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Financing constraints and corporate investment

[PDF] from wustl.edu
S Fazzari, RG Hubbard… - 1988 - nber.org
Most empirical models of investment rely on the assumption that firms are able to respond to
prices set in centralized securities markets (through the" cost of capital" or" q"). An alternative
approach emphasizes the importance of cash flow as a determinant of investment ...
Cited by 4146 - Related articles - Library Search - BL Direct - All 23 versions

Capital-market imperfections and investment

RG Hubbard - 1997 - nber.org
Over the past decade, a number of researchers have extended conventional models of
business fixed investment to incorporate a role for financial constraints' in determining
investment. This paper reviews developments and challenges in this empirical research, ...
Cited by 1893 - Related articles - Library Search - BL Direct - All 15 versions

Understanding the determinants of managerial ownership and the link between ownership and performance

[PDF] from nyu.edu
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CP Himmelberg, RG Hubbard… - Journal of financial economics, 1999 - Elsevier
Both managerial ownership and performance are endogenously determined by exogenous
(and only partly observed) changes in the firm's contracting environment. We extend the
cross-sectional results of Demsetz and Lehn (1985),(Journal of Political Economy, 93, ...
Cited by 1644 - Related articles - Library Search - BL Direct - All 43 versions

Precautionary saving and social insurance

[PDF] from upenn.edu
RG Hubbard, J Skinner… - 1995 - nber.org
Microdata studies of household saving often find a significant group in the population with
virtually no wealth, raising concerns about heterogeneity in motives for saving. In particular,
this heterogeneity has been interpreted as evidence against the life-cycle model of saving. ...
Cited by 992 - Related articles - Library Search - BL Direct - All 14 versions

Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales

[PDF] from oxfordjournals.org
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SM Fazzari, RG Hubbard… - The Quarterly Journal of …, 2000 - qje.oxfordjournals.org
Abstract A recent paper in this Journal by Kaplan and Zingales reexamines a subset of firms
from work of Fazzari, Hubbard, and Petersen and criticizes the usefulness of investment-
cash flow sensitivities for detecting financing constraints. We show that the Kaplan and ...
Cited by 498 - Related articles - BL Direct - All 15 versions

Market structure and cyclical fluctuations in US manufacturing

I Domowitz, RG Hubbard… - 1988 - nber.org
The relevance of imperfect competition for models of aggregate economic fluctuations has
received increased attention from researchers in both macroeconomics and industrial
organization. Measuring properly the size of industry markups of price over marginal cost ...
Cited by 441 - Related articles - All 10 versions

Business cycles and the relationship between concentration and price-cost margins

I Domowitz, RG Hubbard… - The Rand Journal of Economics, 1986 - JSTOR
Using a newly constructed panel data base, we examine changes in price-cost margins in
284 manufacturing industries between 1958 and 1981. A key finding is a dramatic narrowing
of the spread between the margins of concentrated and unconcentrated industries over ...
Cited by 424 - Related articles - Get it from MIT Libraries - All 9 versions

The importance of precautionary motives in explaining individual and aggregate saving

[PDF] from columbia.edu
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RG Hubbard, J Skinner… - Carnegie-Rochester Conference …, 1994 - Elsevier
Abstract This paper examines predictions of a life-cycle simulation model—in which
individuals face uncertainty regarding thier length of life, earnings, and out-of-pocket
medical expenditures, and imperfect insurance and lending markets—for
Cited by 404 - Related articles - Library Search - BL Direct - All 10 versions

Internal finance and firm investment

[PDF] from chicagobooth.edu
RG Hubbard, AK Kashyap… - 1995 - nber.org
We examine the neoclassical investment model using a panel of US manufacturing firms.
The standard model with no financing constraints cannot be rejected for firms with high (pre-
sample) dividend payouts. However, it is decisively rejected for firms with low (pre-sample ...
Cited by 404 - Related articles - Library Search - BL Direct - All 19 versions

Market structure and macroeconomic fluctuations

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RE Hall, OJ Blanchard… - Brookings Papers on Economic …, 1986 - JSTOR
MARKET STRUCTURE and macroeconomic fluctuations are related to each other in two
different ways. First, macroeconomic fluctuations reveal a good deal about market structure.
Students of industrial organization have not generally exploited cyclical movements in ...
Cited by 380 - Related articles - Library Search - All 12 versions

The time series consumption function revisited

[PDF] from columbia.edu
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AS Blinder, A Deaton, RE Hall… - Brookings Papers on …, 1985 - JSTOR
THE RELATIONSHIP between consumer spending and income is one of the oldest
statistical regularities of macroeconomics-and one of the sturdiest. Like the aging movie star,
it needs a little touching up now and again, but always seems to come bouncing back. A ...
Cited by 337 - Related articles - All 7 versions

