financial economics jel classification finance review political economy summary statistic sample period quantitative analysis stock return market value dummy variable empirical result explanatory variable research insecurity price corporate finance market capitalization insecurity price cance level monetary economics classification code partial sell-offs common stock empirical investigation economic theory empirical test absolute value proof of proposition negative coefficient economic efficiency economic significance data set portfolio return positive coefficient expected value asset price positive relation university abstract alternative measure basis point cross-sectional variation economic dynamic operating margin estimated coefficient regression model empirical estimate negative relation industrial classification optimisation problem management buyout coefficient estimate asset pricing exchange commission excess return abnormal return return volatility marginal effect investment opportunity federal reserve bank share price covariance matrix estimator agency cost expected return market value of equity accounting research ceteris paribus market return significance level robustness test pricing model negative sign core business transaction cost firm value board of director matrix estimator cross-sectional regression financial intermediation variable of interest forum sample direct test stock return volatility success of acquisition price process asymmetric information market price announcement return trading volume investment decision economic research statistically significant parameter value risk-free rate accounting datum ols regression financial support pricing formula long-term debt robust standard error negative correlation bid-ask spread loss of generality LOG heteroskedasticity-consistent covariance matrix estimator percentage change stockholder gain risk premium private information market portfolio reserve bank model parameter managerial objective test statistic corporate control optimal financing policy financial economy probability distribution asset pricing model consistent covariance matrix model specification institutional investor pay-performance sensitivity public offering capital structure accounting measure endogeneity problem finance literature regression specification private transaction market liquidity equity-based compensation market index empirical proxy utility function book value of asset mutual fund ownership structure risk aversion voluntary restructuring time-series average hazard model market-to-book ratio standard industrial classification point estimate national bureau of economic research autocorrelation consistent covariance matrix book asset cash ows measure martingale measure distribution function financing policy asset return estimation result probit model functional form price change stochastic process information asymmetry anecdotal evidence fixed income identification strategy normal distribution stockholder wealth serial correlation row of table marginal cost growth opportunity positive sign credit default swap capital market risky asset statistical association standard deviation increase free cash flow compensation policy book-to-market ratio univariate analysis deviation increase untabulated result estimated parameter value-weighted index leverage ratio business administration liquidation value financial crisis credit risk pooled regression first-order condition behavioral finance maximization problem prior study incomplete market individual investor multivariate setting natural log standard industrial estimate system operating income partial derivative trading strategy trading activity marginal utility conventional level shareholder wealth moral hazard department of finance rst column asin equation news wire business cycle affiliated company equity holding block trade fund flow asset sale state variable percent level gas extraction probit regression statistical test estimation procedure slope coefficient uniform distribution cross-sectional relation multivariate analysis firm-year observation optimization problem one-standard-deviation increase prior finding emerging market time trend consistent estimate predictive power expected utility marginal product counterparty risk conditional expectation gross domestic product GDP alternative interpretation increasing function economic magnitude development expense bond price risk-neutral probability clearing condition financial policy adverse selection arbitrage opportunity absolute risk aversion holding period method of payment discount factor time-series regression equity return investment strategy riskless asset dividend yield instrumental variable paired comparison management fee individual stock time variation persistence parameter supplemental material occidental petroleum transaction datum block of share put-call parity technology bubble legal institution two-digit sic code option pricing conflict of interest market maker exchange listing federal reserve board discount rate private benefit empirical distribution implied volatility benchmark portfolio normality assumption managerial discretion public information frequency percent relative risk aversion time-series variation cumulative abnormal return CAR pricing implication