beliefs of market participants. We find for our sample that intervention increases exchange rate volatility (and spread) for … the next minutes but that intervention days show a lower degree of volatility (and spread) than non-intervention days. We … also show for intraday data that the price impact of interbank order flow is smaller on intervention days than on non-intervention …

This paper describes and analyzes “automated intervention” of a target zone. Unusually detailed information about the … order book allows studying intervention effects in a microstructure approach. We find in our sample that intervention … increases exchange rate volatility (and spread) for the next minutes but that intervention days show a lower degree of …

, multinational enterprises rather appear to be attracted by countries in which civil and political freedom is respected. Our finding …

more lenient and child labor thus more prevalent than in countries enjoying political freedom. We test this implication and …