Executive pay and performance Evidence from the US banking industry

[PDF] from 112.78.41.54
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RG Hubbard… - Journal of financial economics, 1995 - Elsevier
This paper examines CEO pay in the banking industry and the effect of deregulating the
market for corporate control. Using panel data on 147 banks over the 1980s, we find higher
levels of pay in competitive corporate control markets, ie, those in which interstate banking ...
Cited by 335 - Related articles - Library Search - All 19 versions

A reconsideration of investment behavior using tax reforms as natural experiments

[PDF] from brookings-tsinghua.cn
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JG Cummins, KA Hassett, RG Hubbard… - Brookings papers on …, 1994 - JSTOR
ECONOMISTS and policymakers have long been interested in measuring the effects of
changes in the returns to and costs of business fixed investment. That interest reflects both
theoretical and practical concerns, which have stimulated a large body of empirical ...
Cited by 320 - Related articles - BL Direct - All 9 versions

A re-examination of the conglomerate merger wave in the 1960s: an internal capital markets view

RG Hubbard… - 1998 - nber.org
One possible explanation that bidding firms earned positive abnormal returns in diversifying
acquisitions in the 1960s is that internal capital markets were expected to overcome the
information deficiencies of the less developed capital markets. Examining 392 bidder firms ...
Cited by 286 - Related articles - Library Search - BL Direct - All 13 versions

Entrepreneurship and household saving

[PDF] from columbia.edu
WM Gentry… - 2000 - nber.org
In this paper, we argue that costly external financing for entrepreneurial investments
(coupled with potentially high returns on those investments) has important implications for
the saving, investment, and entry decisions of continuing and potential entrepreneurs. ...
Cited by 274 - Related articles - Library Search - BL Direct - All 22 versions

Liquidity constraints, fiscal policy, and consumption

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RG Hubbard, KL Judd, RE Hall… - Brookings Papers on …, 1986 - JSTOR
TAX POLICY AND TAX REFORM are important items on the current policy agenda. In
evaluating alternative tax policies, decisionmakers must consider both their normative and
positive impact; in particular, they must examine the effects of competing policies on the ...
Cited by 272 - Related articles - All 12 versions

Firm Heterogeneity, Internal Finance, andCredit Rationing'

CW Calomiris… - 1990 - nber.org
Assessing the extent to which agents or firms face capital-market imperfections and quantity
restrictions on credit is crucial for measuring intertemporal tradeoffs in consumption or the
cost of capital for investment. In contrast to standard price-clearing," full-information" ...
Cited by 269 - Related articles - Library Search - All 12 versions

Social Security and Individual Welfare: Precautionary Saving, LiquidityConstraints, and the Payroll Tax

[PDF] from upenn.edu
RG Hubbard… - 1987 - nber.org
Recent advances in the examination of efficiency gains from dynamic tax reforms have used
simulation models to isolate intragenerational and/or intergenerational effects. Important
considerations having to do with uncertainty or capital market imperfections are frequently ...
Cited by 271 - Related articles - Library Search - All 24 versions

Is There aCredit Channel'for Monetary Policy?

RG Hubbard - 1995 - nber.org
This paper argues that the termsmoney view'andcredit view'are not always well defined in
theoretical and empirical debates over the transmission mechanism of monetary policy.
Recent models of information and incentive problems in financial markets suggest the ...
Cited by 268 - Related articles - BL Direct - All 14 versions

Financial factors in business fluctuations

[PDF] from ucdavis.edu
M Gertler… - 1989 - nber.org
Recent research in macroeconomics--both theoretical and empirical--has resurrected the
idea that capital market imperfections may be significant factors in business volatility by
making new progress in characterizing the mechanisms. This paper outlines a case for a ...
Cited by 260 - Related articles - Library Search - All 12 versions

Internal net worth and the investment process: An application to US agriculture

[PDF] from chicagobooth.edu
RG Hubbard… - 1990 - nber.org
ABSTRACT Recent models of firm investment decisions stressing informational
imperfections in capital markets provide a foundation for interpreting evidence that
movements in internal finance can predict investment opportunities. While such evidence ...
Cited by 251 - Related articles - Library Search - All 18 versions

Are There Bank Effects in Borrowers' Costs of Funds? Evidence from a Matched Sample of Borrowers and Banks*

