This article studies the changes in the co-movements of the twelve largest European equity markets after the 1987 international equity market crash. Tests based on Box M and principal component analysis indicate that the co-movements of these equity markets changed significantly after the crash....

Macau pegs its currency, the pataca, to the Hong Kong dollar, which in turn is pegged to the U.S. dollar. This type of pegging order is unique in the annals of international financial arrangements. This article analyzes the structure of the pegged exchange rate systems in Macau and Hong Kong and...

This report uses data from the Kauffman Firm Survey (KFS) to study the credit card debt characteristics of new firms. It specifically investigates whether revolving credit card debt reduces a firm's probability of survival. More than half of all new firms rely on debt financing when starting...

This paper investigates the growth and clustering of craft breweries in New Jersey. We compiled a historical dataset from 1995 to 2020 that allows us to measure the degree of geographic clustering among craft breweries in New Jersey. The number of craft breweries in New Jersey grew 491% from...