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"Ryan, Stephen"
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Financial reporting for financial instruments
Financial Reporting for Financial Instruments provides an integrated examination of the four most active areas of empirical accounting research on financial reporting for financial instruments : (1) banks' loan loss accruals, (2) fair value versus amortized cost accounting measurement bases, (3) balance sheet presentation of risk-concentrated financial instruments such as derivatives and retained residual securities in securitizations, and (4) risk disclosures. The author explains conceptual and practical issues regarding financial reporting for financial instruments, summarizes extant empirical research in these areas, and indicates future empirical research possibilities. He emphasizes that empirical researchers should strive to incorporate four ideas into their research topics and designs : (1) financial instruments exhibit identifiable heterogeneity in their contractual features and risks; (2) at a first approximation, financial institutions are portfolios of interrelated financial instruments; (3) the markets in which financial instruments trade and the institutional settings in which financial institutions operate affect their value and risks; and (4) accounting and disclosures required by generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) imperfectly capture the first three ideas.
Book
THE COSTS OF ENVIRONMENTAL REGULATION IN A CONCENTRATED INDUSTRY
The typical cost analysis of an environmental regulation consists of an engineering estimate of the compliance costs. In industries where fixed costs are an important determinant of market structure, this static analysis ignores the dynamic effects of the regulation on entry, investment, and market power. I evaluate the welfare costs of the 1990 Amendments to the Clean Air Act on the U.S. Portland cement industry, accounting for these effects through a dynamic model of oligopoly in the tradition of Ericson and Pakes (1995). Using the two-step estimator of Bajari, Benkard, and Levin (2007), I recover the entire cost structure of the industry, including the distributions of sunk entry costs and capacity adjustment costs. My primary finding is that the Amendments have significantly increased the sunk cost of entry, leading to a loss of between $ 810M and $ 3.2B in product market surplus. A static analysis misses the welfare penalty on consumers, and obtains the wrong sign of the welfare effects on incumbent firms.
Journal Article
Market-Based Emissions Regulation and Industry Dynamics
We assess the static and dynamic implications of alternative market-based policies limiting greenhouse gas emissions in the US cement industry. Our results highlight two countervailing market distortions. First, emissions regulation exacerbates distortions associated with the exercise of market power in the domestic cement market. Second, emissions “leakage” in trade-exposed markets offsets domestic emissions reductions. Taken together, these forces can result in social welfare losses under policy regimes that fully internalize the emissions externality. Market-based policies that incorporate design features to mitigate the exercise of market power and emissions leakage deliver welfare gains when damages from carbon emissions are high.
Journal Article
Lives of the stoics : the art of living from Zeno to Marcus Aurelius
For millennia, Stoicism has been the ancient philosophy that attracts those who seek greatness, from athletes to politicians and everyone in between. And no wonder: its embrace of self-mastery, virtue and indifference to that which we cannot control has much to offer those grappling with today's chaotic world. But who were the Stoics? In this book, Ryan Holiday and Stephen Hanselman offer a fresh approach to understanding Stoicism through the lives of the people who practiced it - from Cicero to Zeno, Cato to Seneca, Diogenes to Marcus Aurelius. Through short biographies of all the famous, and lesser-known, Stoics, this book will show what it means to live stoically, and reveal the lessons to be learned from their struggles and successes. The result is a treasure trove of insights for anyone in search of living a good life.
Incentives work
We use a randomized experiment and a structural model to test whether monitoring and financial incentives can reduce teacher absence and increase learning in India. In treatment schools, teachers' attendance was monitored daily using cameras, and their salaries were made a nonlinear function of attendance. Teacher absenteeism in the treatment group fell by 21 percentage points relative to the control group, and the children's test scores increased by 0.17 standard deviations. We estimate a structural dynamic labor supply model and find that teachers respond strongly to financial incentives. Our model is used to compute cost-minimizing compensation policies.
Journal Article
Selection on Moral Hazard in Health Insurance
We use employee-level panel data from a single firm to explore the possibility that individuals may select insurance coverage in part based on their anticipated behavioral (\"moral hazard\") response to insurance, a phenomenon we label \"selection on moral hazard.\" Using a model of plan choice and medical utilization, we present evidence of heterogenous moral hazard as well as selection on it, and explore some of its implications. For example, we show that, at least in our context, abstracting from selection on moral hazard could lead to overestimates of the spending reduction associated with introducing a high-deductible health insurance option.
Journal Article
فلسفة الاتزان اليومي : 366 تأملا حول الحكمة والمثابرة وفن الحياة
هدفنا من تأليف هذا الكتاب هو إعادة الفلسفة اليونانية إلى مكانتها المستحقة كأداة لتحقيق البراعة الذاتية المثابرة والحكمة شيء يستخدمه المرء ليعيش حياة رائعة بدلا من أن تكون مجالا مقصورا على الأبحاث الأكاديمية حيث مما لا شك فيه أن الكثيرين من أصحاب أعظم العقول في التاريخ لم يستوعبوا الفلسفة اليونانية كما هي فحسب بل تبحروا فيها جورج واشنطن، والت ويتمان، فريدريك العظيم، يوجين دو لا كروا، آدم سميث، إيمانويل كانت، توماس جيفرسون، ماتيو أرنولد، أمبروز بيرس، تيودور روزفيلت، ويليام ألكسندر بيرسي، رالف والدو إيمرسون حيث قرأ كل منهم أو درس أو اقتبس أو أعجب بتلك الفلسفة.
Book
Banks' Financial Reporting and Financial System Stability
The use of accounting measures and disclosures in banks' contracts and regulation suggests that the quality of banks' financial reporting is central to the efficacy of market discipline and nonmarket mechanisms in limiting banks' development of debt and risk overhangs in economic good times and in mitigating the adverse consequences of those overhangs for the stability of the financial system in downturns. This essay examines how research on banks' financial reporting, informed by the financial economics literature on banking, can generate insights about how to enhance the stability of the financial system. We begin with a foundational discussion of how aspects of banks' accounting and disclosures may affect stability. We then evaluate representative papers in the empirical literature on banks' financial reporting and stability, pointing out the research design issues that empirical accounting researchers need to confront to develop well-specified tests able to generate reliably interpretable findings. To this end, we provide examples of settings amenable to addressing these issues. We conclude with considerations for accounting standard setters and financial system policy makers.
Journal Article