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RG Hubbard, KN Kuttner… - The Journal of Business, 2002 - JSTOR
We use a matched sample of individual loans, borrowers, and banks to investigate the effect
of banks' financial health on the cost of loans, controlling for borrower risk and information
costs. Our principal finding is that low-capital banks tend to charge higher loan rates than ...
Cited by 207 - Related articles - Library Search - BL Direct - All 25 versions

Tax reforms and investment: A cross-country comparison

Full text - MIT Libraries
JG Cummins, KA Hassett… - Journal of Public Economics, 1996 - Elsevier
We use firm-level panel data to explore the extent to which fixed investment responds to tax
reforms in 14 OECD countries. Previous studies have often found that investment does not
respond to changes in the marginal cost of investment. We identify some of the factors ...
Cited by 204 - Related articles - Library Search - BL Direct - All 16 versions

Tax policy and entrepreneurial entry

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WM Gentry… - The American Economic Review, 2000 - JSTOR
Many models of tax-policy evaluation abstract from decisions about entrepreneurship, such
as entry, saving, and investment. Given recent emphasis on the significance of business
ownership in explaining aggregate wealth accumulation and its distribution (see eg, ...
Cited by 196 - Related articles - BL Direct - All 19 versions

Tax policy and corporate saving

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JM Poterba, RE Hall… - Brookings Papers on Economic Activity, 1987 - JSTOR
ALTHOUGH CORPORATIONS are responsible for roughly half of private saving in the
United States, most studies of saving focus exclusively on household behavior. Policy
initiatives to increase saving have also concentrated on personal saving, through such ...
Cited by 185 - Related articles - Library Search - All 13 versions

[PDF] Federal government debt and interest rates

[PDF] from nber.org
EM Engen… - 2005 - nber.org
The recent resurgence of federal government budget deficits has rekindled debates about
the effects of government debt on interest rates. While the effects of government debt on the
economy can operate through a number of different channels, many of the recent ...
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Assessing the effectiveness of saving incentives

[PDF] from dartmouth.edu
RG Hubbard… - 1997 - nber.org
In this paper, we argue that there is more to be learned from recent research on the
effectiveness of targeted saving incentives than is suggested by the wide variation in
empirical estimates. First, we conclude that characterizations of saving appear to stimulate ...
Cited by 172 - Related articles - Library Search - BL Direct - All 18 versions

[PDF] Coming home to America: Dividend repatriations by US multinationals

[PDF] from nber.org
JR Hines Jr… - 1990 - nber.org
American corporations earn a large and growing volume of after-tax profits through their
affiliated foreign companies. The foreign earnings of US corporations are typically subject to
taxation both by host foreign governments and by the US government, an arrangement ...
Cited by 163 - Related articles - View as HTML - Library Search - All 11 versions

Internal finance and investment: Evidence from the undistributed profits tax of 1936-1937

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CW Calomiris… - 1995 - nber.org
Recent theoretical approaches have linked shifts in firms' internal funds and investment
spending, holding constant underlying investment opportunities. An important impediment to
convincing tests of these models is the lack of firm-level data on the relative costs of ...
Cited by 162 - Related articles - Library Search - BL Direct - All 16 versions

Tax policy and business investment

KA Hassett… - Handbook of public economics, 2002 - Elsevier
Abstract In this survey, we review research on tax policy and business investment with four
objectives. First, we use a simple prototypical dynamic neoclassical investment model to
derive and explain effects of taxation on business investment in the long run and short run. ...
Cited by 147 - Related articles - BL Direct - All 5 versions

Investment under uncertainty: keeping one's options open

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RG Hubbard - Journal of Economic Literature, 1994 - JSTOR
CONSIDERABLE INTELLECTUAL atten-tion has been focused on models of derivative
financial instruments, including options. The theoretical intuition embodied in early option
pricing models has been applied to other financial decisions by individuals and ...
Cited by 137 - Related articles - BL Direct - All 8 versions

Tax policy and investment

KA Hassett… - 1998 - nber.org
In this paper, we summarize recent advances in the study of effects of tax policy on the fixed
investment decisions of firms. We attempt to identify consensus where it has been achieved
and to highlight important unresolved issues. In addition, we discuss the implications of ...
Cited by 136 - Related articles - Library Search - BL Direct - All 11 versions

Expanding the life-cycle model: Precautionary saving and public policy

Full text - MIT Libraries
RG Hubbard, J Skinner… - The American Economic Review, 1994 - JSTOR
One of the key puzzles in understanding saving behavior is not so much why people save-
the title of this session-but why people don't save. According to the familiar life-cycle model,
households should accumulate wealth to provide for their retirement consumption. The ...
Cited by 125 - Related articles - BL Direct - All 8 versions

