This article uses daily data on stock returns of five U.S. publicly traded cigarette producers to document the wealth effects of antismoking policies initiated in the period 1964 to 1971. The authors find significant abnormal returns across 23 dates corresponding to important regulatory events....

We conduct an empirical investigation into whether networking effects affect foreign direct investment (FDI) activity. Using bibliographical information on CEOs’ birth and education locations, we are able to identify changes from U.S. to foreign-connected CEOs that occurred in U.S....

"Without an income tax, Washington State relies heavily upon its sales tax revenue to fund public goods and services. Bordering Idaho and especially Oregon, where the sales tax is substantially lower, the juxtaposition of the different tax structures generates the border tax effect in...

This paper reviews the empirical literature on technology spillovers from foreign direct investment (FDI) in developing countries. Our meta-analysis uses a sample of 32 studies to determine what aspects of study design and data characteristics explain the magnitude, significance, and direction...

As the recent crisis has forcefully suggested, understanding financial-market interconnectedness is of a paramount importance to explain systemic risk, stability and economic dynamics. In this paper, we address these issues along two related perspectives. First, we explore the statistical...

The idea of inflation targeting in emerging countries is not a new one. There have been papers that favor or reject the idea of implementing such a system in these countries for mainly institutional reasons. This paper does not deal with these normative arguments. Emerging countries are...

This paper studies how the distributions of the most important network statistics measuring connectivity, assortativity, clustering and centrality in the international-trade network have co-evolved over time. We show that all node statistic distributions and their correlation structure have...

This paper uses simple analytics to show the similarities and differences between inflation targeting and fear of floating in emerging markets. The analytics provide well-defined predictions for the behaviour of exchange rates and relevant monetary variables under both regimes. This allows us to...

How do the number of trade partners and the concentration of trade among partners affect the economic growth of a country? We refer to these characteristics as the structure of trade, and explore this question empirically in this study. We find that the structure of trade, independently of the...

Frequently, parties make sequential decisions regarding investments for which the probability of success or failure is dependent upon the amount of total investment. This paper reports a series of experiments involving a costly investment game which is derived from the catalytic finance model of...