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In the chaotic financial environment of Asia in 1997-1998, daily changes in stock prices of about 10 percent became commonplace. This paper analyzes what type of news moves the markets in those days of market jitters. We find that movements are triggered by local and neighbor-country news, with news about agreements with international organizations and(More)
The objective of this study was to determine the short- and long-term radiographic, physiologic and histologic changes elicited in the lung of rabbits following the aspiration of commonly used radiographic contrast agents. All agents used, including nonionic agents, caused radiographically evident pulmonary edema which cleared by 24 hours. The contrast(More)
A method of standardizing mitotic counts is described. This provisional approach, which expresses mitoses as a percentage of breast cancer cells present, holds the promise of facilitating interlaboratory agreement as well as providing a measure of tumor cellularity, probably an independent prognostic indicator in its own right. We suggest that this approach(More)
In this paper, we empirically investigate how the ideology of the government in power a®ects trade policy. The prediction of a partisan, ideology-based model (within a two-sector, two-factor Heckscher-Ohlin framework) is that left-wing governments will adopt more protectionist trade policies in capital rich countries, but adopt more pro-trade policies in(More)
This paper analyzes the impact of corruption on bilateral trade flows, highlighting the dual role of corruption in terms of extortion and evasion. While corrupt customs officials in the importing country may extort bribes from exporters they may also allow exporters to evade tariff barriers. The paper sets up a theoretical model which shows that the effect(More)
We use monthly stock market indices for 58 countries to construct pairwise correlations of returns and to explain these correlations with differences in the industrial structure across these countries. We find that countries with similar industries have stock markets that exhibit high correlation of returns. The results are robust to the inclusion of other(More)
We report a facial tumor that was proven to be a metastatic mesothelioma. The diagnosis was not established pre-mortem. The patient died shortly after the facial biopsy, and an autopsy revealed a large pleural-based mass which had the gross appearance typical of a mesothelioma. Electron microscopic examination of tissue from the pleural tumor was diagnostic(More)
The dramatic impact of the current crisis on performance of businesses across sectors and economies have been headlining the business press for the past many months. Extant reconciliations of these patterns in the popular press rely on ad-hoc reasoning. Using historical data on currency crisis episodes across the world, we examine how consumers respond to a(More)
  • James A. Costantini, Ilian Mihov, +4 authors Pushan Dutt
  • 2009
I develop a model for how heterogeneous firms within an industry respond to a financial shock that temporarily raises the cost of external finance, relative to internally generated funds. The model incorporates three elements that lead to substantial variation across firms in policy response to the shock and affect the time path of aggregate outcomes:(More)
I exploit the passage of the UK Bribery Act 2010 as a shock to UK firms' cost of doing business in order to study the effect of bribes on firm value. Around the Act's passage, UK firms operating in high-corruption countries display a drop in value. At the same time, non-UK industry peers competing directly with UK firms in corrupt countries exhibit an(More)