Evidence on real gains in corporate acquisitions
Merged companies tend to improve operating performance after consolidation. Changes in specific performance measures associated with synergistic benefits reveal the factors responsible for the overall performance change. Improvements in the cash flow operating margin and in asset utilization were also ascertained. There is a positive relation between abnormal asset returns and change in operating cash flow returns in merged firms.
Publication Name: Journal of Economics and Business
An equilibrium theory of nominal and real exchange rate comovement
A quantitative equilibrium theory is used to explain the coincidental movements of real nominal and real exchange rates. Shocks to the marginal efficiency of investment are found to be a strong source of such covariations.
Publication Name: Journal of Monetary Economics
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