Oligopoly supergames: Some empirical evidence on prices and margins

I Domowitz, RG Hubbard… - The Journal of Industrial …, 1987 - JSTOR
This paper is a panel data study on the behavior of prices and margins of oligopolies
involved in repeated games. We examine the predictions of Green and Porter [1984] and
Rotemberg and Saloner [1986], two supergame models which generate very different ...
Cited by 124 - Related articles - Get it from MIT Libraries - All 5 versions

Price flexibility, credit availability, and economic fluctuations: evidence from the United States, 1894–1909

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CW Calomiris… - The Quarterly Journal of …, 1989 - qje.oxfordjournals.org
Abstract The importance of disturbances in financial markets for real economic activity and
the positive association between price level and output movements typically are explained
by appeal to a combination of nominal aggregate demand shocks (particularly money- ...
Cited by 115 - Related articles - All 8 versions

Pension wealth and individual saving: Some new evidence

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RG Hubbard - Journal of Money, Credit and Banking, 1986 - JSTOR
ATTEMPrs TO MEASURe THE tMPACT OF SOCtAL SECURITY and private pensions on
household saving have occupied much of the literature in empirical public finance over the
past decade. Empirical estimates of those impacts have been quite varied (see the ...
Cited by 116 - Related articles - All 5 versions

Benefits of control, managerial ownership, and the stock returns of acquiring firms

RG Hubbard… - 1996 - nber.org
This paper examines the effect of the benefits of corporate control to managers on the
relationship between managerial ownership and the stock returns of acquiring firms in
corporate control transactions. At low levels of managerial ownership, agency costs of ...
Cited by 114 - Related articles - Library Search - BL Direct - All 16 versions

Investment, financing decisions, and tax policy

Full text - MIT Libraries
S Fazzari, RG Hubbard… - The American Economic Review, 1988 - JSTOR
Studies of tax policy and corporate investment have been prominent in public finance and
macroeconomic research. By integrating corporate income tax rates, investment tax credits,
and the value of depreciation allowances into the" cost of capital," economists have ...
Cited by 104 - Related articles - All 13 versions

The intertemporal stability of the concentration-margins relationship

I Domowitz, RG Hubbard… - The Journal of Industrial …, 1986 - JSTOR
Using a longitudinal data base, we find that there has been a substantial narrowing of the
spread between the price-cost margins of concentrated and unconcentrated industries.
Including measures of macroeconomic fluctuations into standard price-cost margin ...
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[CITATION] Economics

RG Hubbard… - 2008 - Pearson Education
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The political economy of branching restrictions and deposit insurance: A model of monopolistic competition among small and large banks

[PDF] from columbia.edu
N Economides, RG Hubbard… - 1996 - nber.org
This paper suggests that the introduction of bank branching restrictions and federal deposit
insurance in the United States likely was motivated by political considerations. Specifically,
we argue that these restrictions were instituted for the benefit of the small, unit banks that ...
Cited by 85 - Related articles - Library Search - BL Direct - All 15 versions

Personal taxation, pension wealth, and portfolio composition

RG Hubbard - The Review of Economics and Statistics, 1985 - JSTOR
This paper emphasizes the role played by personal taxation and pension wealth in portfolio
choice and composition. A theoretical discussion of the impacts of taxation and participation
in social security and private pension systems on individual wealth allocation is followed ...
Cited by 78 - Related articles - Get it from MIT Libraries - All 4 versions

Taxing multinationals

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MP Devereux… - 2000 - nber.org
This paper analyzes the effects of tax policy on the strategic choices of a domestic
multinational company competing with a foreign multinational company in a third country.
We demonstrate the role of the effective average tax rate and the effective marginal tax ...
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The share price effects of dividend taxes and tax imputation credits

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TS Harris, RG Hubbard… - Journal of Public Economics, 2001 - Elsevier
We examine the hypothesis that dividend taxes are capitalized into share prices by focusing
on investors' implicit valuations of retained earnings versus paid-in equity. Retained
earnings are distributable as taxable dividends, whereas paid-in equity is distributable as ...
Cited by 78 - Related articles - BL Direct - All 22 versions

Regulation and long-term contracting in US natural gas markets

RG Hubbard… - The Journal of Industrial Economics, 1986 - JSTOR
This paper addresses the recent experience of the US natural gas industry with contracting
and regulation--the so-called" contracts problem" between producers and pipelines. We
develop a simple model of contracting between a single buyer and seller, emphasizing ...
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[PDF] Interest rate spreads, credit constraints, and investment fluctuations: an empirical investigation