fiscal year-end empirical implication behavioral bias external financing panel datum call option likelihood function excellent research assistance bank branch logit regression premium puzzle asset class univariate test confidence level informational asymmetry portfolio choice international money sale growth negative slope systematic difference maximum likelihood equity offering reserve board cost of capital operations research deposit insurance asset value trading behaviour option price estimation method credit crisis equity issuance investment opportunity set analyst coverage cross-sectional correlation CSC industrial organisation bank-firm relationship risk-return trade-off objective function lack of significance stock market return finance association meeting trading cost seller gain free parameter european call option data source personal taxi economic history constrained firm CSV financial distress interest expense leveraged recapitalization closed-form solution natural experiment investor behaviour benefit of control strike price predicted sign institutional ownership marginal benefit bargaining power career concern stock ownership bankruptcy filing microstructure effect basic specification optimal portfolio choice survivorship bias macroeconomic variable hostile takeover empirical prediction stock option information advantage informed trader automatic stay short-sale constraint financial development rational expectation positive association public company graduate school of business GSB unconditional probability diseconomies of scale underlying asset managerial behavior shareholder activism tax benefit rst-order autocorrelation ROA credit rating potential endogeneity predicted probability selling loser examination of junk-bond issuer mutual fund industry takeover target investment banker future earning maximum likelihood estimate bond yield leveraged buyout probability measure contracting party endogeneity concern ordinary differential equation future cash flow investment policy funding liquidity event window risk premia budget constraint inter-firm linkage system of equation panel of figure managerial incentive ceo tenure panel bare banking sector investor protection market participation takeover threat takeover activity european option market reaction theoretical prediction off-diagonal element correspondence address buying winner downward bias overidentifying restriction expectation operator college of business short-term debt STD log likelihood target shareholder positive probability FCF two-tailed test net present value NPV market price of risk equity issue analyst forecast sequence of event discontinued operation allocation decision intercept term moral hazard problem corporate financing role of bank event period ceo turnover changed overtime stylized fact first-stage regression cash holding conditional variance investment bank uniqueness of bankloans price reaction disclosure requirement behavioural bias strong incentive estimated slope calibration exercise stock price reaction CCM deviation of return method of moment MOM publicly traded takeover bid private firm earning forecast master file residual claimant applied corporate finance association meeting compensation datum estimation period external finance security return volatility model equity premium financial constraint diagonal element sign test limited liability western finance association WFA takeover defense operating cash flow panel regression portfolio weight deferred taxi fund industry order flow trading profit equity ownership growth stock press panel probabilistic prediction tax rate loan origination value stock cross-section of return agency conflict maturity date short selling reverse causality risk-bearing capacity experimental evidence conditional density momentum strategy maximum likelihood estimation frequency distribution dominant player organizational form public corporation binomial tree limited partnership term structure of interest rate organizational structure direct measure systematic risk default swap predictive ability logistic transformation equity stake share repurchase executive compensation pension fund governance mechanism comparative advantage income taxi regulated industry contingent claim state price likelihood estimation vector of parameter pricing error informed trading factor model diversified firm linear function testable prediction control group generalized method consistent estimator missing observation wealth transfer econometric technique debt issue vector of coefficient census bureau numerical integration portfolio holding identity matrix offer price entity abroad cross-section four-digit sic code managerial ownership predictive regression derivative security governance index adverse selection problem r&d spending stabilizing role legal protection envelope theorem trading pattern certainty equivalent benchmark case investment behaviour fiduciary duty first-order autocorrelation selection procedure price impact inefficient liquidation unbalanced panel fund return appropriable rent capital asset pricing model debt capacity odd-eighth quote index fund back-of-the-envelope calculation informational advantage diffusion coefficient percentage of share structural break rm-year observation payout ratio time-invariant