During the 1992 U.S. presidential campaign and immediately after, the pharmaceutical industry was subjected to regulatory threats. It was charged with high drug costs, high advertising expense, and insufficient expenditure on research and development to develop better drugs. We examine whether...

We investigate whether the newly introduced outside director system affected firm ownership structure in South Korea, where the governance system changed significantly after the 1997 financial crisis. Using a unique dataset, we conduct panel data analyses for publicly traded Korean non-financial...

This study provides evidence of common bivariate jumps (i.e., systematic cojumps) between the market index and style-sorted portfolios. Systematic cojumps are prevalent in book-to-market portfolios and hence, their risk cannot easily be diversified away by investing in growth or value stocks....

We examine the reaction of world equity markets to the 1997 Asian Crisis. Correlations across the markets increased dramatically during the economic crisis but only during a relatively short period around the crisis. After the crisis, the benefits of international diversification improved...

This Debates and Controversies contribution introduces the notion of an employment portfolio to explore how economies create combinations of employment. It is not simply the number of jobs but the factor share distributed to labour and the sectoral mix and composition that matter. Three case...

As online shopping growth continues, electronic retailers are recognizing the need to understand risk perceptions of (prospective) customers so as to remove impediments to continued growth. One particularly fruitful area of research concerns the perceptions of online shoppers to product,...

In recent times the ambit of skills policy has broadened. The recent preoccupation with supply side issues (e.g. increasing the number of citizens with higher level qualifications), in particular, is being questioned. Demand side matters (e.g. how employers develop and use skills) are now...