In contrast to most other countries, Chinese foreign class B shares trade at an average discount of about 60 percent to the prices at which domestic A shares trade. We argue that one reason for the large price discount of B shares is because foreign investors have less information on Chinese...

Credit lines offered by credit cards contain an option arising from changing default probabilities of cardholders. The option value can explain high credit card rates and high profits of card issuers. The card rate producing zero profit for card issuers is higher than interest rates on most...

Dual trading is the practice whereby futures floor traders execute trades both for their own and customers' accounts on the same day. We provide evidence, in the context of restrictions on dual trading, that aggregate liquidity measures, such as the average bid-ask spread, may be misleading...

Many employers adopt practices that insulate their workforces from the outside labor market. One defining characteristic of such an "internal labor market" is a company wage policy that diverges from that of the external market. These divergences may occur for an entire employer on average, or...

Originally appeared in the Federal Reserve Bank of San Francisco Economic Review supplement, Spring 1977

Originally appeared in the Federal Reserve Bank of St. Louis Review, January 1975

Originally appeared in the Federal Reserve Bank of Richmond Economic Review, Sept/Oct 1977