[PDF] from nber.org
M Gertler, RG Hubbard… - 1991 - nber.org
Recent time-series work in macroeconomics has emphasized the role of the interest rate
spread between risky and safe debt in forecasting real GNP. Stock and Watson (1989) and
Friedman and Kuttner (1989) demonstrate that this interest differential has greater ...
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[BOOK] Asymmetric information, corporate finance, and investment

RG Hubbard - 1990 - books.google.com
Studies of heterogeneity in firms' terms of trade in capital markets have occupied a
prominent place in applied research in financial markets. The National Bureau of Economic
Research commissioned monographs on the subject in the 1940s and 1950s—in part ...
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[PDF] Distributional implications of introducing a broad-based consumption tax

[PDF] from nber.org
WM Gentry… - 1997 - nber.org
EXECUTIVE SUMMARY As a tax base," consumption" is sometimes argued to be less fair
than" income" because the benefits of not taxing capital income accrue to highincome
households. We argue that, despite the common perception that consumption taxation ...
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[PDF] The tax sensitivity of foreign direct investment: evidence from firm-level panel data

[PDF] from nber.org
J Cummins… - 1995 - nber.org
Understanding the determinants of foreign direct investment is important for analyzing
capital flows and the industrial organization of multinational firms. Most empirical studies of
foreign direct investment, however, have focused on case studies of nontax factors in ...
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[CITATION] Investment and finance reconsidered

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S Fazzari, RG Hubbard… - Brookings Papers on Economic Activity, 1988
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Competition in the mutual fund industry: Evidence and implications for policy

[PDF] from nellco.org
JC Coates IV… - J. Corp. L., 2007 - HeinOnline
Despite enormous growth and acceptance of mutual funds by millions of individual and
institutional investors, mutual funds have periodically been accused of charging excessive
fees. From an economic perspective, competition is the best guardian against excessive ...
Cited by 64 - Related articles - Library Search - BL Direct - All 14 versions

[PDF] Do IRAs and Keoghs Increase Saving?

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RG Hubbard - National Tax Journal, 1984 - gsb.columbia.edu
ABSTRACT Government retirement saving policies influence household saving. This paper
considers the impact on household saving of tax-favored individual retirement savings plans—
Keogh accounts and Individual Retirement Accounts (IRAs). One presumption behind the ...
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Corporate financial policy, taxation, and macroeconomic risk

M Gertler… - 1991 - nber.org
This paper develops a simple model of corporate financial structure intended to formalize
the macroeconomic concern over excessive leverage. In particular, we attempt to rationalize
why firms designing an optimal capital structure would choose a level of debt that leaves ...
Cited by 60 - Related articles - Library Search - BL Direct - All 16 versions

Efficient contracting and market power: evidence from the US natural gas industry

[PDF] from columbia.edu
RG Hubbard… - JL & Econ., 1991 - HeinOnline
I. Introduction he transactions-cost approach to industrial organization1 departs sharply from
neoclassical tradition in its shift of emphasis from the market to the individual transaction.
Behavior such as vertical integration and long-term contracting that had previously been ...
Cited by 59 - Related articles - All 9 versions

[PDF] Uncertain lifetimes, pensions, and individual saving

[PDF] from nber.org
RG Hubbard - 1987 - nber.org
Attempts to measure the impacts of pensions on household saving have occupied much of
the literature in empirical public finance over the past decade. From a theoretical
perspective, identifying the channels through which pensions affect the intertemporal ...
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Growing in Debt: The'Farm Crisis' and Public Policy

[PDF] from brookings-tsinghua.cn
CW Calomiris, RG Hubbard… - 1987 - nber.org
US farms, and with them agricultural lending institutions, are currently experiencing their
most severe stress since the 1930s. As international trade in farm products has expanded,
so has the sensitivity of farm incomes to fluctuations in domestic and world economic ...
Cited by 54 - Related articles - Library Search - All 12 versions

[BOOK] Financial markets and financial crises

[PDF] from columbia.edu
RG Hubbard - 1991 - books.google.com
Warnings of the threat of an impending financial crisis are not new, but do we really know
what constitutes an actual episode of crisis and how, once begun, it can be prevented from
escalating into a full-blown economic collapse?< br>< br> Using both historical and ...
Cited by 51 - Related articles - Get it from MIT Libraries - Library Search - All 10 versions

[PDF] Tax policy and entry into entrepreneurship

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WM Gentry… - American Economic Review, 2000 - williams.edu
Abstract While recent research has emphasized the desirability of studying effects of
changes in marginal tax rates on taxable income, broadly defined, there has been
comparatively little analysis of effects of marginal tax rate changes on entrepreneurial ...
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[BOOK] The effects of taxation on multinational corporations

