Annual Conference

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Corporate Finance

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May 2014

In the UK, between 1955 and 1970, dual class shares quickly lost popularity without any regulatory intervention. The decline in the use of dual class shares was positively correlated with the relative valuations of one-share-one-vote and dual class firms, which in turn was related to media pessimism...
Keywords: Corporate governance, Dual class shares, Investor demand, Public debate
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2014

We investigate the link between real exchange rates and sectoral TFP for eurozone countries. We show that real exchange rate variation, both cross-country and time-series, closely accords with an amended Balassa-Samuelson interpretation, incorporating sectoral productivity shocks and a labor market ...
Keywords: Real Exchange Rates, Eurozone, productivity
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2014

The recent global crisis saw a sharp decline in output, but the accompanying decline in international trade volumes was twice as big. But, in the 1990s boom international trade volume increase much more than output levels. Why is international trade so volatile? The paper develops a parsimonious gen...
Keywords: Risk shifting, International trade, trade volatility, financial openness
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2014

We present a model where the magnitude of return reversals depends on the number of informed investors as well as the number of active but uninformed investors that play a market making role. Consistent with the model, return reversals are temporarily higher following declines in the number of activ...
Keywords: Short-Term Reversals, Liquidity provision
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2014

We test if Standard & Poor's (S&P) credit rating reports contain valuable information beyond credit ratings. We find that positive (negative) linguistic tone in the reports are significantly related to positive (negative) abnormal returns at the time of downgrade announcement and the tone ca...
Keywords: Credit Ratings, Credit Rating Agencies, Credit Rating Reports, Linguistic Tone
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