‘Operating leverage’describes the extent to which a …Firm’s operating costs are fi…xed in the short term. Operating leverage ampli…es the earnings impact of a change in revenues; an effect which is further amplified by fi…nancial leverage and by non-proportionality in...

<title>Abstract</title> While much of the literature on cross-section dependence has focused on estimation of the regression coefficients in the underlying model, estimation and inferences on the magnitude and strength of spillovers and interactions has been largely ignored. At the same time, such inferences...

type="main" <p>It is widely believed that setting monetary policy through a majority voting committee has major benefits. A monetary policy committee can take personalities out of monetary policy decisions. Critical to understanding these claims is an assessment of how such a committee functions....</p>

We study the impact of macroeconomic instability on business exit in a world where acquisition and bankruptcy are co-determined. Our objective is to discover how the processes that determine bankruptcies and acquisitions depend on the macroeconomic environment, particularly, macroeconomic...

We examine how macroeconomic instability affects risk of bankruptcy and liquidation. In periods of macroeconomic instability more firms become financially distressed, while the number of potential acquirers falls. Reorganization systems such as Chapter 11 can decouple liquidation from...

The transparency and openness of the monetary policymaking process at the Bank of England has provided very detailed information on both the decisions of individual members of the Monetary Policy Committee and the information on which they are based. In this paper we consider this decision...

The transparency of the monetary policymaking process at the Bank of England has provided very detailed data on both the votes of individual members of the Monetary Policy Committee and the information on which they are based. In this paper we consider interval censored responses of individual...

Policymaking at the Bank of England has provided detailed information on both the decisions of individual members of the Monetary Policy Committee. We consider this decision making process in the context of a model in which inflation forecast targeting is used but there is heterogeneity among...

Until recently, much effort has been devoted to the estimation of panel data regression models without adequate attention being paid to the drivers of diffusion and interaction across cross section and spatial units. We discuss some new methodologies in this emerging area and demonstrate their...