SHORT- AND LONG-TERM EFFECTS OF THE 9/11 EVENT: THE INTERNATIONAL EVIDENCE

This paper analyzes the short- and long-term effects of the September 11, 2001 terrorist attacks on a comprehensive sample of stock market indices from 33 industrial and emerging economies. From a finance-theoretic point of view, we employ the international capital asset pricing model (ICAPM) to analyze the incidence of the 9/11 event. Consistent with expectations, we document statistically negative short-term stock market reactions to the 9/11 event for 28 countries. More importantly, we find increases in the level of systematic risk for 10 stock markets which attest to the presence of negative permanent effects emanating for the 9/11 event. However, a great many capital markets (including the US, Canada, Japan, China, Russia, and the largest European economies) did not experience statistically significant increases in systematic risk in the post-9/11 period. The decisiveness of the evidence clearly points in the direction of resilience and flexibility of the world capital markets.

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The Economics of the Name Change: Long-term Adjustments towards EU/NATO or Short-term Resolution of Political Uncertainty?

Organizations and Markets in Emerging Economies ◽

10.15388/omee.2021.12.49 ◽

2021 ◽

Vol 12 (1) ◽

pp. 86-105

Author(s):

Bojan Srbinoski ◽

Klime Poposki ◽

Ksenija Dencic-Mihajlov ◽

Milica Pavlovic

Keyword(s):

Stock Market ◽

Stock Price ◽

Eu Enlargement ◽

Political Uncertainty ◽

Short Term ◽

Market Reactions ◽

Name Change ◽

Stock Market Reactions ◽

The Eu

North Macedonia and Greece resolved the 27-year country name dispute and removed the main hurdle for North Macedonia to start the accession processes towards the EU and NATO. The paper analyzes the stock market movements around several events related to the name issue resolution to uncover whether Macedonian companies experienced stock price adjustments according to the long-term benefits/costs of joining the EU/NATO. The dynamics of the market reactions suggest that the investors reacted systematically to the short-term political uncertainty created around the referendum rather than to the long-term perspectives of the EU/NATO integration. We integrate the knowledge from the literature which explores stock market reactions to EU enlargement/exit and political elections and provide contributions for researchers and policymakers.

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The Effect of Visas on Migration Processes

International Migration Review ◽

10.1111/imre.12261 ◽

2017 ◽

Vol 51 (4) ◽

pp. 893-926 ◽

Cited By ~ 30

Author(s):

Mathias Czaika ◽

Hein de Haas

Keyword(s):

Point Of View ◽

Theoretical Point ◽

Long Term Effects ◽

Policy Regimes ◽

Policy Effects ◽

Net Migration ◽

Short And Long Term ◽

Migration Flows ◽

Migrant Groups

The effectiveness of migration policies has been widely contested. However, because of methodological and conceptual limitations, evidence has remained inconclusive. Moreover, prior studies focus on the effects of policies on inflows and fail to assess the simultaneous effect of policies on outflows. This is essential from a theoretical point of view as immigration restrictions may reduce both inflows and outflows and, hence, overall circulation. This renders the effect of immigration restrictions on net migration theoretically ambiguous. To fill this gap, and using unique migration and visa data from the Determinants of International Migration (DEMIG) project, this paper assesses the short- and long-term effects of travel visa policy regimes on bilateral immigration and emigration dynamics. The results suggest that travel visa policies significantly decrease inflows, but this effect is undermined by decreasing outflows of the same migrant groups. This confirms that migration restrictions decrease circulation and tend to encourage long-term settlement, and thereby sharply reduce the responsiveness of migration to economic fluctuations in destination and origin societies. We also identify asymmetric policy effects with migration flows declining only very gradually after a visa introduction but increasing almost immediately after visa removal.

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The Effects of Accounting Expertise of Board Committees on the Short- and Long-Term Consequences of Financial Restatements

Journal of Accounting Auditing & Finance ◽

10.1177/0148558x20934943 ◽

2020 ◽

pp. 0148558X2093494 ◽

Cited By ~ 1

Author(s):

Somnath Das ◽

James Jianxin Gong ◽

Siyi Li

Keyword(s):

Stock Market ◽

Moderating Effects ◽

Market Reactions ◽

Board Committees ◽

Financial Expertise ◽

Financial Restatements ◽

Long Term Consequences ◽

Accounting Expertise ◽

Stock Market Reactions

Using financial restatements as the contextual setting, we examine whether the accounting expertise of board committees affects the consequences of financial reporting quality. We analyze both short-term consequences—stock market reactions surrounding restatement announcements, and long-term consequences—the incidence of Securities and Exchange Commission (SEC) Accounting and Auditing Enforcement Actions (AAERs), and CEO and CFO turnover after restatements. Our results show that the presence of audit committee members with accounting expertise moderates the consequences of restatements, resulting in less negative stock market reactions and a lower probability of CEO turnover. In contrast, the audit committee’s nonaccounting financial expertise increases the likelihood of AAERs. For the compensation committee, we find that accounting expertise reduces the probability of CEO turnover, while nonaccounting financial expertise exacerbates the negative stock returns around restatement announcements and increases the probability of AAER. In the post–Sarbanes–Oxley Act (SOX) period, restatements have resulted in less severe consequences as companies have increased their propensity to hire accounting experts on the board. Correspondingly, we document that the moderating effects of accounting expertise become less significant, in part because the moderating effects are offset by the changed investor expectations. Overall, our results suggest that accounting expertise of board committees helps mitigate the negative consequences of restatements.

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Distinct short and long-term effects of cortisol exposures on BDNF expression in an “in vitro” model of human hippocampal cells

10.26226/morressier.5b681765b56e9b005965c261 ◽

2018 ◽

Author(s):

Valentina Zonca ◽

Annamaria Cattaneo

Keyword(s):

In Vitro Model ◽

Long Term Effects ◽

Bdnf Expression ◽

Short And Long Term ◽

Vitro Model

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Saskatchewan Highways and Transportation Reduced Tire Pressure Initiative

Transportation Research Record Journal of the Transportation Research Board ◽

10.3141/1589-01 ◽

1997 ◽

Vol 1589 (1) ◽

pp. 1-8 ◽

Cited By ~ 4

Author(s):

Thomas L. Davies ◽

Tami F. Wall ◽

Allan Carpentier

Keyword(s):

High Speed ◽

Membrane Surface ◽

Vehicle Stability ◽

Road Maintenance ◽

Long Term Effects ◽

Tire Pressure ◽

Reduced Pressure ◽

Maintenance Costs ◽

Short And Long Term

After examination of the research carried out by other agencies, Saskatchewan Highways and Transportation (SHT) embarked on an initiative to adapt low tire pressure technologies to the province's needs and environment. The focus of the initiative was to explore several technical questions from SHT's perspective: (a) Can low tire pressures be used to increase truck weights from secondary to primary without increasing road maintenance costs on thin membrane surface roads? (b) What are the short- and long-term effects of tire heating under high-speed/high-deflection constant reduced pressure (CRP) operations in a Saskatchewan environment? (c) What effects do lower tire pressures have on vehicle stability at highway speeds? To date, significant opportunities have been noted on local hauls (less than 30 min loaded at highway speeds) for CRP operation and long primary highway hauls that begin or end in relatively short secondary highway sections that limit vehicle weight allowed for the whole trip for central tire inflation technology. The background and environment for the initiative and the investigations and demonstrations envisioned and undertaken are briefly outlined.

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