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Risk Sharing and Portfolio Allocation in EMU
This paper investigates whether risk sharing, measured as income and consumption smoothing, among countries in the EU and the European Economic and Monetary Union (EMU) has increased since theExpand
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U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income
We estimate the effects of deregulation of U.S. banking restrictions on the amount of interstate personal income insurance during the period 1970–2001. Interstate income insurance occurs whenExpand
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Liquidity and Shareholder Activism
Blockholders' incentives to intervene in corporate governance are weakened by free-rider problems and high costs of activism. Theory suggests activists may recoup expenses through informed trading ofExpand
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Cross-Border Diversification in Bank Asset Portfolios
Taking the mean-variance portfolio model as a benchmark, we compute the optimally diversified portfolio for banks located in France, Germany, the U.K., and the U.S. under different assumptions aboutExpand
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Consumption and Aggregate Constraints: Evidence from U.S. States and Canadian Provinces
State‐level consumption exhibits excess sensitivity to lagged income to the same extent as U.S. aggregate data, but state‐specific (idiosyncratic) consumption exhibits substantially less sensitivityExpand
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Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Savings Banks
We show that social capital improves the viability of stakeholder-oriented firms operating in competitive markets. Studying exits from the population of Norwegian savings banks after deregulations,Expand
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Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Norwegian Savings Banks
Stakeholder oriented governance systems are often thought to hamper efficiency. We show that social capital improves the viability of stakeholder-oriented firms in competitive markets. Studying exitsExpand
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External Financing Costs and Banks Loan Supply: Does the Structure of the Bank Sector Matter?
This paper investigates whether banks loan supply depend on internally generated capital in a fashion that varies according to the size-structure of the bank sector. Banks may experience liquidityExpand
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Pseudomonas aeruginosa and risk of death and exacerbations in patients with chronic obstructive pulmonary disease: an observational cohort study of 22.053 patients.
OBJECTIVES The role of Pseudomonas aeruginosa on long-term prognosis in COPD is unknown. The purpose of this study was to determine whether P. aeruginosa is associated with increased risk ofExpand
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Cash Flow Sensitivities and Bank-Finance Shocks in Nonlisted Firms
We study how small firms manage cash flows by estimating cash flow sensitivities for all sources and uses of cash. Our data are Norwegian non-listed firms which can be matched to the banks theyExpand
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