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作者：Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.; Vega, Clara
作者单位：University of Pennsylvania; Northwestern University; University of Pennsylvania; Duke University; University of Rochester; National Bureau of Economic Research; Duke University; University of Pennsylvania
摘要：Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when average...
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作者：Tong, Hui
作者单位：International Monetary Fund
摘要：This paper studies whether recent international transparency initiatives affect information accuracy and dispersion. I show that the impact of these initiatives is limited because public disclosure crowds out private investments in information. I first develop a theoretical model of the incentive to invest in information and the impact of public disclosure. I then analyze stock market analysts' forecasts for thirty developing economies for the period 1990-2004. I find that disclosure standards...
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作者：De Loecker, Jan
作者单位：New York University
摘要：I use matched sampling techniques to analyze whether firms that start exporting become more productive, controlling for the self-selection into export markets. To this end, I use micro data of Slovenian manufacturing firms operating in the period 1994-2000. Overall I find that export entrants become more productive once they start exporting. The productivity gap between exporters and their domestic counterparts increases further over time. These results also hold at the industry level and are ...
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作者：Behrens, Kristian; Hamilton, Jonathan H.; Ottaviano, Gianmarco I. P.; Thisse, Jacques-Francois
作者单位：State University System of Florida; University of Florida; Universite Catholique Louvain; University of Bologna
摘要：We study the positive implications of commodity taxation and tax harmonization under the destination and origin principles when firms are monopolistic competitors facing variable demand elasticity and segmented markets. Our emphasis is on the international location of firms in the presence of market size asymmetries and trade costs. Under the destination principle, an increase in the tax rate of a country always causes some firms to relocate to the other. This effect may be reversed under the ...
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作者：Nocke, Volker; Yeaple, Stephen
作者单位：University of Oxford; University of Pennsylvania; National Bureau of Economic Research
摘要：We develop a general equilibrium model with heterogeneous firms to address two sets of questions: (1) what are the characteristics of firms that choose the various modes of foreign market access (exporting, greenfield FDI, and cross-border M&A), and (2) how does the international organization of production vary across industries and country-pairs? We show that the answers to these questions depend on the nature of firm heterogeneity. Depending on whether firms differ in their mobile or immobil...
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作者：Madsen, Jakob B.
作者单位：Monash University; University of Copenhagen
摘要：Using a new dataset on imports of technology and total factor productivity (TFP) over 135 years for the OECD countries, this paper tests whether knowledge has been transmitted internationally through the channel of trade. The empirical estimates show that there is a robust relationship between TFP and imports of knowledge and that 93% of the increase in TFP over the past century has been solely due to imports of knowledge. Furthermore, it is shown that knowledge spillovers have been an importa...
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作者：Norback, Pehr-Johan; Persson, Lars
摘要：Investment liberalizing countries are often concerned that cross-border mergers and acquisitions, in contrast to greenfield investments, might have an adverse effect on domestic firms and consumers. However, given that domestic assets are sufficiently scarce, we identify a preemption effect and an asset complementarity effect, which imply that the acquisition price is substantially higher than the domestic seller's profits. Moreover, we show that for the acquisition to take place, the NINE mus...
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作者：Xiang, Chong
作者单位：Purdue University System; Purdue University
摘要：This paper finds non-uniform differences in the distribution functions of factor usage intensities among 10 rich OECD countries. The 10 countries form three distinct groups such that the between-group differences are more pronounced than within-group differences and capital-abundant countries are in capital-abundant groups. The estimation works even if the same industry codes represent different goods across countries in the data. The finding is consistent with the multiple-cone factor proport...
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作者：Calderon, Cesar; Chong, Alberto; Stein, Ernesto
作者单位：The World Bank; Inter-American Development Bank
摘要：Trade intensity increases the business cycle co-movement among industrial countries. Using annual information for 147 countries for the period 1960-99 we find that the impact of trade intensity on business cycle correlation among developing countries is positive and significant, but substantially smaller than that among industrial countries. Our findings suggest that differences in the responsiveness of cycle synchronization to trade integration between industrial and developing countries are ...
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作者：O'Rourke, Kevin H.
作者单位：Trinity College Dublin; Trinity College Dublin