[PDF] from columbia.edu
MS Feldstein, JR Hines… - 1995 - books.google.com
The tax rules of the United States and other countries have intended and unintended effects
on the operations of multinational corporations, influencing everything from the formation
and allocation of capital to competitive strategies. The growing importance of international ...
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[BOOK] Healthy, Wealthy, and Wise: Five Steps to a Better Health Care System

[PDF] from catoinstitute.org
JF Cogan, RG Hubbard… - 2011 - books.google.com
Health care in the United States has made remarkable advances during the past forty years.
Yet our health care system also has several well-known problems: high costs, significant
numbers of people without insurance, and glaring gaps in quality and efficiency—and the ...
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" Success Taxes," Entrepreneurial Entry, and Innovation

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WM Gentry… - 2004 - nber.org
Interest in the role of entrepreneurial entry in innovation raises the question of the extent to
which tax policy encourages or discourages entry. We find that, while the level of the
marginal tax rate has a negative effect in entrepreneurial entry, the progressivity of the tax ...
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[BOOK] Money, the financial system, and the economy

RG Hubbard… - 1994 - library.perbanas.ac.id
Hubbard demonstrates how we use economic tools to understand financial markets and
institutions. In doing so, he helps students learn to interpret current events, predict future
developments, and make better economic decisions. The Sixth Edition continues to offer ...
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How different are income and consumption taxes?

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RG Hubbard - The American Economic Review, 1997 - JSTOR
Many recent proposals for fundamental tax reform have advocated replacing the current tax
system with a broad-based consumption tax (see eg, Robert E. Hall and Alvin Rabushka,
1983, 1995; Nicholas Brady, 1992; Alliance USA, 1995). Economists' support for such ...
Cited by 35 - Related articles - BL Direct - All 7 versions

Corporate tax integration: a view from the treasury department

Full text - MIT Libraries
RG Hubbard - The Journal of Economic Perspectives, 1993 - JSTOR
C urrent US income tax law treats corporations and their investors as separate entities.
Under this so-called" classical" system of corporate taxation, two levels of tax are levied on
earnings from investments in corporate equity. First, income earned by corporations is ...
Cited by 35 - Related articles - BL Direct - All 7 versions

The growth of institutional stock ownership: A promise unfulfilled

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FR Edwards… - Journal of Applied Corporate …, 2000 - Wiley Online Library
2. Abstract Despite the substantial growth of institutional ownership of US corporations in the
past 20 years, there is little evidence that institutional investors have acquired the kind of
concentrated ownership positions required to be able to play a dominant role in the ...
Cited by 36 - Related articles - BL Direct - All 5 versions

Precautionary savings and the governance of nonprofit organizations

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…, R Glenn Hubbard - Journal of Public Economics, 2005 - Elsevier
We present a model of nonprofit governance built on two assumptions:(1) organizations
wish to hold precautionary savings in order to smooth expenditures; and (2) it is relatively
easy for managers to divert these funds for personal use. Hence, donors face a trade off ...
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The effects of progressive income taxation on job turnover

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WM Gentry… - Journal of Public Economics, 2004 - Elsevier
We examine whether the level of the income tax rate and the convexity of the income tax
schedule affect job mobility, as measured by moving to a better job. While the predicted
effect of the level of the tax rate is ambiguous, we predict that an increase in the convexity ...
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International adjustment under the classical gold standard: Evidence for the US and Britain, 1879-1914

[PDF] from 67.208.89.102
CW Calomiris… - 1998 - nber.org
Links between disturbances in financial markets and those in real activity have long been
the focus of studies of economic fluctuations during the period prior to World War I. We
emphasize that domestic autonomy was substantially limited by internationally integrated ...
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[PDF] The role of nonprofit endowments

[PDF] from nber.org
R Fisman… - 2003 - nber.org
Theories of nonprofit organizations have generally centered on the motivations of not-for-
profit entrepreneurs. 1 Regardless of the motivations of the nonprofit's founder, however, a
key connecting idea among these theories is the assumption of the nondistribution ...
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Making markets work: five steps to a better health care system

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JF Cogan, RG Hubbard… - Health Affairs, 2005 - Health Affairs
Although the US health care system has made remarkable advancements, it is costly and
wasteful, and it leaves many people without appropriate care. The challenge for public
policy is to enable consumers and taxpayers to obtain good value for their health care ...
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Supply shocks and price adjustment in the world oil market

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RG Hubbard - The Quarterly Journal of Economics, 1986 - qje.oxfordjournals.org
Abstract Understanding the impacts of transitory oil supply shocks on world oil prices is
crucial to the evaluation of the economic impacts of shocks and the design of policy
responses to address those impacts. This paper integrates short-run and long-run ...
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[PDF] Inflation and the user cost of capital: does inflation still matter?

