Paul Harrison

TL;DR: In this article, the authors present the first comprehensive test of whether well-known conflicts of interest at bond rating agencies importantly influence their actions and show that rating changes do not appear to be importantly influenced by rating agency conflicts of interests but, rather, suggest that rating agencies are motivated primarily by reputation-related incentives.

TL;DR: Evidence that sexually transmitted disease rates are responsive to increases in alcohol taxes and in the drinking age is presented and quasi‐experimental analysis of alcohol policy changes supports these findings and offers evidence that increases in the Drinking age reduce STD rates among youth.

TL;DR: This article examined the relation between expected stock returns and their conditional volatility over different holding periods and across different states of the economy and uncovered a significantly positive risk and return relation at long holding intervals, such as one and two years, which is nonexistent at short holding periods such as a month.

TL;DR: In this paper, the authors describe a feedback effect between real and financial development, which they call the cost of financial intermediation, through which the feedback between finance and growth operates.

TL;DR: In this paper, the relation between expected stock returns and their conditional volatility over different holding periods and across different states of the economy was examined, and a significantly positive risk and return relation at long holding intervals, such as one and two years, was uncovered.