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This paper studies the effects and causal links between the shadow economy and the unemployment rate using a dynamic simultaneous-equation panel data model for 38 developing and 40 developed countries over the 2000−2015 period. The analysis suggests that there is a unidirectional and negative...
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We examine the stock price reaction of rival firms to privatization announcements to infer information about industry … effects of privatization. We find that the rival firms reacted negatively to privatization announcements, thus suggesting that … the announcement effects reflect competitive considerations rather than positive industry-wide effects. In comparison, we …
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