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Business and Economics > Investments: Stocks

You are looking at 1 - 6 of 6 items for :

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Cover IMF Working Papers
Financial Constraints, Intangible Assets, and Firm Dynamics: Theory and Evidence
Sophia Chen
I study whether firms' reliance on intangible assets is an important determinant of financing constraints. I construct new measures of firm-level physical and intangible assets using accounting information on U.S. public firms. I find that firms with a higher share of intangible assets in total assets start smaller, grow faster, and have higher Tobin’s q. Asset tangibility predicts firm dynamics and Tobin’s q up to 30 years but has diminishing predicative power. I develop a model of endogenous financial constraints in which firm size and value are limited by the enforceability of financial contracts. Asset tangibility matters because physical and intangible assets differ in their residual value when the contract is repudiated. This mechanism is qualitatively important to explain stylized facts of firm dynamics and Tobin’s q.
Keywords:
WP; intangible assets; market value; Financial constraints; firm dynamics; Tobin’s q; asset tangibility; production parameter; selling; general; and administrative; entrant firm; share of intangible assets; Aging; Asset valuation; Stocks; Financial frictions
Cover IMF Staff Country Reports
People’s Republic of China—Hong Kong Special Administrative Region: Selected Issues
International Monetary Fund
This Selected Issues paper for the People’s Republic of China—Hong Kong Special Administrative Region (SAR) reviews the residential property market and implications of an aging population. The fiscal sector impact of price fluctuations is important in Hong Kong SAR with land sales and stamp duties providing an important source of government revenue. The simulations are based on a dynamic general equilibrium system with forward-looking behavior and rational expectations. Hong Kong SAR’s revenue flows are characterized by relatively volatile nontax items.
Keywords:
ISCR; CR; income; market; GDP; yield; investment income; land premium; derivative warrant; land sale; Hong Kong SAR; Aging; Land prices; Stock markets; Personal income; Stocks; Asia and Pacific; Global
Cover Risk Management and the Pension Fund industry
Risk Management and the Pension Fund industry
International Monetary Fund. Monetary and Capital Markets Department

Abstract

This paper looks at the longer-term challenges pension funds face as population age and key issues to address to enhance their risk management practices and their role as long-term investors. The paper focuses primarily on Japan, the Netherlands, Switzerland, the United Kingdom, and the United States, where funded pension plans are most developed. The size of pension savings in these countries, their projected growth, and the recent development of funded pension schemes in other countries highlight the fast-growing importance of pension funds for international capital markets and to financial stability.

Keywords:
GFSR; investment strategy; asset allocation; pension assets; fixed income; fair value; liability matching; sponsor company; Pension spending; Pensions; Stocks; Aging; Bonds; Global; Europe; North America
Cover IMF Staff Papers
IMF Staff Papers, Volume 50, No. 2
Mr. Robert P Flood
This paper examines sources of economic growth in East Asia. The conventional growth-accounting approach to estimating the sources of economic growth requires unrealistically strong assumptions about either competitiveness of factor markets or the form of the underlying aggregate production function. The paper outlines a new approach utilizing nonparametric derivative estimation techniques that does not require imposing these restrictive assumptions. The results for East Asian countries show that output elasticities of capital and labor tend to be different from the income shares of these factors. The paper also explores the compensating potential of private intergenerational transfers.
Keywords:
SP; financing constraint; incumbent government; ruling elite; market distortion; government benevolence; investment function; Aging; Stocks; Current account deficits; Total factor productivity; North America; East Asia; Africa; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Portugal: Selected Issues
International Monetary Fund
This Selected Issues paper examines the education system and public investment in Portugal. Both areas are generally considered as critical for Portugal’s prospects for sustaining or accelerating the drive toward real income convergence. Moreover, both areas absorb a substantial share of public resources and thus have important implications for fiscal balances, which are, under European Monetary Union, constrained by the Stability and Growth Pact. The paper assesses the performance of the Portuguese education system and delineates a possible agenda for reform. It also attempts to shed light on the role of public investment in Portugal.
Keywords:
ISCR; CR; macroeconomic data; href; statistics office; Lisbon stock exchange; forecasting department; budget Department; Public investment and public-private partnerships (PPP); Education spending; Stocks; Europe; Africa
Cover IMF Working Papers
U.S. Private Saving and the Tax Treatment of IRA/401(k)s: A Re-examination Using Household Survey Data
Mr. Alun H. Thomas
and
Mr. Christopher M Towe
The effect of the tax treatment of IRA/401(k)s on U.S. personal saving is examined using household survey data from the Survey of Consumer Finances. The results suggest that the tax treatment of IRA/401(k)s encouraged households to increase the share of assets held in the form of pension savings, at the expense of saving in the form of housing equity. Some evidence also was found to suggest that the tax treatment of pension savings similarly affected the flow of saving. In particular, the data appeared to reject the hypothesis that the tax treatment of IRA/401(k)s increased total personal saving.
Keywords:
WP; asset share; saving rate; assets--financial assets; threshold dummy; wealth household; Income; Marginal effective tax rate; Pensions; Aging; Stocks