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Empire, Public Goods, and the Roosevelt Corollary

Weidenmier, Marc; Mitchener, Kris James - National Bureau of Economic Research (NBER) - 2004

The Roosevelt Corollary to the Monroe Doctrine marked a turning point in American foreign policy. In 1904, President Roosevelt announced that, not only were European powers not welcome in the Americas, but that the U.S. had the right to intervene in the affairs of Central American and Caribbean...

Persistent link: https://www.econbiz.de/10005828427

Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers

Pojarliev, Momtchil; Levich, Richard M. - National Bureau of Economic Research (NBER) - 2008

We make use of a new database on daily currency fund manager returns over a three-year period, 2005-08. This higher frequency data allows us to estimate both alpha measures of performance and beta style factors on a yearly basis, which in turn allows us to test for persistence. We find no...

Persistent link: https://www.econbiz.de/10005828596

Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends

Dharmapala, Dhammika; Desai, Mihir A. - National Bureau of Economic Research (NBER) - 2007

This paper investigates how taxes influence portfolio choices by exploring the response to the distinctive treatment of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). JGTRRA lowered the dividend tax rate to 15% for American equities and extended this tax relief...

Persistent link: https://www.econbiz.de/10005828685

Emerging Market Currency Excess Returns

Hayashi, Fumio; Gilmore, Stephen - National Bureau of Economic Research (NBER) - 2008

We discuss the foreign currency forward premium puzzle in the context of 20 internationally tradable emerging market currencies. We find that since the late 1990s the broad basket of emerging market currencies has provided significant equity-like excess returns against a number of major market...

Persistent link: https://www.econbiz.de/10005828740

Migration, Spillovers,and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity

Levine, Ross; Schmukler, Sergio - National Bureau of Economic Research (NBER) - 2003

on the liquidity of remaining firms in domestic markets? Using a panel of over 3,200 firms from 55 countries during 1989 …-2000, we find that internationalization reduces the liquidity of domestic firms through two channels. First, the trading of … international firms migrates from domestic to international markets and the reduction in domestic liquidity of international firms …

Persistent link: https://www.econbiz.de/10005828772

An Asset-Pricing View of External Adjustment

Pavlova, Anna; Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2007

Recent evidence on the importance of cross-border equity flows calls for a rethinking of the standard theory of external adjustment. We introduce equity holdings and portfolio choice into an otherwise conventional open-economy dynamic equilibrium model. Our model is simple and admits a...

Persistent link: https://www.econbiz.de/10005828886

Global Currency Hedging

Campbell, John Y.; Viceira, Luis M.; Medeiros, Karine … - National Bureau of Economic Research (NBER) - 2007

Over the period 1975 to 2005, the US dollar (particularly in relation to the Canadian dollar) and the euro and Swiss franc (particularly in the second half of the period) have moved against world equity markets. Thus these currencies should be attractive to risk-minimizing global equity...

Persistent link: https://www.econbiz.de/10005828911

Explaining Forward Exchange Bias..Intraday

Lyons, Richard K.; Rose, Andrew - National Bureau of Economic Research (NBER) - 1995

Intraday interest rates are zero. Consequently, a foreign exchange dealer can short a vulnerable currency in the morning, close this position in the afternoon, and never face an interest cost. This tactic might seem especially attractive in times of crisis, since it suggests an immunity to the...

Persistent link: https://www.econbiz.de/10005829124

Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997

Choe, Hyuk; Kho, Bong-Chan; Stulz, Rene M. - National Bureau of Economic Research (NBER) - 1998

This paper examines the impact of foreign investors on stock returns in Korea from November 30, 1996, to the end of 1997 using trade data. We find strong evidence of positive feedback trading and herding by foreign investors before the period of Korea's economic crisis during the last three...

Persistent link: https://www.econbiz.de/10005829169

Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?

Pinkowitz, Lee; Stulz, Rene M.; Williamson, Rohan - National Bureau of Economic Research (NBER) - 2003

Managers make different decisions in countries with poor protection of investor rights and poor financial development. One possible explanation is that shareholder-wealth maximizing managers face different tradeoffs in such countries (the tradeoff theory). Alternatively, firms in such countries...

Persistent link: https://www.econbiz.de/10005829194

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