In open-end funds, net inflows are positively correlated with past performance. This study investigates how past net asset value (NAV) returns affect the premium on closed-end funds traded in the United States and the United Kingdom. Past performance is significantly priced in stock funds,...

We use Synthetic Control Methodology to estimate the output loss in Tunisia as a result of the "Arab Spring.” Our results suggest that the loss was 5.5 percent, 5.1 percent, and 6.4 percent of GDP in 2011, 2012, and 2013 respectively. These findings are robust to a series of tests, including...

It has recently been suggested that allowing for switches between different inflationary regimes produces a much better fit for the Fisher relationship between interest rates and inflation, at least for U.S. data. The paper assesses the merits of the regime-switching theory as an explanation for...

The robust negative correlation between openness and inflation found in cross-country data for the 1970s and 1980s has disappeared in the 1990s. There is now a strong negative correlation of inflation with per capita GDP, as higher-income countries have achieved significant disinflation not...

This paper provides new survey evidence on managerial entrenchment and the role of outsiders in the post-privatization restructuring of Russian enterprises. The major findings are that managers are hostile towards outside ownership, and they effectively collude with other employees to preserve...

This paper takes a close look at the quot;behavioural financequot; explanations of the equity premium puzzle, namely myopic loss aversion (Benartzi and Thaler, 1995) and disappointment aversion (Ang, Bekaert and Liu, 2000). The paper proposes a simple specification of loss and disappointment...

We construct an empirical model of corporate investment which allows for the various effects of uncertainty and credit market imperfections described in the theoretical literature. The model is estimated using cross-sectional data from the South African stock exchange. Evidence is found for some...

This paper analyses the evolution of demand for bank deposits in Cocirc;te d`Ivoire over a period including the CFA Franc devaluation in 1994. Once we have allowed for smooth transitions in the deterministic component of the demand function, the estimated relationship between deposits and income...

Adherence to a pegged exchange rate regime has the potential to affect inflation in two ways: by instilling monetary discipline and by altering the relationship between money and prices, because shocks to the money stock are absorbed partly by changes in the balance of payments. Although the...