Sebnem Kalemli-ozcan, Bent E. Sørensen, Oved Yosha, Jel Classification F
income insurance.
Net Capital Flows and Productivity: Evidence from U.S. States (2005)
Sebnem Kalemli-ozcan, Ariell Reshef, Bent E. Sørensen, Oved Yosha, Sebnem Kalemli-ozcan, Ariell Reshef, ...
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Monetary Policy in an Open Economy: (2002)
The Differential Impact, Hedva Ber, Asher Blass, Oved Yosha, Ami Barnea, ...
Using firm-level data, we provide evidence that, although monetary policy affects real investment, the effect operates differentially: the greater its export intensity the less a firm is affected by...
Monetary Policy in an Open Economy: (2002)
The Differential Impact, Hedva Ber, Asher Blass, Oved Yosha, Ami Barnea, ...
Using firm-level data, we provide evidence that, although monetary policy affects real investment, the effect operates differentially: the greater its export intensity the less a firm is affected by...
specified as a detailed function of all payoff relevant variables (2002)
Hans K. Hvide, Tore Leite, For Valuable Comments, Piero Gottardi, Michel Habib, ...
We show that with a reformulation of the classic CSV model of financial contracting from Townsend (1979) and Gale & Hellwig (1985), it can tackle criticisms raised against it, such as lack of...
Is Risk Sharing in the United States A Regional Phenomenon? (2000)
Bent E. Sorensen, E. Sorensen, Oved Yosha
of the United States, whereas federal personal taxes are available by state from the BEA. State consumption consists of consumption by the residents of the state and consumption by the state...
Essays on the structure of financial markets /--by Oved Yosha. (1992)
Thesis (Ph. D.)--Harvard University, 1992.
Why Does Capital Flow to Rich States?
Sebnem Kalemli-Ozcan, Ariell Reshef, Bent Sorensen, Oved Yosha
The magnitude and the direction of net international capital flows does not fit neo-classical models. The 50 U.S. states comprise an integrated capital market with very low barriers to capital flows,...
Why Does Capital Flow to Rich States?
Kalemli-Ozcan, Sebnem, Reshef, Ariell, Sorensen, Bent E, Yosha, Oved
We study the determinants of net capital income flows within the United States. We analyze a simple multi-state neoclassical model in which total factor productivity varies across states and over...
Consumption and Aggregate Constraints: Evidence from U.S. States and Canadian Provinces
Charlotte Ostergaard, Bent E. Serensen, Oved Yosha
State-level consumption exhibits excess sensitivity to lagged income to the same extent as U.S. aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity...
Industrial specialization and the asymmetry of shocks across regions
Sebnem Kalemli-Ozcan, Bent E. Sorensen, Oved Yosha
Economic integration, through greater capital market integration, will induce higher regional specialization in production, rendering regional shocks less symmetric. To support this claim...
Sebnem Kalemli-Ozcan, Bent E. Sorensen, Oved Yosha
We find that risk sharing in the European Union (EU) has been increasing over the past decade due to increased cross-ownership of assets across countries. Industrial special- ization has also been...
Financing R&D in mature companies: an empirical analysis
We study financing patterns of publicly traded R&D-intensive manufacturing firms in Israel. We further characterize R&D-intensive firms by size, physical capital intensity, and whether they issued...
Why Does Capital Flow to Rich States?
Sebnem Kalemli-Ozcan, Bent E. Sørensen, Ariell Reshef, Oved Yosha
We study the determinants of net capital income flows within the United States. We analyze a simple multi-state neoclassical model in which total factor productivity varies across states and over...
Home Bias and International Risk Sharing: Twin Puzzles Separated at Birth
Sorensen, Bent E, Wu, Yi-Tsung, Yosha, Oved, Zhu, Yu
We show that international home bias in bond and equity holdings declined during the late 1990s at the same time as international risk sharing increased. Also, countries with less home bias, on...
Income and Consumption Smoothing among US States: Regions or Clubs?
We quantify the amount of cross-sectional income and consumption smoothing achieved within subgroups of states, such as regions or clubs, e.g. the club of rich states. We find that there is much...
