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    <title>EconStor Collection: Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie</title>
    <link>http://hdl.handle.net/10419/37142</link>
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      <title>How Do Individual Investors Trade?</title>
      <link>http://hdl.handle.net/10419/37375</link>
      <description>Title: How Do Individual Investors Trade?
&lt;br/&gt;
&lt;br/&gt;Authors: Nolte, Ingmar; Nolte, Sandra
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper examines how high-frequency trading decisions of individual investors are influenced by past price changes. Specifically, we address the question as to whether decisions to open or close a position are different when investors already hold a position compared to when they don't. Based on a unique dataset from an electronic foreign exchange trading platform, OANDA FXTrade, we find that investors' future order flow is (significantly) driven by past price movements and that these predictive patterns last up to several hours. This observation clearly shows that for high-frequency trading, investors rely on previous price movements in making future investment decisions. We provide clear evidence that market and limit orders flows are much more predictable if those orders are submitted to close an existing position than if they are used to open one. We interpret this finding as evidence for the existence of a monitoring effect, which has implications for theoretical market microstructure models and behavioral finance phenomena, such as the endowment effect.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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    <item>
      <title>Financial Intermediation, Asset Prices, and Macroeconomic Dynamics</title>
      <link>http://hdl.handle.net/10419/37272</link>
      <description>Title: Financial Intermediation, Asset Prices, and Macroeconomic Dynamics
&lt;br/&gt;
&lt;br/&gt;Authors: Moench, Emanuel; Adrian, Tobias; Shin, Hyun Song
&lt;br/&gt;
&lt;br/&gt;Abstract: Fluctuations in the aggregate balance sheets of financial intermediaries provide a window on the joint determination of asset prices and macroeconomic aggregates. We document that financial intermediary balance sheets contain strong predictive power for future excess returns on a broad set of equity, corporate, and Treasury bond portfolios. We also show that the same intermediary variables that predict excess returns forecast real economic activity and various measures of inflation. Our findings point to the importance of financing frictions in macroeconomic dynamics, and provide quantitative guidance for preemptive macroprudential and monetary policies.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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    <item>
      <title>Subsidizing firm entry in open economies</title>
      <link>http://hdl.handle.net/10419/37306</link>
      <description>Title: Subsidizing firm entry in open economies
&lt;br/&gt;
&lt;br/&gt;Authors: Pflüger, Michael; Südekum, Jens
&lt;br/&gt;
&lt;br/&gt;Abstract: Entrepreneurs who decide to start a business are faced with different levels of effective entry costs in different countries. These costs are heavily influenced by economic policy through entry regulation and subsidies. In this paper we present a two-country general equilibrium model with monopolistic competition and heterogeneous firms where entrants pay a sunk cost and randomly draw their productivity level. Governments collect lump-sum taxes and subsidize these sunk entry costs for the domestic entrepreneurs. One motive for this policy, valid already in autarky, is to tighten market selection. This selection effect leads to better firms that produce and sell more output at lower prices. In the open economy there is another, strategic motive for entry subsidies as the tightening of market selection leads to a competitive advantage for domestic producers in international trade. Our analysis shows that entry subsidies in the Nash-equilibrium are first increasing, then decreasing in the level of trade freeness. This implies a U-shaped relationship between trade freeness and effective entry costs. Comparing the non-cooperative and the cooperative policies, we furthermore show that there is first too much and then too little entry subsidization in the course of trade integration.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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    <item>
      <title>Looking Beyond the Bridge: How Temporary Agency Employment Affect Labor Market Outcomes</title>
      <link>http://hdl.handle.net/10419/37492</link>
      <description>Title: Looking Beyond the Bridge: How Temporary Agency Employment Affect Labor Market Outcomes
&lt;br/&gt;
&lt;br/&gt;Authors: Jahn, Elke J.; Rosholm, Michael
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper comprehensively analyzes the stepping-stone effect of temporary agency employment. Using the timing-of-events approach, we not only investigate whether temporary agency employment is a bridge into regular employment but also at the individual's post-unemployment wages and post-unemployment job stability for Danish unemployed workers. We find evidence for large positive treatment effects. Agency employment is particularly a successful search strategy for immigrants. Moreover, our results suggest that taking up a temp job may improve the quality of post-unemployment jobs in terms of employment stability and post-wages indicating that agency employment may improve subsequent matching quality.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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