Previous work found the racial composition of NBA teams to be positively correlated with the racial composition of their metropolitan markets in the 1980s. We find continued evidence of this relationship during the 1990s, with accompanying revenue gains from the inclusion of White players on...

Financial liberalization in China has begun to allow more flexibility in bank interest rate setting but may threaten bank profit margins. This paper documents the initial response to the June 2012 initiative that, for the first time, allowed Chinese banks to meaningfully depart from the...

This paper applies a variety of short-run and long-run time series techniques to data on a broad group of Asia-Pacific stock markets and the United States extending to 2010. Our empirical work confirms the importance of crises in affecting the persistence of equity returns in the Asia-Pacific...

This article examines the effects of the Tiananmen Square incident on Hong Kong stock prices, which fell by more than 22% on the first day of trading after the event. Notwithstanding the expected negative across-the-board impact, we find some partial protection from the worst of the negative...

We reexamine the behavior of money growth, inflation, and real money balances in post–World War II Taiwan. Our results suggest that the importance of the June 1949 reform package has been overstated. The empirical work reveals an extended period of instability that begins several months prior...