We show that the stock market price reaction to monetary policy surprises upon announcements of the Federal Open Market Committee (FOMC) is explained mostly by changes in the default-free term structure of yields, not by changes in the equity premium. We reach this conclusion based on a new...

Recent studies have concluded that state laws legalizing medical marijuana can reduce deaths from opioid overdoses. Using data from the National Survey on Drug Use and Health, a survey uniquely suited to assessing drug misuse, we examine the relationship between recreational marijuana laws...

Tax havens in offshore lands like Switzerland, the Cayman Islands and the Bahamas were once considered a rarity, the preserve of the super-rich. Today, they are big business available to the masses. Their goal? To avoid any form of accountability. Own nothing. Possess everything. Be answerable...

Das Buch analysiert das amerikanische und deutsche Hochschulsystem mit seinen Rahmenbedingungen und Wirkungen. Zunächst wird die Organisation des mehr marktlich orientierten Hochschulsystems der USA und des staatliche administrierten Hochschulsystems in Deutschland dargestellt und untersucht....

Political discourse has often stoked racial and ethnic divisions, raising the possibility that individuals' self-reported racial and ethnic identities may change in response to an increasingly hostile environment. We shed light on this question by measuring the impacts of local support for...