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We examine the pervasive view that " equity is expensive, " which leads to claims that high capital requirements are costly for society and would affect credit markets adversely. We find that arguments made to support this view are fallacious, irrelevant to the policy debate by confusing private and social costs, or very weak. For example, the return on(More)
We examine the pervasive view that " equity is expensive, " which leads to claims that high capital requirements are costly for society and would affect credit markets adversely. We find that arguments made to support this view are fallacious, irrelevant to the policy debate by confusing private and social costs, or very weak. For example, the return on(More)
When Less Developed Countries (LDCs) announce debt relief agreements under the Brady Plan, their stock markets appreciate by an average of 60 percent in real dollar terms—a $42 billion increase in shareholder value. In contrast, there is no significant stock market increase for a control group of LDCs that do not sign Brady agreements. The results persist(More)
Porcine torovirus (PToV) is a member of the genus Torovirus which is responsible for gastrointestinal disease in both human beings and animals with particular prevalence in youth. Torovirus infections are generally asymptomatic, however, their presence may worsen disease consequences in concurrent infections with other enteric pathogens. A total of 872(More)
Sleep is unlike the bedside light – not just a simple click, off to oblivion, and a mysterious way of overcoming sleepiness and removing those wrinkles. It's a fascinating process, far from being a soporific topic, and there's so much more to it than the fantasy of dreams. All living organisms, including plants, have regular daily rest periods, which is not(More)
Our financial system is distorted and poses an ongoing risk to the economy as long as there are banks and other financial entities that (1) are highly leveraged, i.e., fund themselves predominantly with debt and have very little equity funding that can absorb losses without running into difficulties, (2) have considerable scope to take risk through the(More)