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Competition Laws, Governance, and Firm Value
Levine, Ross; Chen, Lin; Xie, Wensi - National Bureau of Economic Research - 2021
Do antitrust laws influence corporate valuations? We evaluate the relationship between firm value and laws limiting firms from engaging in anticompetitive agreements, abusing dominant positions, and conducting M&As that restrict competition. Using firm-level data from 99 countries over the...
Persistent link: https://www.econbiz.de/10012585392
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Determinants of Long-Term Growth : A Bayesian Averaging of Classical Estimates (BACE) Approach
Doppelhofer, Gernot - 2000
This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included...
Persistent link: https://www.econbiz.de/10012471000
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Social Security in Theory and Practice (I) : Facts and Political Theories
Mulligan, Casey B. - 1999
166 countries have some kind of public old age pension. What economic forces create and sustain old age Social Security as a public program? We document some of the internationally and historically common features of Social Security programs including explicit and implicit taxes on labor supply,...
Persistent link: https://www.econbiz.de/10012471676
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Dating the Integration of World Equity Markets
Bekaert, Geert - 1998
Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which … equity market becomes financially integrated with world capital markets. We find endogenous break dates that are very … markets are on average larger and more liquid than before; returns are more volatile and more highly correlated with the world …
Persistent link: https://www.econbiz.de/10012472089
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The Implications of First-Order Risk Aversion for Asset Market Risk Premiums
Bekaert, Geert - 1994
Existing general equilibrium models based on traditional expected utility preferences have been unable to explain the excess return predictability observed in equity markets, bond markets, and foreign exchange markets. In this paper, we abandon the expected-utility hypothesis in favor of...
Persistent link: https://www.econbiz.de/10012474310
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The Globalization of Information and Capital Mobility
Branson, William H. - 1990
This paper provides a framework for analyzing the effects of symmetric and asymmetric changes in information about risk on equilibrium real interest rate spreads across countries. Following the literature on parameter uncertainty, improvements in information are modeled as reductions in...
Persistent link: https://www.econbiz.de/10012475531
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Consumption Risk and International Asset Returns : Some Empirical Evidence
Cumby, Robert E. - 1987
The paper examines if real stock returns in four countries are consistent with consumption-based models of international asset pricing. The paper finds that ex-ante real stock returns exhibit statistically significant fluctuations over time and that these fluctuations cannot be explained by...
Persistent link: https://www.econbiz.de/10012476685
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Stuck on Gold : Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard
Chernyshoff, Natalia - 2005
thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary … absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …
Persistent link: https://www.econbiz.de/10012466876
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Finance and Growth : Theory and Evidence
Levine, Ross - 2004
is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease …
Persistent link: https://www.econbiz.de/10012467924
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Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar period
Obstfeld, Maurice - 2004
disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling with significant ramifications for today's world, if true but … empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …
Persistent link: https://www.econbiz.de/10012468300