Using panel data on micro-enterprises from Peru, we find evidence suggesting that firm dynamics explain 'formality', i.e. the decision to participate in societal institutions. In particular, we find that participation increases with firm size and age, implying transition of firms to formality as...

This paper investigates the incremental information content of earnings and other macroeconomic variables for share prices within the ‘prices leading earnings’ framework. We find evidence supporting the phenomenon of ‘prices leading earnings’ for the Kuwait Stock Exchange (KSE) after...

Applying quantile regression techniques to Russian data we investigate the channels through which individuals experience changes in their well being. We find that married individuals in non-rural households with university-educated heads are less vulnerable to severe welfare shocks. For the most...

One of the important aspects in the design of social protection is coverage. In Peru, as in most Latin American countries, social security participation is compulsory only for workers in the formal sector. There is a large sector of the population for which participation is voluntary. This paper...

Applying bootstrapped quantile regression to the Russian Longitudinal Monitoring Survey (RLMS) data, we examine the channels through which individuals experience and seek to cope with changes in consumption. We find that married individuals living in small households, with educated heads in...

Using changes in consumption as a proxy for "vulnerability" we identify the characteristics associated with vulnerability around the time of the 1998 Russian financial crisis. In addition, we examine the role of formal and informal safety nets in preserving individual well being. We apply...