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Bulow, Jeremy

Overview
Works: 92 works in 337 publications in 1 language and 1,443 library holdings
Genres: Trials, litigation, etc 
Roles: Author, Thesis advisor
Classifications: H62.5.U5, 330
Publication Timeline
Key
Publications about Jeremy Bulow
Publications by Jeremy Bulow
Most widely held works by Jeremy Bulow
Sovereign debt : is to forgive to forget? by Jeremy Bulow( Book )
14 editions published in 1988 in English and held by 47 libraries worldwide
Abstract: International lending to a less-developed country cannot be based on the debtor's reputation for making repayments. That is, loans to LDCs will not be made or repaid unless foreign creditors have legal or other direct sanctions they can exercise against a sovereign debtor who defaults Even if some lending is feasible because of direct sanctions, having a reputation for repayment in no way enhances a small LDC's ability to borrow
Sovereign debt repurchases : no cure for overhang by Jeremy Bulow( Book )
13 editions published between 1989 and 1990 in English and held by 43 libraries worldwide
Abstract: We show, in a reasonably general model, that if a highly indebted country has good investment projects available to it, then it will not benefit from using any of its resources to buy back debt at market prices. Debt buybacks and debt-equity swaps only make sense for the country if these programs are heavily subsidized by creditors. This result holds for all buyback programs large and small, so long as they involve voluntary creditor participation and are not part of a larger deal including offsetting concessions from lenders. Our analysis therefore casts doubt on the popular argument that unilateral debt repurchases benefit HICs by relieving "debt overhang."
Matching and price competition by Jeremy Bulow( Book )
10 editions published between 2003 and 2005 in English and held by 36 libraries worldwide
"We develop a model in which firms set impersonal salary levels before matching with workers. Salaries fall relative to any competitive equilibrium while profits rise by almost as much, implyinglittle inefficiency. Furthermore, the best firms gain the most from the system while wages becomecompressed. We discuss the performance of alternative institutions and the recent antitrust caseagainst the National Residency Matching Program in light of our results"--National Bureau of Economic Research web site
Sovereign debt restructurings : panacea or pangloss? by Jeremy Bulow( Book )
7 editions published in 1988 in English and held by 33 libraries worldwide
The most widely proposed LDC debt plans are flawed by their failure to recognize the fundamental differences between corporate and sovereign debt. Consequently, many plans intended to help highly-indebted countries mainly aid their foreign creditors. This paper emphasizes the crucial distinction between marginal and average sovereign debt. This distinction provides the cornerstone for an understanding of debt buybacks, debt-equity swaps, and debt-for-debt swaps involving new classes of seniority. Highly indebted countries would benefit more from direct transfers than from the same resources spent on any of these financial engineering schemes
Estimating the efficiency gains of debt restructuring by Jeremy Bulow( Book )
7 editions published in 1994 in English and held by 33 libraries worldwide
A constant recontracting model of sovereign debt by Jeremy Bulow( Book )
12 editions published between 1986 and 1987 in English and held by 30 libraries worldwide
Few sovereign debtors have repudiated their obligations entirely. But despite the significant sanctions at the disposal of lenders, many borrowers have been able to consistently negotiate for reduced repayments. This paper presents a model of the on-going bargaining process that determines repayment levels. We derive a bargaining equilibrium in which countries with large debts achieve negotiated partial default. The ability to credibly threaten more draconian penalties in the event of repudiation may be of no benefit to lenders. Furthermore, unanticipated increases in world interest rates may actually help the borrowers by making lenders more inpatient for a negotiated settlement. Finally, Western governments may be induced to make payments to facilitate reschedulings even though efficient agreements will be reached without their intervention
The tobacco deal by Jeremy Bulow( Book )
11 editions published between 1998 and 1999 in English and held by 27 libraries worldwide
A theory of dual labor markets with application to industrial policy, discrimination and Keynesian unemployment by Jeremy Bulow( Book )
12 editions published between 1985 and 1986 in English and held by 22 libraries worldwide
This paper develops a model of dual labor markets based on employers' need to motivate workers. In order to elicit effort from their workers, employers may find it optimal to pay more than the going wage. This changes fundamentally the character of labor markets. The modelis applied to a wide range of labormarket phenomena. It provides a coherent framework for understanding the claims of industrial policy advocates. It also can provide the basis for a theory of occupational segregation and discrimination which will not be eroded by market forces. Finally, the model provides the basis for a theory of involuntary unemployment
