Bank deposit rate clustering: theory and empirical evidence

An examination of banks' optimal deposit-rate-setting behavior when some customers have limited recall, showing that when banks exploit this phenomenon, deposit rates will tend to be set at round fractions and will be relatively "sticky" at these levels.Bank deposits ; Interest ; Prices

Clustering in Real Estate Prices: Determinants and Consequences

We examine the determinants and consequences of price clustering. Real estate list and transaction prices exhibit two price-ending characteristics: even (000-ending) and just-below-even (900-ending). The use of even-ending prices is negatively related to the precision of the price estimates and the cost of rounding. However, the tendency to use just-below-even-ending prices is related to the cost of rounding and to listing agency characteristics. The transaction price and the number of days on market are associated with list price clustering and with listing agency characteristics. Most properties are listed at just-below-even-ending prices, but those listed at even-ending prices sell faster and at a higher price. Finally, better transaction outcomes are positively associated with the number of area-properties listed by the seller?s real-estate agency.

银行往来关系与企业融资约束——基于中国民营上市公司的经验证据

银行往来关系是一种可为银行及其客户带来收益的超越单纯金融交易的密切关系。银行往来关系会给公司带来相应的价值和成本。选取中国民营上市公司作为研究样本,采用现金-现金流模型实证检验银行往来关系与企业融资约束的关系,结果表明银行往来关系能够有效地缓解民营上市公司的融资约束。进一步的研究发现,银行往来关系对企业融资约束缓解作用在金融危机后以及中小民营上市公司表现更为显著。因此,基于当前我国银行往来关系与企业融资现状,相关部门应大力开拓和扶持多种投融资渠道,积极建立银行往来关系,发展合法的非国有金融机构,由此改善我国企业融资环境,促进中小企业发展。国家自然科学基金项目“眼动跟踪技术在会计信息系统设计中的应用”(71672162);国家自然科学基金项目“新兴媒体环境下资本市场信息披露问题研究”(71572163);国家自然科学基金项目“自信披露与宏观经济稳定”(71422008);国家自然科学基金项目“审计师个体行为牲与审计质量研究”(71372074

Securitizing Accounts Receivable

This paper provides an optimal contracting framework to determine the equilibrium structure of receivables securitization in the presence of moral hazard. An incentive compatible contract is designed where the seller monitors at an efficient level and retains an equity interest in a portion of the receivable to be sold. The seller retains the riskier tranches and sells the safer ones. The equilibrium proportion of the receivable sold will be increasing with the seller's cost of internal funding. Moreover, for sellers with sufficiently high ex-ante probabilities of solvency, the equilibrium proportion of the receivable sold will be decreasing with the seller's probability of solvency. Copyright Kluwer Academic Publishers 2004securitization, accounts receivable, factoring, asset sales,