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The Colonial Origins of Comparative Development : An Empirical Investigation

Acemoglu, Daron - 2000

We exploit differences in the mortality rates faced by European colonialists to estimate the effect of institutions on economic performance. Our argument is that Europeans adopted very different colonization policies in different colonies, with different associated institutions. The choice of...

Persistent link: https://www.econbiz.de/10012470979

De Facto and De Jure Property Rights : Land Settlement and Land Conflict on the Australian, Brazilian and U.S. Frontiers

Alston, Lee J. - 2009

We present a conceptual framework to better understand the interaction between settlement and the emergence of de facto … depending on the violence potentials of de facto and de jure claimants. We examine land settlement and conflict on the frontiers … relatively peaceful where claimants have reasons to organize collectively (Australia and the U.S.). The settlement process will …

Persistent link: https://www.econbiz.de/10012463344

Building the IPO Order Book : Underpricing and Participation Limits With Costly Information

Sherman, Ann E. - 2000

This paper examines the book building mechanism for marketing initial public offerings. We present a model where the underwriter selects a group of investors along with a pricing and allocation mechanism in a way that maximizes the information generated during the process of going public at a...

Persistent link: https://www.econbiz.de/10012470964

Causes of the Korean Financial Crisis : Lessons for Policy

Hahm, Joon-Ho - 2000

This paper uses an asymmetric information framework to understand the causes of the recent financial crisis in Korea. It shows that the Korean data is consistent with this explanation of the crisis. It then draws on this analysis to discuss several lessons that can help guide Korean policymakers...

Persistent link: https://www.econbiz.de/10012471293

Excessive FDI Flows Under Asymmetric Information

Razin, Assaf - 1999

In Razin, Sadka and Yuen (1998, 1999a), we explored the policy implications of the home-bias in international portfolio investment as a result of asymmetric information problems in which domestic savers, being 'close' to the domestic market, have an informational advantage over foreign portfolio...

Persistent link: https://www.econbiz.de/10012471385

International Capital Movements, Financial Volatility and Financial Instability

Mishkin, Frederic S. - 1999

This lecture outlines an asymmetric information theory of financial instability which describes the fundamental forces which harm both the financial sector and economic activity. This asymmetric information framework is then used to demonstrate that although international capital movements and...

Persistent link: https://www.econbiz.de/10012471510

Information and Competition in U.S. Forest Service Timber Auctions

Athey, Susan - 1999

This paper studies the bidding behavior of firms in U.S. Forest Service timber auctions in 1976--1990. When conducting timber auctions, the Forest Service publicly announces its estimates of the tract characteristics before the auction, and each bidder additionally has an opportunity to inspect...

Persistent link: https://www.econbiz.de/10012471603

Lending Booms, Reserves, and the Sustainability of Short-Term Debt : Inferences from the Pricing of Syndicated Bank Loans

Eichengreen, Barry - 1999

This paper analyzes the determinants of spreads on syndicated bank lending to emerging markets, treating the loan-extension and pricing decisions as jointly determined. Compared to the bond market, our findings highlight the role of international banks in providing credit to smaller borrowers...

Persistent link: https://www.econbiz.de/10012471681

Volatile Policy and Private Information : The Case of Monetary Policy

Jones, Larry E. - 1999

In this paper we study how volatility in monetary policy affects economic performance in the presence of endogenously chosen information structures. To isolate the effects produced by the interaction of uncertainty in monetary policy and (possibly) asymmetric information, we consider a model in...

Persistent link: https://www.econbiz.de/10012471724

Persuading with Anecdotes

Haghtalab, Nika; Immorlica, Nicole; Lucier, Brendan; … - National Bureau of Economic Research - 2021

We study a model of social learning and communication using hard anecdotal evidence. There are two Bayesian agents (a sender and a receiver) who wish to communicate. The receiver must take an action whose payoff depends on their personal preferences and an unknown state of the world. The sender...

Persistent link: https://www.econbiz.de/10012510540

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