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Technology and the Stock Market: 1885-1998
(Vanderbilt University, 2000)
Using 114 years of U.S. stock market data we try to relate movements in stock prices to changes in technology. We find Measures of technological progress explain 37% of the 3.9% annual growth in the stock market over the ...
Jacksonian Monetary Policy Specie Flows and the Panic of 1837
(Vanderbilt University, 2000)
The Panic of 1837 stands among the most severe banking crises in U.S. history, marking the start of a business downturn from which the nation would not recover for six years. Given the serious consequences of the panic for ...
Emerging Financial Markets and Early U.S. Growth
(Vanderbilt University, 2000)
Studies of early U.S. growth traditionally have emphasized real-sector explanations for an acceleration that by many accounts became detectable between 1815 and 1840. Interestingly, the establishment of the nation's basic ...
Director Histories and the Pattern of Acquisitions
(Vanderbilt University, 2011)
We trace directors through time and across firms to study whether acquirers' exposure to non-public information about potential targets through board service histories affects the market for corporate control. In a sample ...
What is Happening to the Impact of Financial Deepening on Economic Growth?
(Vanderbilt University, 2009)
Although the finance-growth relationship is now firmly entrenched in the empirical literature, we show that it is not as strong in more recent data as it was in the original studies with data for the period from 1960 to ...
Inflation, Finance, and Growth: A Trilateral Analysis
(Vanderbilt University, 2009)
A large body of evidence links financial development to economic growth, yet the channels through which inflation affects this relationship and its stability have been less thoroughly explored. We take an econometric and ...
Monetary Policy and the Dollar
(Vanderbilt University, 2009)
In this essay I propose that the adoption of the U.S. dollar as a common currency shortly after the ratification of the Federal Constitution and the accompanying transition from a fiat to specie standard was a pivotal ...
Extensive and Intensive Investment Over the Business Cycle
(Vanderbilt University, 2009)
Investment of U.S. firms responds asymmetrically to Tobin's Q: Investment of established firms -- `intensive' investment -- reacts negatively to Q whereas investment of new firms -- `extensive' investment -- responds ...
Technology Shocks, Q, and the Propensity to Merge
(Vanderbilt University, 2009)
Data on U.S. mergers and aquisitions from 1987 to 2006 indicate that firms with high market-to-book values (i.e., Tobin's Q) tend to merge with firms that have lower Q's, but that target Q's are on average higher than those ...
Post-Independence India: A Case of Finance-Led Industrialization?
(Vanderbilt University, 2000)
This paper examines whether financial intermediaries have played a leading role in influencing India's economic performance. After describing the evolution and functions of the financial sector, we construct a set of vector ...