heterogeneity banking relationship statistically insignificant logistic regression effective spread commercial bank sell order industrial production takeover attempt lead underwriter bin table equity fund liquid asset divisional rent-seeking three-factor model bank lending variance-covariance matrix coverage ratio sec regulation risk-neutral measure closed-end fund univariate comparison asset allocation short maturity dividend policy serial dependence optimal portfolio conditioning variable private placement prediction error robust t-statistics relationship lending decreasing function insider ownership contractual feature board composition insider trading long-run underperformance stark contrast security law costly search depreciation expense absence of arbitrage forecast error debt financing macroeconomic condition monetary fund long maturity institutional holding expense of shareholder source of fund domestic investor equity portfolio trade reporting average return trade size federal reserve constant elasticity depository receipt fixed asset conditional distribution distinguishing feature winner curse convertible debt overwhelming majority offer date hazard rate financing constraint post-recap period payout policy interquartile range target leverage ratio antitakeover amendment size quintile heteroskedasticity-consistent standard error expected payoff earning management sequential learning conglomerate merger manufacturing industry fraction of share pairwise correlation liquidity beta lending relationship bid-ask bounce noise trader proxy contest book leverage capital gain hazard problem controlling shareholder antitakeover charter amendment opportunistic behavior junk-bond issuer bond issuer informational content shareholder interest execution cost compensation package investment choice density function management turnover likelihood estimate realized volatility federal reserve system ratio of earnings ROE reverse lbo demand curve investor sentiment uninformed trader short horizon ownership concentration specification error seasoned equity offering percent of share payoff function retained earning share turnover investor responsibility research centre cross-sectional difference sum of square accounting standard compensation contract imperfect competition corporate bond hostile bid cash balance estimation error uninformed investor distributional assumption corporate debt idiosyncratic risk risk exposure junk bond issuer information acquisition default risk clinical study quarterly frequency reverse causation aversion coefficient r&d expenditure r&d intensity foreign competition top-management incentive reserve system rival firm closed-form expression credit quality illiquidity measure secured creditor cross-sectional standard deviation estimated coe elasticity of substitution direction of causality detailed derivation supply curve equity incentive statistical inference margin requirement quoted spread equity value momentum portfolio measurement interval managerial entrenchment borrowing power yield spread statistically significant relation mortgage crisis capital allocation corporate investment deviation change corporate policy yield curve regulatory constraint three-digit sic code credit event decile portfolio investment project british pound shareholder protection deposit insurance corporation growth option division of gain call provision judicial system diversification discount depository institution strategic behaviour standard deviation change adjusted r-square applied econometrics trading system price index ceo compensation international monetary fund corporate restructuring book-to-market quintile stochastic volatility action lawsuit backward induction mathematical statistic earning announcement industry concentration registration statement debt holder credit spread tax advantage regulatory restriction trend follower internal fund fixed cost hedging demand event-study methodology hedging strategy traded company consumer finance ownership stake external capital margin account forecast dispersion subprime mortgage crisis percentage ownership exercise price parameter vector asymptotic approximation bond issue r&d expense stock-picking talent relative performance evaluation estimation methodology equilibrium condition optimal allocation compensation committee econometric analysis business school abstract negative association sec rule selling pressure sample selection bias lack of transparency policy choice agency consideration committee member asset pricing test APT simultaneous equation peer group charter amendment industrial organization posterior belief banking industry responsibility research centre pricing test venture capital restrictive covenant holding company gas producer class action lawsuit liquidity risk pension plan sale announcement consumer durable random sample labour income national science foundation NSF retail investor option value approximate solution entire surplus basic premise governance quality conditional heteroskedasticity tax treatment government bond target share management association development expenditure corporate diversification acquiring firm hypothesis of equality stochastic differential equation industry-adjusted change corporate focus prevailing view conditional volatility buy order