infonet-economy

This article analyzes the effect of liquidity risk on the performance of equity hedge fund portfolios. Similarly to Avramov, Kosowski, Naik, and Teo (2007),(2011), we observe that, before accounting for the effect of liquidity risk, hedge fund portfolios that incor- porate predictability in managerial skills generate superior performance. This outperfor-mance disappears or weakens...

This paper provides evidence for a causal effect of equity prices on corporate investment and employment. We use fire sales by distressed equity funds during the 2007–2009 financial crisis to identify substantial exogenous underpricing. Firms whose stocks are most under- priced have considerably lower investment an d employment than industry peers not subject to any fire sale...

Cette contribution a pour objectif d’étudier les processus de transfert de politiques publiques dans le champ du développement et de la lutte contre la pauvreté. À travers l’étude des Conditional Cash Transfers aux Philippines, nous tenterons de montrer comment cette politique, née dans les années 1990 en Amérique latine, a été mise à l’agenda du gouvernement philippin. Nous...