Channels of Interstate Risksharing: US 1963-1990.
Bent E. Soerensen, Pierfederico Asdrubali, Oved Yosha
We develop a framework for quantifying the amount of risksharing among states in the US, and construct data which allow us to decompose a shock to gross state product into several components. For the...
Large Shareholders and Banks: Who Monitors and How?
Using a sample of Japanese firms in the chemical industry, we show that concentrated shareholding is associated with lower expenditure on activities with scope for managerial private benefits. We...
Evaluating the Probability of Failure of a Banking Firm
We develop a dynamic model in which the probability of failure of an infinitely lived financial intermediary (bank) is determined endogenously as a function of observable state and policy variables....
Is risk sharing in the United States a regional phenomenon?
Regions within the United States routinely experience economic fluctuations that differ from those of other regions. For example, in the past few years, falling wheat prices have slowed growth in the...
Channels of Interstate Risksharing : US 1963-1990
P. Asdrubali, Bent E. Sørensen, Oved Yosha
Risk; Capital markets
Stage Financing and the Role of Convertible Securities
Francesca Cornelli, Oved Yosha
Venture capital financing is characterized by extensive use of convertible securities and stage financing. In a model where a venture capitalist provides staged financing for a project, we illustrate...
Risk Sharing and Sectoral Specialization: Regional and International Evidence
Sebnem Kalemi-Ozcan, Bent E. Sorensen, Oved Yosha
We provide empirical evidence that risk sharing enhances specialization in production. To the best of our knowledge, this well-established and important theoretical proposition has not been tested...
Producer Prices versus Consumer Prices in the Measurement of Risk Sharing
In empirical research on the measurement of macroeconomic risk sharing there is no agreement on how Gross Domestic Product (GDP), or the corresponding series for regions, should be deflated. We...
Risk Sharing and Industrial Specialization: Regional and International Evidence
We provide empirical evidence that risk sharing enhances specialization in production. To the best of our knowledge, this well-established and important theoretical proposition has not been tested...
Consumption and Aggregate Constraints: Evidence from US States and Canadian Provinces
Ostergaard, Charlotte, Sorensen, Bent E, Yosha, Oved
State-level consumption exhibits excess sensitivity to lagged income to the same extent as US aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity to...
Privatising Multi-product Banks.
In October 1983, following a stock market crash, the Israeli government became the owner of most of the banking system in the country. The government is now getting ready to privatize the banks....
Output fluctuations and fiscal policy : U.S. state and local governments 1978-1994
Bent E. Sorensen, Lisa Wu, Oved Yosha
What are the cyclical properties of U.S. state and local government fiscal policy? The budget surplus of local and, in particular, state governments is procyclical, smoothing disposable income and...
Risk sharing and industrial specialization ; regional and international evidence
Sebnem Kalemli-Ozcan, Bent E. Sorensen, Oved Yosha
We provide empirical evidence that risk sharing enhances specialization in production. To the best of our knowledge, this well-established and important theoretical proposition has not been tested...
Consumption and aggregate constraints : evidence from U.S. states and Canadian provinces
Charlotte Ostergaard, Bent E. Sorensen, Oved Yosha
State-level consumption exhibits excess sensitivity to lagged income to the same extent as US aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity to...
Is risk sharing in the United States a regional phenomenon?
Regions within the United States routinely experience economic fluctuations that differ from those of other regions. For example, in the past few years, falling wheat prices have slowed growth in the...
Is state fiscal policy asymmetric over the business cycle?
A number of stabilizers are thought to mute the business cycle. One key stabilizer is federal fiscal policy. The federal budget surplus tends to rise during economic booms and fall in downturns,...
Permanent Income, Consumption and Aggregate Constraints: Evidence from US States
Bent E. Sorensen, Charlotte Ostergaard, Oved Yosha
We remove the aggregate US-wide component in US state level disposable income and consumption and find that state-specific consumption exhibits substantially less excess sensitivity to lagged...
