This study examines the characteristics of corporate boards for 82 companies that attempted 106 acquisitions during the 1980s. We find that poor performance is more likely to occur in firms that have recently experienced higher turnover of outside and lower turnover of inside directors....

The criteria of the theory of optimum currency areas suggest that many (most?) countries are not good candidates for either of the poles of genuinely fixed exchange rates or freely floating exchange rates. Thus many countries should have an interest in intermediate exchange rate regimes....

We investigate the impact of the race and income of the jury pool on trial awards. We find that the average tort award increases as black and Hispanic county population rates increase and especially as black and Hispanic county poverty rates increase. An increase in the black countypoverty rate...

This paper finds that Filipino Americans face significant discrimination in the labor market. Filipino Americans face both wage discrimination and occupational discrimination. But the amount of discrimination faced by Filipino Americans depends on combinations of gender, region of residence, and...

Some theory suggests that budget deficits and greater public spending will raise real interest rates and crowd-out private investment; other theory suggests there is no effect. We attempt to test this in the Thai economy between the years 1978 and 1994. We find that budget deficits did appear to...

The Coase theorem presents two criteria for evaluating regulation. The first is how successful the regulation is at reaching the efficient outcome relative to private solutions. The second and less discussed criterion is how the regulation affects the distribution of wealth. Previous studies of...

We find differential rates of cohabitation with adult relatives as well as differential impacts of that cohabitation on the probability of employment for married female immigrants across regions of origin. This suggests that traditions and/or cultural determinants of family structure influence...

Price discovery is a principal function of financial markets. Yet, especially for dealership markets, financial economists know little about how prices are determined. In this paper I analyze the process of price discovery in the multiple-dealer, interbank spot market for foreign exchange. I use...