This paper studies the association between the market's expectations of Saddam Hussein's fall from power, as reflected in quot;Saddam contractquot; prices, and stock prices, oil prices and exchange rates. During the war, a rise in the probability of Saddam's fall, which also indicated a speedy...

This paper studies the association between the market s expectations of Saddam Hussein s fall from power, reflected in quot;Saddam contractquot; prices, and stock prices, oil prices and exchange rates. During the war, a rise in the probability of Saddam s fall, which also indicated a speedy end...

This paper studies the association between the market s expectations of Saddam Hussein's fall from power, reflected in Saddam contract prices, and stock prices, oil prices and exchange rates. During the war, a rise in the probability of Saddam's fall, which also indicated a speedy end to the...

This paper studies the association between the market s expectations of Saddam Hussein s fall from power, reflected in quot;Saddam conactquot; prices, and stock prices, oil prices and exchange rates. During the war, a rise in the probability of Saddam s fall, which also indicated a speedy end to...

We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...

We show that stock market liquidity affects subsequent corporate investment and production. Stock illiquidity, which raises the firm's cost of capital, lowers investment in capital assets, R&D, and inventory. This effect holds regardless of the firms' financially constraints. Consequently,...