bankruptcy court cash dividend business segment methodology partial differential equation absolute difference policy change cross-sectional determinant financial integration short interest earning stream liquidity shock cross-section of stock pricing kernel diversification strategy political influence influence of outlier vertical integration cross-country analysis strict convexity production technology rating category confidence band account receivable contractual arrangement lagged asset sale of asset adjustment cost downward pressure hedge portfolio disciplining device target leverage bellman equation quote midpoint compensation plan appointment of outsider bankruptcy cost mean-variance optimization risk measure value-weighted portfolio firm-level control two-step estimator internet bubble commercial mortgage control benefit underinvestment problem tax status moment condition feedback effect coordination problem revised version convex combination load fee principal component dynamic programming rent extraction manufacturing sector fire sale cross-section of fund speed of convergence regularity condition profit margin bonding hypothesis merger wave theoretical work cross-border merger loan contract weighting matrix stochastic discount factor bureau of economic analysis BEA quadratic utility wealth change intertemporal substitution short sale potential conflict federal deposit insurance corporation FDIC speculative bubble falsification test higher-order moment index option labour force owned subsidiary exchange economy acquisition announcement option plan income shock trade credit expropriation of minority shareholder depositary receipt multiple bidder government printing deviation of forecast analytical tractability future price financing choice debt policy bureau of economic research front-end load aggregate demand wholly owned subsidiary hedge ratio future profitability bond rating security issuance concentrated ownership state-owned enterprise stock-based compensation SBC sampling procedure residual variance underwriting relationship dispersion of belief equity index expected loss decile ranking propensity score baseline hazard negative information private credit look-ahead bias publicly traded company local economy portfolio diversification sorting procedure first-order serial correlation sensitivity check distress date future consumption intertemporal elasticity future growth time-series property pay-for-performance sensitivity analyst forecast dispersion log of sale liquidity provision common law numerical simulation selective disclosure hedgefund database stock repurchase credit availability bounded rationality shark repellent default probability macroeconomic fluctuation share volume upper quartile bootstrap procedure simulation evidence first-differenced residual social psychology risk-based explanation loss aversion order imbalance currency derivative risk-neutral dynamic liquidity measure lag length sampling frequency takeover contest optimal capital structure underwriting fee cash position bargaining position regulatory environment vector autoregression demand shock qualitative feature average level optimal portfolio weight corporate insider conditional covariance industrial classification code ICC logarithmic transformation speed of adjustment jump component principal repayment equilibrium restriction equity holder acquisition activity pricing theory coupon payment merger announcement public debt cash compensation self-selection bias leverage adjustment loan application dividend ratio operating loss standard industrial classification code bond return oil shock martingale method econometric society horizontal merger squared residual tax-loss selling distribution of return multiple geographic segment limit theorem spillover effect dividend restriction bank debt security analyst brokerage commission adverse selection component asset growth empirical measure strong buy allocation rule fama-french factor bubble period supply flexibility forecasting power earning growth incremental information compensation scheme equivalent martingale measure EMM industry-adjusted roa taxable income market power endogeneity bias western finance association meeting demographic variable expectation hypothesis takeover announcement zero-coupon bond investment style liquidity increase subordinated debt expense ratio ease of exposition measure of liquidity implicit contract sell-side analyst macroeconomic news currency crisis flow of fund direct cost antitrust deterrence time-series behaviour TSB analytic derivation bankruptcy announcement dividend growth class-action lawsuit opportunity cost capitalist certification promised payment asian crisis resolution of uncertainty loan pricing corporation insead abstract optimality condition difference of opinion sample average anti-takeover provision emerging economy precautionary saving motive combination of model COM subprime mortgage debt issuance aggregate consumption intraday analysis actual earning floor broker leveraged segment indirect cost term premium bill rate discretionary accrual airline industry expected profit voluntary recapitalization supervision of bank bank finance relief investigation stochastic interest rate prior evidence management change integrated environment numerical