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"1970-2003"
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Does Credit Competition Affect Small-Firm Finance?
While relaxation of geographical restrictions on bank expansion permitted banking organizations to expand across state lines, it allowed states to erect barriers to branch expansion. These differences in states' branching restrictions affect credit supply. In states more open to branching, small firms borrow at interest rates 80 to 100 basis points lower than firms operating in less open states. Firms in open states also are more likely to borrow from banks. Despite this evidence that interstate branch openness expands credit supply, we find no effect of variation in state restrictions on branching on the amount that small firms borrow.
Journal Article
مذكرات الجمسي : حرب أكتوبر 1973
مذكرات الجمسب عن حرب أكتوبر 1973 هي دراسة موضوعية يروى فيها ما حدث بإيجابياته وسلبياته، والكتابة عن حرب أكتوبر 1973 وحدها لا تفي بالغرض المنشود إلا إذا تمت الكتابة عن حرب يونيو 1967، لأنهما حربان لهما اتصال وثيق ببعضهما في مرحلة واحدة من مراحل الصراع المسلح بين العرب وإسرائيل، وفي مرحلة واحدة من مراحل الصراع السياسي بين القوتين العظيمتين في الشرق الأوسط. لذا كان لا بد من تسجيل ما حدث في حرب يونيو، الذي له كان انعكاس في العمل العسكري في حرب أكتوبر، حيث إن دروس حرب يونيو 1967 كانت هي إحدى دعائم الاستراتيجية المصرية في حرب أكتوبر 1973.
BOOK
Rapid FDI expansion and firm performance
Today, more firms are expanding rapidly into foreign markets to reach global scale quickly, and to capture or nullify first-mover advantages. These trends run counter to the conventional theory of gradual internationalization, which suggests that firms maximize the benefits of learning from prior experience, thereby minimizing the hazard of failure. We argue that this conventional wisdom does not consider the risk of being a perennial late mover in the face of increased global competition. This study explores the circumstances under which rapid FDI expansion, a strategy of undertaking FDI expansion at an accelerated speed, can be a viable strategy. Using data on Korean firm expansion, we find that rapid FDI expansion enhances firm performance in industries where globalization pressures are high, and when it is done by firms with superior internal resources and capabilities.
Journal Article
A hundred and one days : a Baghdad journal
Provides a narrative of life in Iraq just before, during, and after the American invasion of March 2003, presenting the opinions and experiences of ordinary Iraqis attempting to carry on some semblance of normal life.
Book
Share Issuance and Cross-sectional Returns
Post-1970, share issuance exhibits a strong cross-sectional ability to predict stock returns. This predictive ability is more statistically significant than the individual predictive ability of size, book-to-market, or momentum. Our finding is related to research that finds that long-run returns are associated with share repurchase announcements, seasoned equity offerings, and stock mergers, although our results remain strong even after exclusion of the data used in these studies. We estimate the issuance relation pre-1970 and find no statistically significant predictive ability for most holding periods.
Journal Article
مذكرات الجمسي .. : حرب أكتوبر 1973
المشير محمد عبد الغني الجمسي كان قد كتب هذه المذكرات بعد أن ترك الخدمة العسكرية والعمل العام، متحدثا فيها عن تجربته رئيسا للأركان في الجيش المصرى عام 1971، حين عين في هذا المنصب خلفا للفريق محمد فوزى. وتتناول المذكرات التي وقعت في 6 أبواب، هزيمة يونيو 1967، والظروف السياسية العسكرية التي أدت لها، وعملية إعادة بناء القوات المسلحة ومرحلة الدفاع والصمود، والدفاع النشط، ثم حرب الاستنزاف وحرب أكتوبر واستقالته من منصبه.
BOOK
Volatility and the natural resource curse
We provide cross-country evidence that rejects the traditional interpretation of the natural resource curse. First, growth depends negatively on volatility of unanticipated output growth independent of initial income, investment, human capital, trade openness, natural resource dependence, and population growth. Second, the direct positive effect of resources on growth is swamped by the indirect negative effect through volatility. Third, with well developed financial sectors, the resource curse is less pronounced. Fourth, landlocked countries with ethnic tensions have higher volatility and lower growth. Fifth, restrictions on the current account raise volatility and depress growth whereas capital account restrictions lower volatility and boost growth. Our key message is thus that volatility is a quintessential feature of the resource curse.
Journal Article
Psychological Pressure in Competitive Environments: New Evidence from Randomized Natural Experiments
Dynamic competitive settings may create psychological pressure when feedback about the performance of competitors is provided before the end of the competition. Such psychological pressure could produce a first-mover advantage, despite a priori equal winning probabilities. Using data from a randomized natural experiment-penalty shootouts in soccer-we reexamine evidence by Apesteguia and Palacios-Huerta [Apesteguia J, Palacios-Huerta I (2010) Psychological pressure in competitive environments: Evidence from a randomized natural experiment.
Amer. Econom. Rev
. 100(5):2548-2564]. They report a 21-percentage-point advantage for first movers over second movers in terms of winning probabilities. Extending their sample of 129 shootouts to 540, we fail to detect any significant first-mover advantage. Our results are fully consistent with recent evidence from other sports contests.
This paper was accepted by Teck Ho, behavioral economics.
Journal Article
An Empirical Analysis of Energy Intensity and Its Determinants at the State Level
Aggregate energy intensity in the United States has been declining steadily since the mid-1970s and the first oil shock. Energy intensity can be reduced by improving efficiency in the use of energy or by moving away from energy-intensive activities. At the national level, I show that roughly threequarters of the improvements in U.S. energy intensity since 1970 results from efficiency improvements. This should reduce concerns that the United States is off-shoring its carbon emissions. A state-level analysis shows that rising per capita income and higher energy prices have played an important part in lowering energy intensity.Price and income predominantly influence intensity through changes in energy efficiency rather than through changes in economic activity. In addition, the empirical analysis suggests that little policy intervention will be needed to achieve the Bush Administration goal of an 18 percent reduction in carbon intensity by the end of this decade.
Journal Article