How much of the geographic clustering of economic activity is attributable to agglomeration spillovers as opposed to natural advantages? I present evidence on this question using data on the long-run effects of large scale hydroelectric dams built in the U.S. over the 20th century, obtained...

How much of the geographic clustering of economic activity is attributable to agglomeration spillovers as opposed to natural advantages? I present evidence on this question using data on the long-run effects of large scale hydroelectric dams built in the U.S. over the 20th century, obtained...

This article measures the reaction of marginal investors to the announcement of a surprise dividend increase. Although field research is performed on companies listed on the Warsaw Stock Exchange, the article has important theoretical implications. Valuation theory gives many clues for the...

Distance-to-default (DtD) from the Merton model has been used in the credit risk literature, most successfully as an input into reduced form models for forecasting default. In this paper, we suggest that the change in the DtD is informative for predicting change in the credit rating. This is...

This article measures the reaction of marginal investors to the announcement of a surprise dividend increase. Although field research is performed on companies listed on the Warsaw Stock Exchange, the article has important theoretical implications. Valuation theory gives many clues for the...

This article measures the reaction of marginal investors to the announcement of a surprise dividend increase. Although field research is performed on companies listed on the Warsaw Stock Exchange, the article has important theoretical implications. Valuation theory gives many clues for the...