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What caused the financial crisis? What prolonged it? Why did it worsen so dramatically more than a year after it began? Rarely in economics is there a single answer to such questions, but the empiri...
An empirical review of the three fiscal stimulus packages of the 2000s shows that they had little if any direct impact on consumption or government purchases. Households largely saved the transfers ...
We study users' response to sponsored-search advertising using data from Microsoft's Live AdCenter distributed in the \Beyond Search" initiative. We estimate a structural model of utility maximizing...
Scholars and practitioners alike now recognize that a firm's capacity to assimilate and use know-how from external sources—what Cohen and Levinthal (1990) called "absorptive capacity"—plays a central ...
We use a dataset of sell-side analysts' scenario-based valuation estimates to examine whether analysts reliably assess the risk surrounding a firm's fundamenatal value. We find that the spread in anal...
Concern over the adequacy of nature's endowments has been reflected in economic literature at least from the time of T.R. Malthus. For Malthus, the natural environment was essentially a source of incr...
We test the theoretical equivalence of credit default swap (CDS) prices and credit spreads derived by Duffie (1999), finding support for the parity relation as an equilibrium condition. We also find t...
This paper investigates the hedging effectiveness of a dynamic moving window OLS hedging model, formed using wavelet decomposed time-series. The wavelet transform is applied to calculate the appropria...
India's economic reforms in 1991 permitted investors to freely choose their preferred investment locations across the various states in the Indian union, leading to competition between states to at...
Under the situation where the ownership is split up, existing shareholders might occupy potential shareholders interests, and similarly, controlling shareholders might occupy the interests of minorit...

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