While research using stock prices has rejected the hypothesis that market power is important in motivating horizontal mergers, studies of airfares find evidence consistent with a dominant role of market power in airline mergers. I integrate the two lines of research by examining the same set of...

For the period 1971-1991, we find that firms issue bonds when a significant long-term upturn in performance levels off. The performance is significantly above normal for the five-year pre-issuance period but quickly falls to normal in the issuance year and remains so for the next five years....

This paper examines price changes associated with airline mergers during 1985-88, a period of natural experimentation in which mergers were not contested by the government. The results show that prices increased on routes served by the merging firms relative to a control group of routes...

Although economic theory and conventional wisdom suggest that U.S. multinationals and export-oriented firms are adversely affected by a strengthening dollar and benefit from a depreciating dollar, the research to date provides little evidence of any relationship between FX changes and the stock...

A number of different solutions have been proposed to deal with the Asian currency crisis. One proposal championed by the International Monetary Fund (IMF) is to allow the currencies to float while seeking to maintain their value through tight monetary policy. A second proposal calls for...