method consumption growth pro rata adjustment phenomenon scale economy syndicated loan sandwich estimator finance-growth nexus one-standard deviation increase imperfect information violation of priority import relief investigation taxation of dividend asymptotic distribution unconstrained firm cooperative agreement short seller power utility convertible bond numerical computation generated regressor indirect inference majority owner-managers adverse selection cost defaultable bond scatter plot wealth gain debt contract downward shift multifactor explanation optimal policy bank-based system compatibility constraint variance decomposition option exercise flow problem offer announcement legislative proposal petroleum refining estimation technique certi cates swap rate exclusion restriction reference arrow bankruptcy code small-sample bias asset pricing theory investment tax credit trading commission indian business group temporary misvaluations term loan group international cross-listing ICL bootstrap simulation ownership share merging firm savings behaviour labor income economic shock industry portfolio government ownership degree of moneyness compensation structure growth rate chief executive officer CEO bank loan civil law market share local currency venture capitalist social welfare foreign investor tax revenue board member domestic product foreign currency economics finance sample equity investor asin cash bias trading t-statistics benefit volatility insecurity shareholder debt differential leverage profit liquidity value-weighted p-values outlier dividend uncertainty taxi maturity banking risk-free insider selling disclosure slope econometrics persistence takeover trader intermediation heterogeneity executive service bankruptcy economist borrowing hazard testis substitute anomaly diversification extra dispersion arbitrage turmoil liquidation innovation r-statistics manufacturing saving decile trade-off stockholder inequality inability cutoff momentum issuer substitution banker outsider contracting underwriter tradeoff causality skewness investing willingness propensity predictability regulator striking doubt lawyer maximization fama-french voluntary inflow inefficiency hypothetical rand one-month macroeconomics surplus pension voting currency regularity bidder industry-adjusted elasticity desire market-adjusted forecasting intermediary exit hedging risk-neutral borrower brokerage subsidiary shareholding buyout clause schedule reliance subgroup hedgefund completeness riskiness negotiation firm-years covenant risk-averse overlapping creditor prevalence endowment arbitrageur contest surprise lawsuit privatisation disagreement critique amendment meltdown tractability transparency venture divestiture risk-adjusted repurchase depositor concession three-month multicollinearity avoidance depository receipt fund justification comparing commodity sentiment barrier loser externality long-horizon intent downgrade bylaw litigation downside shortcoming incorporation t-values godown deflator overreaction acquiring expropriation imperfection out-of-sample reorganization self-selection canthus calibration large-sample conglomerate expiration six-month uniqueness changeover certainty market-wide competitiveness synergy oversight bidding raider entrepreneur convertible entrenchment sale progress spin-off taxation tangibility one-fourth gamble rationality deregulation macro glamour contention compliance proximity debtor advisory accordance exploration mandate communication amortization clearing simplification size-matched lockup market-based monopoly deterrence dilution ticker selectivity critic raising attorney martingale steel globalization claimant anatomy rolling risk-aversion chairman toehold stockholding interplay contagion sub-sample buyback spillover luck attractiveness capitalist dividend-paying contradiction write-off dollar-denominated industry-specific openness insignificance short-selling interpolation selloff hurdle venue preponderance speculator scandal debt-to-equity syndicate audit platinum downturn stabilization bootstrap bondholder minimization retention seta multiplier economy-wide pact inconsistency impediment arbor controversy earnings continuum commonality shield repayment rumor mean-reversion shortfall rent-seeking apparel comparability liberalization fundus auditor capitalism activism plaintiff collusion industry-wide microeconomics obstacle affiliate district remedy quart anti-director adviser globalisation interdependence information-based timeline pre-event differentiation risk-taking value-maximizing eros cash-rich goodness-of-fit switching redemption beholder standpoint liquidity-based buildup reserve financier ex-dividend free-rider outlay conservatism tranche simultaneity usefulness extrapolation optimism substituting publicity value-increasing one-quarter econometrician homogeneity prestige filtration reciprocal complementarity allegation bureaucrat monopolist efficacy no-arbitrage markup leakage resignation ingrowth breakup intra-industry quantum seasonal rental equity-based sociology imbalance ruling discussant dissemination statute standardization eck-graves tobacco seniority outflow fiduciary requisite byproduct reexamination causation breach consumption-based debenture histogram insolvency crime