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Series:Research Paper 

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Underwriter price support and the IPO underpricing puzzle

Research Paper , Paper 9117

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An empirical examination of government expenditures and the ex ante crowding out effect for the British economy

Research Paper , Paper 9017

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Margin requirements, volatility, and the transitory component of stock prices

Research Paper , Paper 8818

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Determinants and impacts of sovereign credit ratings

In this article, we present the first systematic analysis of the sovereign credit ratings of the two leading agencies, Moody's and Standard & Poor's (S&P). We find that the ordering of risks they imply is broadly consistent with macroeconomic fundamentals. While the agencies cite a large number of criteria in their assignment of sovereign ratings, a regression using only eight factors explains more than 90 percent of the cross-sectional variation in the ratings. In particular, a country's rating appears largely determined by its per capita income, external debt burden, inflation experience, ...
Research Paper , Paper 9608

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Why international trends in leverage have been so different

Research Paper , Paper 9002

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Price formation and liquidity in the U.S. treasuries market: evidence from intraday patterns around announcements

We find striking intraday adjustment patterns for price volatility, trading volume, and bid-ask spreads in the U.S. Treasuries market around the time of macroeconomic announcements. The patterns suggest certain hypotheses about price formation and liquidity provision in multiple-dealer markets. These hypotheses assign new importance to public information, heterogeneous views, sluggish price discovery, traditional inventory-control behavior by market makers, and liquidity traders who react with a lag to price changes.
Research Paper , Paper 9633

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Information asymmetry, market segmentation, and the pricing of cross-listed shares: theory and evidence from Chinese A and B shares

In contrast to most other countries, Chinese foreign class B shares trade at an average discount of about 60 percent to the prices at which domestic A shares trade. We argue that one reason for the large price discount of B shares is because foreign investors have less information on Chinese stocks than domestic investors. We develop a model, incorporating both informational asymmetry and market segmentation, and derive a relative pricing equation for A shares and B shares. We show theoretically that an A share index security, tradable by foreigners, increases the liquidity of B shares. Our ...
Research Paper , Paper 9820

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American employer salary surveys and labor economics research: issues and contributions

This paper reviews the uses of U.S. employer salary surveys for labor market research. Recent computational, theoretical, and econometric advances render these surveys ripe for exploitation. It summarize theories of employer wage effects and then describe salary surveys and their preparation for analysis. Then, the surveys and the methodological issues they raise are contrasted with household data. Finally, the paper summarizes the techniques used and contributions made in some salary survey-based studies.
Research Paper , Paper 9604

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Asset market hangovers and economic growth: U.S. housing markets

This paper presents evidence that speculative bubbles can have sizeable effects on house prices, and on housing investment. We infer that deviations of asset prices from fundamental values may have serious consequences for real activity, and explore some policy implications. The analysis relies on a panel of U.S. state-level data covering 1973-1996.
Research Paper , Paper 9801

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Hardouvelis, Gikas A. 15 items

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