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Collective Pegging to a Single Currency : The West African Monetary Union

de Macedo, Jorge Braga - 1985

The paper presents a model of a monetary union designed to illuminate monetary and exchange rate policy in the West African Monetary Union (UMOA). Emphasis is placed on the interaction of the members of UMOA with each other, through the common central bank, and on their interaction with France...

Persistent link: https://www.econbiz.de/10012477510

A Q-Theory of Banks

Begenau, Juliane - 2020

We document five facts about banks: (1) market and book leverage diverged during the 2008 crisis, (2) Tobin's Q predicts future profitability, (3) neither book nor market leverage appears constrained, (4) banks maintain a market leverage target that is reached slowly, (5) pre-crisis, leverage...

Persistent link: https://www.econbiz.de/10012482155

Transparency, Risk Management and International Financial Fragility

Draghi, Mario - 2003

Discussions of financial risk often fail to distinguish between risks that are consciously borne and those that are not. To understand the breeding conditions for financial crises the prime focus of concern should not be simply on large risk-taking per se, but on the unintended, or unanticipated...

Persistent link: https://www.econbiz.de/10012468892

News Diffusion in Social Networks and Stock Market Reactions

Hirshleifer, David; Peng, Lin; Wang, Qiguang - National Bureau of Economic Research - 2023

We study how the social transmission of public news influences investors' beliefs and securities markets. Using an extensive dataset to measure investor social networks, we find that earnings announcements from firms in higher-centrality locations generate stronger immediate price and trading...

Persistent link: https://www.econbiz.de/10013537754

Does Inflation Affect Earnings Relevance? A Century-Long Analysis

Binz, Oliver; Graham, John R.; Kubic, Matthew - National Bureau of Economic Research - 2024

Financial reports present assets, liabilities, and earnings on a nominal basis (unadjusted for inflation). Using a novel dataset of nearly a century of financial reports, this paper examines whether and how inflation affects the relation between accounting earnings and stock market value, i.e.,...

Persistent link: https://www.econbiz.de/10014528402

Ambulance Utilization in New York City after the Implementation of the Affordable Care Act

Courtemanche, Charles - 2018

dispatches for more severe injuries, dispatches for minor injuries rose sharply after the implementation of the ACA. By contrast …

Persistent link: https://www.econbiz.de/10012453235

Fifty Ways to Leave a Child Behind : Idiosyncrasies and Discrepancies in States' Implementation of NCLB

Davidson, Elizabeth - 2013

Yearly Progress. While the federal government's legislation provided a framework for NCLB implementation, it also gave states …% across states. In this paper, we explore how states' NCLB implementation decisions affected their schools' failure rates … characteristics like enrollment size, grade span, and ethnic diversity. Subtle differences in policy implementation led to dramatic …

Persistent link: https://www.econbiz.de/10012459674

The Trillion Dollar Conundrum : Complementarities and Health Information Technology

Dranove, David - 2012

We examine the relationship between the adoption of EMR and hospital operating costs. We first identify a puzzle that has been seen in prior studies: Adoption of EMR is associated with a slight cost increase. We draw on the literature on IT and productivity to demonstrate that the average effect...

Persistent link: https://www.econbiz.de/10012460379