What explains the variety of political behavior observed across the Arab world in recent years? We model political participation as a continuum from non-violent to violent activities where the chief purpose of political action is to signal discontent. The credibility of those signals, however,...

While there has been much discussion of the role of liquidity in the recent financial crises, there has been little discussion of the use of macroeconomic aggregation techniques to measure total liquidity available to the market. In this paper, we provide an approximation of the liquidity...

While there has been some debate over the usefulness of monetary aggregates, there has been surprisingly little discussion of the actual implications for liquidity. In this paper, we provide an approximation of the liquidity development in six Euro area countries from 2003 to 2012. We show that...

One of the central questions in corporate finance is whether investors prefer to receive their payouts from corporations in the form of cash dividends or as capital gains. We know that most firms pay dividends, even though doing so is costly in various ways. And we know that the market reaction...