In earnings announcements, managers can strategically attribute poor performance to external events. This paper analyzes market reactions to earnings announcements in the wake of a major event: the September 11 attacks in New York City. We assess the empirical effect of external events on firms...

This paper characterizes monetary and exchange-rate policies during successful and unsuccessful fiscal adjustments by analyzing the OECD economies over the period 1970 to 1998. We find that successful adjustments are almost always preceded by large nominal and real exchange rate depreciations...