In recent years, a large number of countries have made reporting under International Financial Reporting Standards (IFRS) mandatory. The capital-market effects of this change have been extensively studied, but their sources are not yet well understood and still heavily debated. This paper presents new evidence that aims to distinguish between several potential explanations [...]
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Posted on March 21st, 2012
Posted on March 13th, 2012
This paper explores how different types of financial regulation could combat many of the phenomena that were observed in the financial crisis of 2007 to 2009. The primary contribution is the introduction of a model that includes both a banking system and a “shadow banking system” that each help households finance their expenditures. [...] Posted on September 4th, 2011
Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, the authors construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. They track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing outcomes to controls similar in terms [...] Posted on July 12th, 2011
In a world with interest on reserves, the central bank has two distinct tools that it can use to raise the short-term policy rate: it can either increase the interest it pays on reserve balances, or it can reduce the quantity of reserves in the system. This paper argues that by using both [...] Posted on April 27th, 2011
Stress tests are in the news again. In the United States, the Dodd-Frank Act mandates annual stress tests for key institutions, and the Federal Reserve is currently conducting a round of tests to determine which banks (among those that received public funds during the crisis) can resume paying dividends. In Europe, amid an [...] 2 pages
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