This paper tests the implication of the Stolper-Samuelson theorem that capital-poor individuals prefer more trade openness in poor (capital-scarce) countries and less trade in rich (labor-scarce) countries, by using a broad panel of countries and new exogenous determinants of trade openness....

In earnings announcements, managers can strategically attribute poor performance to external events. This paper analyzes market reactions to earnings announcements in the wake of a major event: the September 11 attacks in New York City. We assess the empirical effect of external events on firms...

The objective of this paper is to assess the differences between contagion and investors' risk aversion in terms of their impact on European sovereign bond yields during the financial crisis. This paper evaluates contagion at banking level, as it has the advantage of capturing the exposure of...

Recent integration efforts have been hampered by the inconsistency of macroeconomic policies. In this paper a model of shared sovereignty is discussed. Special emphasis is given to the exchange rate as a means to achieve macroeconomic stability