Since the policy results hinge on broad features of the model and the data, the outcomes of policy experiments are unlikely to change much. The only difference is that some styles tend to rely more heavily on leverage than others, so those are more likely to be hurt by leverage limits. In the working version of the paper, we show that most styles have reported leverage around 1. Out of the fourteen styles considered, four report leverage of around 2 (Convertible Arbitrage, Fixed Income, Equity Market Neutral and Relative Value), and three styles report leverage higher than 2 (Fixed income arbitrage, CTAs and CPOs). Table 8 shows the impact of a leverage cap of 1 on the industry
k 兲 g共c j 兲
1 ⫺ 1 ⫺ . . . ⫺ j ⫺1
. Note that search cost distribution densities g(c), evaluated at the cutoff values for funds offering lower utility than j (i.e., k ⬍ j), affect fund j’s demand elasticity. To see why, consider investors’ reactions to an increase in the price of fund j. The price hike decreases u j . This has two distinct effects on the critical search
Acquirers is the percentage of close CRE potential acquirers whose Tier 1 capital ratios is above the median Tier 1 capital ratio across local potential acquirers. P50 Tier 1 Capital Ratio of HHI Potential Acquirers is the median Tier 1 capital ratio of all potential acquirers whose acquisition of the failed bank would increase local deposit market concentration. % Well-Capitalized HHI Potential Acquirers is the percentage of potential acquirers whose Tier 1 capital ratio is above the median Tier 1 capital ratio among the group of potential acquirers whose acquisition of the failed bank would increase local deposit market concentration. Potential acquirer controls include Size, Liquidity Ratio, % Residential Loans, % CRE Loans, % C&I Loans, % Consumer Loans, 30-89PD Ratio, NPL Ratio, OREO Ratio, and Unused Commitment Ratio . Specifications (3) to (6) include failed bank fixed effects and potential acquirer-quarter fixed effects. Standard errors are presented in parentheses, and are clustered at the level of the failed bank’s state headquarters. ***, **, and * represent statistical significance at 1%, 5%, and 10% levels, respectively.
“participate,” and make the preference dependent on the number of “participants,” which is the externalities we consider.
To the best of our knowledge, Sasaki and Toda (1996) and Hafalir (2008) are the only papers that investigate a two-sided matching model with externalities. Both papers consider a very general form of externalities. Analyzing such matching models is di¢cult because preference is de…ned over the set of assignments rather than matchings. Hence, regular de…nition of “stability” or “deviation” are not su¢cient to analyze such a model because a deviating pair’s preference also depends on how other agents would react to their deviation, not just their matching. To model how other agents would react to a player’s deviation, both papers use what they call the estimation function approach. Estimation functions specify the expectations on the assignment (i.e., what the matching among all players would be) after each deviation. They prove that a strong requirement on the estimation function is necessary in order to guarantee the existence of stable matching. Based on their estimation function approach while considering a particular form of externalities (the payo¤ depends only on the number of operating …rms in the market), we show the existence and provide characterizations.
あなたのパートナーまたは同居人の居住期間 12. werkverleden van uw partner/huisgenoot
De informatie die u verstrekt over uw partner of huisgenoot dient zo gedetailleerd mogelijk te zijn. De SVB gaat na of hij/zij verzekerd is op grond van de AOW. Als hij/zij jonger is dan 65, dan stellen wij op basis van de informatie die u verstrekt bij vraag 11 en 12 vast of u recht heeft op een toeslag op uw pensioen.
1.6 The FALSE statement below is:
(a). the extra revenue a firm gets from an extra unit of capital equals the marginal product of capital times the price of output.
(b). the extra revenue a firm gets from an extra unit of labor equals the marginal product of labor times real wage. (c). a perfectly competitive firm’s capital demand curve is the MPK schedule.
The audit market’s unique combination of features—its role in capital mar- ket transparency, mandated demand, and concentrated supply—means it re- ceives considerable attention from policy makers. We explore the effects of two market scenarios that have been the focus of policy discussions: manda- tory audit firm rotation and further supply concentration due to the exit of a “Big 4” audit firm. To do so, we first estimate publicly traded firms’ demand for auditing services, allowing the services provided by each of the Big 4 to be differentiated products. We then use those estimates to calculate how each scenario would affect client firms’ consumer surplus. We estimate that, for U.S. publicly trade firms, mandatory audit firm rotation would induce con- sumer surplus losses of approximately $2.7 billion if rotation were required after 10 years and $4.7–5.0 billion if after only four years. We find similarly that exit by one of the Big 4 would reduce client firms’ surplus by $1.4–1.8 billion. These estimates reflect only the value of firms’ lost options to hire the exiting audit firm; they do not include likely fee increases resulting from less