Large Shareholders and Banks: Who Monitors and How?
We investigate the nature of monitoring by stake holders using data on Japanese manufacturing firms. Shareholders and bank-centred corporate groups monitor firms by reducing activities with scope for...
Income and Consumption Smoothing Among US States: Regions or Clubs?
We measure the amount of income insurance and cross-sectional consumption smoothing (lending and borrowing) achieved within subgroups of states, such as regions or clubs, e.g. the club of rich...
Stage Financing and the Role of Convertible Debt
Cornelli, Francesca, Yosha, Oved
Venture capital financing is characterized by extensive use of convertible debt and stage financing. The paper shows why convertible debt is better than a simple mixture of debt and equity in stage...
Output Fluctuations and Fiscal Policy: US State and Local Governments 1978-1994
What are the cyclical properties of US state and local government fiscal policy? The budget surplus of local and, in particular, state governments is procyclical, smoothing disposable income and...
Conflict of Interest in Universal Banking: Bank Lending, Stock Underwriting, and Fund Management
Ber, Hedva, Yafeh, Yishay, Yosha, Oved
Using a newly-constructed data set on Israeli Initial Public Offering (IPO) firms in the 1990s, we study costs and benefits of universal banking. We find that a firm whose equity was underwritten by...
Monetary Policy in an Open Economy: The Differential Impact on Exporting and Non-Exporting Firms
Ber, Hedva, Blass, Asher, Yosha, Oved
Using firm-level data, we provide evidence that, although monetary policy affects real investment, the effect operates differentially: the greater its export intensity the less a firm is affected by...
Kalemli-Ozcan, Sebnem, Sorensen, Bent E, Yosha, Oved
We find that risk sharing in the European Union (EU) has been increasing over the past decade due to increased cross-ownership of assets across countries. Industrial specialization has also been...
"Large Shareholders and Banks: Who Monitors and How"
Empirical studies of the role of large shareholders as monitors of firm management have focused on the relation between ownership structure and firm performance and have identified managerial...
Channels of Interstate Risk Sharing: United States 1963-1990.
Asdrubali, Pierfederico, Sorensen, Bent E, Yosha, Oved
The authors develop a framework for quantifying the amount of risk sharing among states in the United States and construct data that allow them to decompose the cross-sectional variance in gross...
Welfare Analysis of a Market with Pairwise Meetings and Asymmetric Information.
We study the welfare properties of a market with pairwise meetings and asymmetric information, establishing an equivalence between asymptotically ex-post individually rational and asymptotically...
Welfare analysis of a market with pairwise meetings and asymmetric information (*)
We study the welfare properties of a market with pairwise meetings and asymmetric information, establishing an equivalence between asymptotically expost individually rational and asymptotically...
Information Revelation in a Market with Pairwise Meetings: The One Sided Information Case.
We study a market with pair wise meetings of agents and with a one sided information asymmetry regarding the state of the world, which may be "low" or "high." We characterize the set of equilibria of...
Consumption Smoothing through Fiscal Policy in OECD and EU Countries
Adriana Arreaza, Bent E. Sorensen, Oved Yosha
We measure the amount of smoothing achieved through various components of the government deficit in EU and OECD countries. For EU countries, at the 1-year frequency percent of shocks to GDP are...
Risk Sharing and Industrial Specialization: Regional and International Evidence
Sebnem Kalemli-Ozcan, Bent E. Sorensen, Oved Yosha
The authors provide empirical evidence that risk sharing enhances specialization in production. To the best of their knowledge, this well-established and important theoretical proposition has not...
International Risk Sharing and European Monetary Unification
We explore income and consumption smoothing patterns among European Community countries and among OECD countries during the period 1966-90. We find that for OECD as well as for EC countries about 40...
CORPORATE GOVERNANCE IN AN EMERGING MARKET: THE CASE OF ISRAEL
Asher Blass, Yishay Yafeh, Oved Yosha
Despite significant capital-market reforms in the mid-1980s, the Israeli government and banks continue to play an unusually dominant role in Israeli financial markets. Israeli banks operate as...