Michel A. Robe

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In this paper, we document empirical regularities in the foreign aid flows to developing countries over the last three decades. In spite of a large body of literature on foreign aid and its impact on recipients, surprisingly little is known about its business cycle characteristics. We show that for the vast majority of African recipients, aid flows are a(More)
A popular view is that the surge in the real price of oil during 2003-08 cannot be explained by economic fundamentals, but was caused by the increased financialization of oil futures markets, which in turn allowed speculation to become a major determinant of the spot price of oil. This interpretation has been driving policy efforts to tighten the regulation(More)
This paper provides direct evidence on market makers’ reaction to unambiguously informed trading in specialist versus dealer markets. Using the trades of stockbrokers who had advance copies of a stock analysis column in Business Week magazine, we document that increases in price and volume occur after informed trades and before public release of the(More)
This paper quantifies the potential of foreign aid as an insurance mechanism against macroeconomic shocks. Within a dynamic model of aid flows between two endowment economies, we show that at least three-fourths of the large welfare costs of macroeconomic fluctuations in poor countries could be alleviated by a simple reallocation of aid flows across time.(More)
This paper investigates whether self-regulation in financial markets leads to greater industry bias and expertise in enforcement. Using hand-collected data on securities arbitration disputes from the National Association of Securities Dealers (NASD), I document that pro-industry arbitrators are selected more often to arbitration panels than pro-investor(More)
This paper shows that asymmetric information about the timing of earnings can a¤ect corporate capital structure. It sheds some new light on two following questions: why may pro…table …rms be interested in issuing equity, and why does debt not necessarily signal a …rm quality. These issues seem to be puzzling from the classical pecking-order theory or(More)
Observing a strong increase in over-indebted households, several European countries identi...ed the need for a separate regulation for consumer debt release and amended their laws accordingly. This paper systematizes and classi...es the tools employed by the various regulations and analyzes them in a hidden action framework. A signi...cant in‡uence on the(More)
We document empirical regularities in the foreign aid ows to poor countries over the last three decades. We show that the welfare cost of output uctuations in those countries is potentially large. At the same time, aid represents a signi cant source of income for the recipients: its potential as a stabilization tool is thus non-negligible. For the vast(More)