Using intervention analysis I assess the effect of the September 11 terrorist attack on the performance of the US airline industry. The estimated initial effect supports the US federal government decision to provide a $5 billion cash compensation to the airlines. However, the long-run effect is found to be much smaller than the losses reported by the industry in 2001 and 2002. Also, the analysis suggests that not all of the airlines were equally affected by the terrorist act and that investors were fairly rational pricing major airline stocks, but were less accurate with the stocks of smaller regional carriers.
COLUMBIA, S.C. - The three men, claiming to have been rescued from financial ruin by divine intervention, went to homes and churches across North and South Carolina spreading tales of financial rescue. With an investment of just pennies on the dollar, they promised an end to credit card debt, mortgages and hefty car loans.
Allen and Ng (1997) determined in a study that the financial stake of a CPA in the practice of public accounting was significantly related to her/his support for relaxing certain ethical rules which banned varied types of fee collections and some types of advertising. The relationships found suggested that CPAs with a higher financial stake favored revising ethics bans in a manner that permitted them to protect and/or raise potential revenue streams. Allen and Ng (2001), building upon the 1997 study, found that self-interest among CPAs might be adversely impacting their moral reasoning. The backdrop for these collective results was an intrusion by the Federal Trade Commission (FTC) into the self-regulatory activity of CPAs via a consent order with the American Institute of CPAs (AICPA) ...
The onset of the current financial crisis brought with it an unprecedented intervention in financial markets by the Federal Reserve and the US Treasury. Starting with the bailout of Bear Stearns in early 2008, these governmental bodies and their leaders were prominently involved in the negotiations and the ultimate resolution of each major non-bank financial institution that encountered financial distress. Although it was hard to distill a consistent policy rule from the government's rescue efforts, one guiding principle was its preference to avoid all possible bankruptcy filings because of the supposedly severe consequences that would follow. Critics emphasize two different shortcomings of bankruptcy, often without distinguishing between them. The first focuses on the effect of bankrup...
This article examines the financial crisis and response of Fall 2008 in a sampling of countries--a small one (Iceland,) a medium one (the United Kingdom) and a large one (the United States). While each country had somewhat different problems and different institutions to deal with those problems, all responded with forceful action and major intervention to keep their financial systems from a complete collapse.
FASHION INTERVENTION Westfield Topanga is hosting a fall fashion and beauty extravaganza this weekend produced by the organizers of New York's Mercedes-Benz Fashion Week.
Beware Greeks bearing debt - or any other country that has too much of it. Despite ever-increasing government regulation of banks, which often are required to hold government debt as reserves, the systemic risk of a failure in the global financial system is growing rather than diminishing. There are solutions that require less, rather than more, regulation. Some banks have been around for a couple of centuries or more, particularly in Switzerland, and yet they continue to thrive without government help. Only one Swiss bank out of 350 required state intervention in the financial crisis of the past few years. If you look at the big banks that have been in trouble or the banks that regulators and others worry about being in financial trouble, you will notice that virtually all of them have...
DETROIT - Detroit neighborhoods with more people and a better chance of survival will receive different levels of city services than more blighted areas under a plan unveiled Wednesday. Mayor Dave Bing released details from his Detroit Works Project, calling the changes a "short-term intervention" necessary because the city, with limited financial resources, a $155 million budget deficit and a dwindling population, was spread dangerously thin.
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