[PDF] from nber.org
D Cohen, K Hassett… - 1999 - nber.org
High and rising rates of inflation in the United States during the 1970s stimulated economists
to examine the effects of inflation on household and business decisions about household
saving and business investment (see, eg, Darby 1975; Feldstein 1976; Feldstein, Green, ...
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Taxation, corporate capital structure, and financial distress

[PDF] from columbia.edu
ML Gertler… - 1990 - nber.org
We are grateful to Rosanne Altshuler, Ben Bernanke, Larry Summers, and participants at the
1989 NBER conference on Tax Policy and the Economy for helpful comments and
suggestions. This paper is part of NBER's research programs in Economic Fluctuations ...
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Long-term contracting and multiple-price systems

RG Hubbard… - 1991 - nber.org
This paper examines product markets in which long-term contracts and spot transactions
coexist. Such markets are characterized by" multiple-price systems," wherein adjustment to
supply and demand shocks occurs through spot prices, while contract prices are fixed, or ...
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[PDF] A paradox of interest

[PDF] from columbia.edu
RG Hubbard - Wall Street Journal, 2005 - gsb.columbia.edu
The increasing attention paid to growing US current account deficits has bred nightmare
scenarios of a sharp decline in the foreign-exchange value of the dollar and rising US
interest rates. Financial markets, by contrast, appear more sanguine. Inflation-indexed ...
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Are investment incentives blunted by changes in prices of capital goods?

[PDF] from columbia.edu
KA Hassett… - 1999 - nber.org
Recent research on business investment decisions suggests that real investment in plant
and equipment is quite sensitive to changes in the user cost of capital, pointing to the
possibility that long-run changes in tax policy may have a significant impact on an ...
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[PDF] House prices, interest rates, and the mortgage market meltdown

[PDF] from nber.org
C Mayer… - … Working Paper. Columbia University, New York, 2010 - nber.org
The headlines have been ominous.“As fear stalks the markets, the government may have to
do more to steady nerves.” The article goes on to describe concerning exposure to high-risk
mortgage loans.“The two main categories are subprime loans made to people with poor ...
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Investment, protection, ownership, and the cost of capital

CP Himmelberg, RG Hubbard… - 2002 - ideas.repec.org
We investigate the cost of capital in a model with an agency conflict between inside
managers and outside shareholders. Inside ownership reflects the classic tradeoff between
incentives and risk diversification, and the severity of agency costs depends on a ...
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'Precautionary'Saving Revisited: Social Security, Individual Welfare, and the Capital Stock

RG Hubbard - 1984 - nber.org
This paper focuses on precautionary saving against uncertain longevity and on the annuity
insurance aspects of social security within the life-cycle framework. The principal findings
are three. First, the evolution of social security is reviewed in response to missing markets ...
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Fundamental tax reform and corporate financial policy

WM Gentry… - 1998 - nber.org
How tax reform affects corporate financial decisions helps determine whether reform will
increase capital formation and simplify the tax system. This paper describes the effects of
fundamental tax reform on corporate tax planning and summarizes economists' ...
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[CITATION] Why Do the Wealthy Save So Much?: Saving and Investment Decisions of Entrepreneurs

WM Gentry… - Manuscript, Columbia University, 1998
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The economic effects of federal participation in terrorism risk

[PDF] from analysisgroup.com
Full text - MIT Libraries
RG Hubbard, B Deal… - Risk Management and …, 2005 - Wiley Online Library
14. Conclusion The catastrophic terrorist attack of September 11, 2001 caused
unprecedented insured losses. While the insurance industry covered these losses, it also
took swift steps to limit its exposure to such risks in the future. In response to ensuing ...
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Capital-market imperfections, investment, and the monetary transmission mechanism

[PDF] from columbia.edu
RG Hubbard - 2000 - books.google.com
Understanding the channels through which monetary policy affects economic variables has
long been a key research topic in macroeconomics and a central element of economic
policy analysis. At an operational level, a'tightening'of monetary policy by a central bank ...
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[PDF] Have tax reforms affected investment?

