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We study the impact of economic policy uncertainty (EPU) shocks on the long-run stock market variances and correlations, primarily for the US and the UK. We find that US EPU shocks affect both US and UK stock market long-run variances and correlation, but UK EPU shocks only affect its own...
Persistent link: https://www.econbiz.de/10012855094
which a consumer demand shock propagates through firms' input-output networks. In November 2016, India demonetized 86% of …Exploiting a unique natural experiment, the 2016 demonetization episode in India, this paper analyzes the extent to … its currency, creating a nationwide demand shock. We construct measures of upstreamness to evaluate the impact of the …
Persistent link: https://www.econbiz.de/10012822573
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This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...
Persistent link: https://www.econbiz.de/10003818743
This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...
Persistent link: https://www.econbiz.de/10003932236
The EU's 2019 Insolvency Directive increases debt holders' control over bankruptcy reorganization proceedings, mirroring recent trends in U.S. Chapter 11. Critics, however, claim that too few insolvent firms use similar procedures to avoid liquidation. This view has remained unchallenged, as...
Persistent link: https://www.econbiz.de/10012864841
We investigate the impact of a large scale debt waiver program for small agricultural borrowers in India on the short … framework, we attribute this negative shock to the collapse of the informal bailout mechanism, which was developed by the loan …
Persistent link: https://www.econbiz.de/10012972024
We exploit a recent regulation passed by the US Securities and Exchange Commission (SEC) to explore the nomination of board members to US publicly traded firms. In particular, we focus on firms' use of executive search firms versus simply giving choice rights to internal members (oftentimes...
Persistent link: https://www.econbiz.de/10013007318
I exploit the passage of the U.K. Bribery Act 2010 as a shock to U.K. firms' cost of doing business. Around the Act …
Persistent link: https://www.econbiz.de/10013007810