Laura Bowen
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Understanding ‘Home Bias’ in the Global Stock Market
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Stock price data for a set of Chinese firms highlight the effects of information asymmetry created by differences in social trust between local and foreign investors.
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Rethinking the Optimal Tariff Theory
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Using forty years of price data from the raw cane sugar market in New York City, trade economist Douglas Irwin finds that market demand responds asymmetrically to tariff increases versus tariff reductions.
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The “Brand Premium”: Measuring the Welfare Consequences of Advertising on Consumers
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New research finds that misinformation plays a significant role in the brand choices of consumers for most healthcare items and pantry staples, concluding that marketing and advertising campaigns have a negative impact on consumer welfare.
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Finance for Social Good: Are Microloans Truly Empowering the Impoverished?
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An experiment in rural Morocco finds that economic gains from access to microfinance are highly variable, and there are no significant indirect impacts on the status of women and children.
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Scaling Back Quantitative Easing: Domestic Recovery at a Foreign Cost
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Federal Reserve announcements about “tapering,” or reducing the level of quantitative easing, had significant negative impacts on financial asset prices in otherwise robust emerging market economies.
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No Gains From Good Governance?: Why Foreign Companies Opt Out of Strict Regulatory Practices
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Foreign companies that cross-list on US stock exchanges can make substantial financial gains from adopting US corporate governance practices yet firms overwhelmingly choose to opt out, suggesting substantial private opportunity costs from stricter regulations.
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Reevaluating Openness to Trade: Estimating the True Potential Gains from the Service Industry
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New research finds that potential welfare gains from trade liberalization are likely highly underestimated because international trade statistics fail to capture the true economic impact of tradable services.
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Discounts at the Pump: How Much is Cheap Gas Really Costing Us?
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Gasoline and diesel subsidies have been criticized for encouraging excess consumption, but the total global economic cost is truly staggering, representing an annual welfare loss worth four percent of the total market for fuel.
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International Tax Havens: Are Multinationals Gaming the System?
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Despite enormous efforts to minimize financial burdens through innovative international tax planning, multinational corporations still face Effective Tax Rates largely determined by the nationality of their headquarters.
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The Hidden Costs of Development Aid
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Researchers find World Bank development projects to be less effective in politically important yet economically unstable countries.