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Employment Versus Wage Adjustment and the U.S. Dollar

Campa, José Manuel - 2008

Using two decades of annual data, we explore the links between real exchange rates and employment, wages and overtime activity in specific U.S. manufacturing industries. Across two-digit industry levels of aggregation, exchange rate movements do not have large effects on numbers of jobs or...

Persistent link: https://www.econbiz.de/10012769224

An Options-Based Analysis of Emerging Market Exchange Rate Expectations : Brazil's Real Plan, 1994-1997

Campa, José Manuel - 2008

This paper uses currency option data from the BMF, the Commodities and Futures exchange in Sao Paulo, Brazil, to investigate market expectations on the Brazilian Real-U.S. dollar exchange rate from October 1994 through July 1997. Using options data, we derive implied probability density...

Persistent link: https://www.econbiz.de/10012769225

Explaining the Diversification Discount

Campa, José Manuel - 2008

observed discount is not per se evidence that diversification destroys value. Firms choose to diversify. Firm characteristics … wrongly attribute the observed discount to diversification. Data from the Compustat Industry Segment File from 1978 to 1996 is … control for the endogeneity of the diversification decision.All three methods suggest the presence of self-selection in the …

Persistent link: https://www.econbiz.de/10012769226

The Seeds of a Crisis : A Theory of Bank Liquidity and Risk-Taking Over the Business Cycle

Acharya, Viral V. - 2013

macroeconomic risk, investors reduce direct investment and hold more bank deposits. This ‘flight to quality’ leaves banks flush with … liquidity. Inside banks, given lack of observability of effort, loan officers (or risk takers) are compensated based on the … volume of loans but are penalized if banks suffer a high enough liquidity shortfall. Outside banks, when there is heightened …

Persistent link: https://www.econbiz.de/10013094075

Finance and Efficiency : Do Bank Branching Regulations Matter?

Acharya, Viral V. - 2013

suggest that improving bank access to branching affects the sectoral specialization (or diversification) of output, in a …We document that the deregulation of bank branching restrictions in the United States triggered a reallocation across …

Persistent link: https://www.econbiz.de/10013095129