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This paper describes regularities in the intraday spreads and prices quoted by dealers on the London Stock Exchange. It …
Persistent link: https://www.econbiz.de/10013155968
The paper introduces a framework for studying the hierarchy of growth factors, from deep to more immediate. The specific setting we examine is 18th and 19th century Germany, when institutional changes introduced by reforms and transportation improvements converged to create city growth. We...
Persistent link: https://www.econbiz.de/10013086487
This paper discusses the two leading views of history and political institutions. For some scholars, institutions are … that while there is clear evidence that history matters and has long-term effects, there is not enough data to help us …
Persistent link: https://www.econbiz.de/10013060255
Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...
Persistent link: https://www.econbiz.de/10013047773
We examine the capital-market effects of changes in securities regulation in the European Union (EU) aimed at reducing market abuse and increasing transparency. To estimate causal effects for the population of EU firms, we exploit that for plausibly exogenous reasons, like national legislative...
Persistent link: https://www.econbiz.de/10013130969
Using newly-constructed spatially-disaggregated data for London from 1801-1921, we show that the invention of the steam … find that removing the entire railway network reduces the population and the value of land and buildings in London by up to … 51.5 and 53.3 percent respectively, and decreases net commuting into the historical center of London by more than 300 …
Persistent link: https://www.econbiz.de/10012911089
This study provides new evidence on the impact of air pollution in a high-pollution high-mortality setting: London over … London's famous fog events, which trapped emissions in the city. My results show that acute pollution exposure due to fog … events accounted for at least one out of every 200 deaths in London during this century. I also provide the first well …
Persistent link: https://www.econbiz.de/10012922212
This paper studies predatory trading: trading that induces and/or exploits other investors' need to reduce their positions. We show that if one trader needs to sell, others also sell and subsequently buy back the asset. This leads to price overshooting and a reduced liquidation value for the...
Persistent link: https://www.econbiz.de/10012785459
We study the link between fiscal austerity and Nazi electoral success. Voting data from a thousand districts and a hundred cities for four elections between 1930 and 1933 shows that areas more affected by austerity (spending cuts and tax increases) had relatively higher vote shares for the Nazi...
Persistent link: https://www.econbiz.de/10012941600
Using novel microdata, we document an unintended, first-order consequence of the Protestant Reformation: a massive reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts...
Persistent link: https://www.econbiz.de/10012945605