Critics of Regulation Fair Disclosure (FD) have argued that its enactment would result in not only a decrease in asymmetric information but a decrease in total amount of information disclosed by firms. We investigate this conjecture and find (1) no change in market risk premium, (2) an increase...

Industrial restructuring processes associated with the transformation of the system taking place in Poland and other countries of Central and Eastern Europe bring about structural changes in manufacturing intended to develop intellectually-intensive industries based on the implementation of the...

Standard solution methods for linear stochastic models with rational expectations presuppose a time-invariant structure. Consequently, credible announcements that entail future changes of the structure cannot be handled by standard solution methods. This paper develops the solution for linear...

The Asian miracle has been the focus of much research seeking to understand this extraordinary phenomenon. Ventura (Quarterly Journal of Economics 112: 57-84.) offers an explanation for the success of the Asian Tigers in sustaining exceptional growth rates over an extended period based primarily...