Using monthly data on temporary trade barriers (TTBs), we estimate the dynamic employment effects of protectionism through vertical production linkages. First, exploiting high-frequency and TTB procedural details, identify policy shocks exogenous to economic fundamentals. We then use input-output tables construct measures affecting downstream producers. Finally, panel local projections using id...

OBJECTIVE Hyperthyroidism in rats produces organ hypertrophy and increases in circulating IGF-I and IGF-binding protein (IGFBP)-3. Chronic treatment with thyroxine (T(4)) during pregnancy advances parturition, blocks lactation and changes several hormone receptors in mammary gland and liver. Since IGFs are implicated in mammary and liver growth and in differentiation, we studied the effects of ...

Abstract Amihud’s stock (il)liquidity measure averages daily ratios of the absolute close-to-close return to dollar volume, including overnight returns. Our modified uses open-to-close returns matching and trading volume measurement windows. It is more strongly correlated with trading-cost measures (by 8%–37%) better explains cross-sections returns, doubling estimated liquidity premiums. Using ...

ABSTRACT We present theory and empirical evidence that greater financial reporting quality can incentivize myopic investments. In the model, increases investor response to earnings, elevating manager’s incentive invest myopically improve earnings. Using setting of Big N auditors’ acquisitions non-Big Ns, which increased earnings for acquired client firms, we find supporting Specifically, client...

We analyze the effect of an exogenous shock to the Italian mortgage market and we show that most households do not act rationally when it comes to take mortgage-refinancing decisions. Thanks to a new legislation passed in 2007, borrowers have been allowed to refinance their loans at no cost. This reform— along with the drop of interest rates occurred between 2008 and 2009—has produced a unique ...

A dealer needs access to order flow and information to make a market profitably in a Nasdaq stock. Several variables that proxy for the stocks that an individual market maker’s brokerage customers trade, including volume, location, underwriting participation and analyst coverage, are significant determinants of market making activity. Informational advantages may also factor in the market makin...