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As in previous decades, merger activity clusters by industry during the 1990s. One particular kind of industry shock, deregulation, becomes a dominant factor, accounting for nearly half of the merger activity since the late 1980s. In contrast to the 1980s, mergers in the 1990s are mostly stock

changes are principally driven by local supply/demand shocks that are independent of both credit-risk factors and standard proxies for liquidity. * Collin-Dufresne is at Carnegie Mellon University. Goldstein is at Washington University in St. Louis. Martin is at Arizona State University. A significant

A novel composite architecture consisting of a periodic arrangement of closely-spaced spheres of a stiff material embedded in a soft matrix is proposed for extremely high damping and shock absorption capacity. Efficacy of this architecture is demonstrated by compression loading a composite, where

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We examine the impact of turnaround actions on operating performance following performance shocks. We find that firms make significant changes to their financial strategies, and pursue corporate restructuring activities in an attempt to achieve turnaround. Further analysis reveals that whilst a

International economists typically assume that temporary real exchange rate shocks can have only temporary real effects — and no effect at all on the underlying structure of the economy. This paper shows that even in a simple "off—the—shelf ' industrial orgaxrization model

The purpose of the present paper is twofold. First, we characterize the Feds systematic response to technology shocks and its implications for U.S. output, hours and inßation. Second we evaluate the extent to which those responses can be accounted for by a simple monetary policy rule (including

Large fluctuations in energy prices have been a distinguishing characteristic of the U.S. economy since the 1970s. Turmoil in the Middle East, rising energy prices in the U.S. and evidence of global warming recently have reignited interest in the link between energy prices and economic performance

in postwar U.S. inflation. Moreover, our model suggests measures of supply shocks that perform better than uaditional measures, such as the relative prices of food and energy.