Economic shocks are not always negative. Indeed, this article suggests that the energy extraction industry is experiencing a positive shock caused by two new technologies - three-dimensional imaging and directional drilling. Combined, these techniques have lowered the net extraction costs of oil...

Cover -- Half-Title -- Title -- Copyright -- Description -- Contents -- Preface -- Acknowledgement -- Part I: The Equilibrium Principle:A Natural Dynamic State -- Chapter 1: What Happens There Matters Here -- Chapter 2: It's the Global Economy -- Chapter 3: Politics and the Economy -- Part II:...

This paper reviews the extant empirical studies of financial innovation. Adopting broad criteria, the authors found just two dozen studies, over half of which (fourteen) had been conducted since 2000. Since some financial innovations are examined by more than one study, only fourteen distinct...

This paper investigates the impact of the target chief executive officer’s (CEO) postmerger position on the purchase premium and target shareholders’ abnormal returns around the announcement of the deal in a sample of bank mergers during the period 1990–2004. We find evidence that the...