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Series:Research Paper 

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Multiple ratings and credit standards: differences of opinion in the credit rating industry

This paper tests whether the tendency of third rating agencies to assign higher ratings than Moody's and Standard & Poor's results from more lenient standards or sample selection bias. More lenient standards might result from incentives to satisfy issuers who are, in fact, the purchasers of the ratings. Selection bias might be important because issuers that expect a low rating from a third agency are unlikely to request one. Our analysis of a broad sample of corporate bond ratings at year-end 1993 reveals that, although sample selection bias appears important, it explains less than half the ...
Research Paper , Paper 9527

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Modelling U.S. services trade flows: a cointegration-ECM approach

The U.S. service surplus soared from near zero in 1985 to about $60 billion in 1992, offsetting about two thirds of the goods trade deficit. Could this merely reflect improvement in data collection? Or does this mean U.S. services industries are more competitive internationally than goods industries? Is the services surplus likely to continue to rise? This paper estimates a forecastable model of U.S. services trade to address the above questions. We find that data improvement actually had a negative net impact on the services surplus, since it affected imports more than exports. Instead, the ...
Research Paper , Paper 9518

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Corporate leverage and taxes in the U.S. economy

Research Paper , Paper 9023

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Price limits and volatility in soybean meal futures markets

Research Paper , Paper 8904

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A reexamination of the inventory buffer effect with disaggregate data

Research Paper , Paper 8817

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The effect of import competition on manufacturing wages

Research Paper , Paper 9030

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A theoretical analysis of capital flight from debtor nations

Research Paper , Paper 9113

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The predictive power of the term structure during recent monetary regimes

Research Paper , Paper 8708

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The money-output link: are F-tests reliable?

Research Paper , Paper 9328

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Board structure, antitakeover provisions, and stockholder wealth

This paper's regression analyses from a sample of 261 firms that adopted 486 antitakeover provisions (supermajority, classified boards, fair-price, reduction in cumulative voting, anti-greenmail and poison pills) in the 1984-1988 period indicate that the negative market reactions to antitakeover provisions vary depending on firms' board structures. This paper's empirical evidence indicates that while separating the positions of CEO and chairperson of the board reduces the negative effect, increased outsider representation increases negative market reactions.
Research Paper , Paper 9516

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Hardouvelis, Gikas A. 15 items

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