We examine the relationship between cost efficiency of US banks and FED activity level. It turns out that FED actions have a positive effect on cost efficiencies of the US banks. In particular, as the number of Fed actions increases, the cost efficiencies of the US banks increases. This...

We examine how political corruption affects advertising spending. According to agency theory, managers of firms have a fiduciary duty to make sound investment decisions in the interest of shareholders. To fend off expropriation and extortion from public officials, managers may run up their...