Showing 1 - 10 of 159
This paper studies the economic effects of endorsements. In the publishing sector, endorsements from the Oprah Winfrey Book Club are found to be a business stealing form of advertising that raises title level sales without increasing the market size. The endorsements decrease aggregate adult...
Persistent link: https://www.econbiz.de/10013108916
Celebrity endorsements are often sought to influence public opinion. We ask whether celebrity endorsement per se has an effect beyond the fact that their statements are seen by many, and whether on net their statements actually lead people to change their beliefs. To do so, we conducted a...
Persistent link: https://www.econbiz.de/10012891778
We test empirically for evidence that government tariff-setting behavior depends on the degree of discretion with which policy-makers are endowed. We do this by studying government tariff choices under two distinct environments. One environment is that of tariffs set under the Escape Clause...
Persistent link: https://www.econbiz.de/10013127832
We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are … unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more … inflationary policy than a high-credibility bank, in the sense that it induces higher inflation, but a less expansionary policy in …
Persistent link: https://www.econbiz.de/10013137302
Continental dollar lost credibility. Depreciation and collapse followed shortly thereafter …
Persistent link: https://www.econbiz.de/10013121724
We propose a continuous time model of nominal debt and investigate the role of inflation credibility in the potential … punishment of default. With high inflation credibility, which can be interpreted as joining a monetary union or issuing foreign … currency debt, debt is effectively real. By contrast, with low inflation credibility, sovereign debt is nominal and in a debt …
Persistent link: https://www.econbiz.de/10013074648
This paper studies the impact of public audit oversight on financial reporting credibility. We analyze changes in … filings after the new regime. Our results show that public audit oversight can enhance reporting credibility and that this … credibility is priced in capital markets …
Persistent link: https://www.econbiz.de/10013015984
We test whether fixed exchange rate regimes are ever credible in emerging markets by analyzing the behavior of short-term domestic trade bills across countries during the classical gold standard period, the most widely used hard peg in modern financial history. We exploit the fact that global...
Persistent link: https://www.econbiz.de/10013150729
The efficiency of common law rules is central to achieving efficient resource allocation in a market economy. While many theories suggest reasons why judge-made law should tend toward efficient rules, the question whether the common law actually does converge in commercial areas has remained...
Persistent link: https://www.econbiz.de/10012772379
Several papers study the effect of trust by using the answer to the World Values Survey (WVS) question quot;Generally speaking, would you say that most people can be trusted or that you can't be too careful in dealing with people?quot; to measure the level of trust. Glaeser et al. (2000)...
Persistent link: https://www.econbiz.de/10012759848