Browsing Working Papers by Author "Rousseau, Peter L."

Now showing items 1-14 of 14

    • Director Histories and the Pattern of Acquisitions 
      Rousseau, Peter L.; Stroup, Caleb (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 ...
    • Emerging Financial Markets and Early U.S. Growth 
      Rousseau, Peter L.; Sylla, Richard (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 ...
    • Extensive and Intensive Investment Over the Business Cycle 
      Jovanovic, Boyan; Rousseau, Peter L. (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 ...
    • Financial Systems, Economic Growth, and Globalization 
      Rousseau, Peter L.; Sylla, Richard (Vanderbilt University, 2001)
      This paper brings together two strands of the economic literature -- that on the finance-growth nexus and that on capital market integration -- and explores key issues surrounding each strand through both institutional/country ...
    • Inflation, Finance, and Growth: A Trilateral Analysis 
      Rousseau, Peter L.; Yilmazkuday, Hakan (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 ...
    • Jacksonian Monetary Policy Specie Flows and the Panic of 1837 
      Rousseau, Peter L. (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 ...
    • Liquidity Effects and the New Economy 
      Jovanovic, Boyan; Rousseau, Peter L. (Vanderbilt University, 2001)
      U.S. Treasury securities are nominal assets that are subject to two sources of risk: inflation risk, and bond-supply risk. Inflation risk is well-known, but supply risk has received little attention. For reasons we shall ...
    • Mergers and Technological Change: 1885-1998 
      Jovanovic, Boyan; Rousseau, Peter L. (Vanderbilt University, 2001)
      We analyze mergers over the past century in a growth model that emphasizes technological change. We explain the positive relation between mergers and stock prices, the positive relation between internal growth of firms and ...
    • Monetary Policy and the Dollar 
      Rousseau, Peter L. (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 ...
    • Post-Independence India: A Case of Finance-Led Industrialization? 
      Bell, Clive; Rousseau, Peter L. (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 ...
    • Stock Markets in the New Economy 
      Jovanovic, Boyan; Rousseau, Peter L. (Vanderbilt University, 2001)
      The term "new economy" has, more than anything, come to mean a technological transformation, and in particular its embodiment in the computer and the internet. These technologies are more human capital intensive than earlier ...
    • Technology and the Stock Market: 1885-1998 
      Jovanovic, Boyan; Rousseau, Peter L. (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 ...
    • Technology Shocks, Q, and the Propensity to Merge 
      Han, Lihong; Rousseau, Peter L. (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 ...
    • What is Happening to the Impact of Financial Deepening on Economic Growth? 
      Rousseau, Peter L.; Wachtel, Paul (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 ...