[PDF] from nber.org
JG Cummins, KA Hassett… - 1995 - nber.org
EXECUTIVE SUMMARY We improve upon existing approaches used to estimate investment
models by exploiting tax reforms as" natural experiments." We find that tax policy has an
economically important effect through the user cost of capital on firms' equipment ...
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[CITATION] Natural gas: The regulatory transition

RR Braeutigam… - Regulatory Reform: What Actually Happened. Boston …, 1986
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[BOOK] Institutional investors and corporate behavior

[PDF] from psu.edu
GR Downes, E Houminer… - 1999 - Citeseer
Institutional investors are to students of corporate gov-ernance what banks were to Willie
Sutton—they're where the money is. But they weren't always. 1 As recently as 1980,
institutional investors—principally banks, insurance companies, mutual funds, private ...
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[CITATION] «Securities Transactions Taxes: Tax design, revenue, and policy considerations»

RG Hubbard - Tax Notes, 1993
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The effect of the tax reform act of 1986 on the location of assets in financial services firms

[PDF] from pwc.com
R Altshuler… - 2000 - nber.org
This paper examines the effects of the Tax Reform Act of 1986 on the international location
decisions of US financial services firms. The Act included rule changes that made it
substantially more difficult for US firms to defer US taxes on overseas financial services ...
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The 'sub-trigger'crisis: An economic analysis of flexible stock policies

Full text - MIT Libraries
RG Hubbard… - Energy Economics, 1983 - Elsevier
Abstract This paper investigates the value of international cooperation during an oil supply
disruption. The International Energy Agency provides the aegis for energy cooperation
among the industrialized countries, but only an enormous disruption would 'trigger'the ...
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[CITATION] Asymmetric Information

RG Hubbard - Comorate Finance. and Investment, 1990
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[BOOK] Taxing multinational corporations

MS Feldstein, JR Hines… - 1995 - books.google.com
In the increasingly global business environment of the 1990s, policymakers and executives
of multinational corporations must make informed decisions based on a sound knowledge of
US and foreign tax policy. Written for a nontechnical audience, Taxing Multinational ...
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[PDF] Taxes, technology transfer, and R&D by multinational firms

[PDF] from nber.org
JR Hines Jr… - 1995 - nber.org
The technology-related activities of multinational corporations generate interest among
policymakers and many others who are concerned about the performance of national
economies. Government opinion may be divided over the tactics to use in attracting new ...
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[CITATION] Enhancing sovereign debt restructuring

RG Hubbard - Conference on the IMF's Sovereign Debt Proposal, …, 2002
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Capital income taxation in tax reform: implications for analysis of distribution and efficiency

RG Hubbard - United States Tax Reform in the 21st Century, 2002 - books.google.com
Many recent proposals for fundamental tax reform have advocated replacing the current tax
system with a broad-based consumption tax. Economists' support for such proposals centers
on the gains in economic well-being made possible by tax reform. Three sources of ...
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[PDF] The importance of income shifting to the design and analysis of tax policy

[PDF] from nber.org
RH Gordon, JK MacKie-Mason… - 1995 - nber.org
The academic public finance literature-and the advice academics offer to policymakers-has
been dominated by a particular approach to tax analysis. A well-defined tax base is taken as
given, and then the scholar studies the effect that taxation of that base has on taxpayer ...
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[BOOK] The aid trap

[PDF] from development.asia
RG Hubbard… - 2009 - development.asia
The authors espouse a large scale pro business program patterned after the Marshall Plan
of 1948, which is credited for helping rebuild Western Europe after World War II. R. Glenn
Hubbard is dean of Columbia Business School and the Russell L. Carson Professor of ...
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[PDF] Bush Savings Incentives

[PDF] from heartland.org
RG Hubbard - Perspectives, 1996 - heartland.org
In the 2004 Budget, President Bush proposed to simplify and expand saving incentives.
Instead of choosing from among a bewildering array of narrowly focused accounts,
individuals would be able to save much larger amounts in a Lifetime Savings Account ...
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Contracting and price adjustment in commodity markets: evidence from copper and oil

RG Hubbard… - The Review of Economics and Statistics, 1989 - JSTOR
This paper analyzes price adjustment in markets where trade takes place through both spot-
market and long-term-contract transactions. We develop a model illustrating the role of the
resulting two-price system in describing price adjustment to transitory shocks; persistence ...
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Nominal contracting and price flexibility in product markets

RG Hubbard… - 1985 - nber.org
The search for microeconomic foundations of non-Walrasian outcomes in labor and product
markets has spawned many studies of contracting. This paper emphasizes the role of
contracts for market equilibrium--for many raw materials and basic industrial commodities- ...
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[PDF] " Success Taxes," Entrepreneurial Entry, and Innovation

[PDF] from nber.org
WM Gentry… - 2005 - nber.org
Executive Summary Interest in the role of entrepreneurial entry in innovation raises the
question about the extent to which tax policy encourages or discourages entry. We find that,
while the level of the marginal tax rate has a negative effect on entre-preneurial entry, the ...
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