How does the market value unfunded pension liabilities? by Jeremy Bulow( Book )
7 editions published between 1985 and 1987 in English and held by 19 libraries worldwide
We lead off by discussing a number of theoretical reasons for expecting various relationships between a firm's unfunded pension liability and its market value. We then discuss our doubts about the methodology of earlier papers which studied the empirical relation between funding and market value using standard cross sectional techniques. A modified cross sectional approach which alleviates some of these doubts, and a variable effect event study methodology which alleviates most of them are both employed to investigate the issues raised in the first part of the paper. Our conclusion confirms those of earlier studies that unfunded pension liabilities are accurately reflected in lower share prices
Economic implications of ERISA by Jeremy Bulow( Book )
5 editions published in 1982 in English and held by 18 libraries worldwide
If the intent of the Employee Retirement Income Security Act, ERISA, was to assure that beneficiaries of insolvent pension plans receive adequate pension benefits, sharp increases in nominal rates of interest have blunted that purpose. Without an increase in these rates, the Pension Benefit Guarantee Corporation, PBGC, the insurance agency established to guarantee benefits, faced large liabilities on the terminations of pension plans. We examine the economics of pension funds and the funding of pension funds before and after the enactment of ERISA. The Act changed the economics of pension funds. The PBGC, the employer, and the employees have interests in the assets of the pension plan. The PBGC can tax corporations to pay off liabilities and to fund guaranteed benefits; employers can terminate pension plans or overfund them; employees can ask for more benefits or claim the assets in the fund. Although the PBGC insures benefits, the insurance agent forbears, not acting quickly to protect its own interests. To prevent potential huge increases in its liabilities, the PBGC could require that employers hedge the guaranteed benefits, and fund their increases in promised benefits. Given its policies, these requirements could protect the PBGC
Early retirement pension benefits by Jeremy Bulow( Book )
4 editions published in 1981 in English and held by 16 libraries worldwide
Early retirement options alter the accrual of pension benefits, increasing the fraction of total benefits accrued in the early years of work. This is true regardless of whether de facto no worker exercises the early retirement option. No currently used actuarial method correctly calculates the cost of an early retirement option. Early retirement options must be considered in calculating age/compensation profiles. Furthermore, the early retirement option can effectively be used to encourage less productive older workers to retire, without the firm having to reduce the nominal salary of such workers
Tax aspects of corporate pension funding policy by Jeremy Bulow( Book )
4 editions published in 1981 in English and held by 12 libraries worldwide
This paper explores four models of firms' pension liabilities. All of the models yield the result that if it is the stockholders who gain or lose from a change in the market value of pension fund assets, a pension fund invested entirely in bonds will maximize that gain. If a firm's pension liabilities are considered to be no more than the present value of accrued benefits, then most plans for salaried employees would maximize the pension's value by having their assets entirely in bonds. However, for less well funded plans such as most union plans, holding both stocks and bonds or even all stocks may maximize the value of the firm. Implicit contracts on the liability side of the pension balance sheet can encourage holding some stock, but implicit contracts on the asset side are likely to encourage increased bond holdings
Analysis of pension funding under ERISA by Jeremy Bulow( Book )
4 editions published between 1979 and 1980 in English and held by 9 libraries worldwide
This paper begins by describing the tax, funding, and insurance aspects of the Pension Reform Act of 1974. Next, the implications of those laws are analyzed from the standpoint of the funding decision of the firm. The tax advantage of early funding appears to be quite small. Because there are insurance and other reasons (related to asymmetries in the pension law) why firms might wish to underfund their plans, there is no good reason to expect all firms to fund to the limit. The final section discusses the magnitude of the firms' unfunded pension liability, properly defined. This debt is shown to be quite small. A major reason for this is the substantial increase in long- term nominal interest rates, which have decreased the present value of accrued benefits and, equally, unfunded pension obligations
 
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Alternative Names
Bulow, Jeremy I.
Languages
English (110)
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