We study whether capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Examining 3823 firms in 24 emerging countries, we find that the decline in stock prices was more severe for firms that are intrinsically more dependent on...

These studies of the cost of capital will inspire and guide policy-makers who share the goal of making the allocation of capital in a market economy more efficient. Volume 2 is devoted to the cost of capital approach to tax policy. This approach has supplied an important intellectual impetus for...

The paper develops a regional general equilibrium model of the Canadian economy to analyze the sectoral and regional impacts of the major changes to the Canadian sales tax system. The results indicate that replacing the federal sales tax with the goods and service tax increases real output in...

This paper argues, both theoretically and empirically, that sometimes no securities law may be better than a good securities law that is not enforced. The first part of the paper formalizes the sufficient conditions under which this happens for any law. The second part of the paper shows that a...

This paper contributes empirical evidence to the on-going debate on short sales. Our examination of how market-wide short-sale restrictions affect aggregate market returns focuses on two main questions: What is the effect of short-sale restrictions on skewness, volatility, the probability of...

For agricultural businesses, managing debt capital means choosing from among myriad sources and terms for financing for inputs, machinery, equipment, and land. Providers of debt capital, including input suppliers, equipment dealers, commercial banks, and the Farm Credit System, offer differing...