cash-constrained activist taxpayer pre-recap symmetry jurisdiction short-horizon irrationality mistake fate foreigner telecommunication shortage judiciary deterrent parsimony overconfidence paucity demise oligopoly purchaser accounting-based opportunism delegation merging elastic over-the-counter overvaluation size-adjusted pessimism incubation inception linearity finite-sample low-cost junk perquisite viability z-statistics mathematics optimist myopia depositary unavailability destruction one-eighth placebo entertainment impossibility specialization subsidy euro government-owned supplement utility-based governing refusal payer reconciliation substitutability reluctance free-riding recourse value packaging compatibility transaction-cost temptation utilization activity devaluation discreteness deficiency reorganisation compounding all-equity off-diagonal predation value-relevant responsiveness discontinuity desirability offeror hindsight fragility cutback imposition retailer irrelevance broker-dealer revaluation single-segment greenmail exuberance perpetuity scarcity remuneration cash-adjusted appraisal foresight attenuation administrator payable paradox coalition longer-maturity biotechnology anti-takeover mismatch invariable debt-equity size-related odd-eighth assize accountant small-capitalization non-cash rm-commitment privilege neutrality speaking self-interest inflation-adjusted randomness coincidence maximum-likelihood appetite interdependency insensitivity debt-to-asset risk-based bankrupt diversion appropriateness windfall breakout non-market imprecision constituency inducement commentary setback impetus shark uniformity short-maturity comeback undertaking partner trustee undercurrent longer-horizon testimony modernization panic worsening rigidity requiem understatement invariance duplication two-tier two-thirds credence receivables proportionality progression overestimate long-maturity underdevelopment impartiality millionaire millennium rivalry overestimation absolute advantage adaptive expectation advertising agricultural policy agriculture aid altruism amortisation animal spirit antitrust appreciation arbitrage pricing theory asset asymmetric shock auction austrian economics autarky average backwardation balance of payment balanced budget bank barriers to entry (or exit) barter bear behavioural economics beta big mac index black economy black-scholes bond boom and bust brand bretton wood bubble budget bull business confidence buyer's market cannibalise capacity capital capital adequacy ratio capital control capital flight capital intensive capm cartel catch-up effect central bank charity chicago school classical dichotomy classical economics closed economy coase theorem collateral command economy commoditisation common good communism competition competitive advantage complementary good compound interest concentration conditionality consumer confidence consumer price consumer surplus consumption contestable market convergence corruption cost-benefit analysis creative destruction credit credit creation credit crunch crony capitalism crowding out currency board currency peg current account deadweight cost/loss debt forgiveness debt-equity ratio default deficit deflation demand demographic depreciation depression derivative developing country development economics diminishing return direct taxation discounted cashflow disequilibrium disinflation disintermediation division of labour dollarisation dominant firm dumping economic and monetary union economic indicator economic man economic rent economic sanction economies of scale effective exchange rate efficiency efficiency wage efficient market hypothesis endogenous engel's law enron enterprise environmental economics equilibrium equity risk premium euro zone eurodollar european central bank european union evolutionary economics exchange control exchange rate exogenous expectation expenditure tax export credit export factor cost factors of production factory price fair trade fdi financial centre financial instrument financial intermediary financial market financial system fine tuning firm first-mover advantage fiscal drag fiscal neutrality fiscal policy flotation foreign direct investment forward contract free lunch free riding free trade frictional unemployment friedman milton full employment fungible future game theory gatt gdp gearing general agreement on tariffs and trade general equilibrium generational accounting giffen good gilt gini coefficient global public good gnp gold gold standard golden rule government government debt government expenditure government revenue gresham's law gross national product growth hard currency hawala hedge hedge fund herfindahl-hirschman index homo economicus horizontal equity horizontal integration hot money house price human capital human development index hyper-inflation hypothecation hysteresis ilo imf import income income effect income tax incumbent advantage index number indexation indifference curve indirect taxation inelastic inferior good inflation inflation target information infrastructure institutional economics insurance intangible asset intellectual capital interest interest rate international aid international labour organisation international trade intervention investment invisible hand invisible trade inward investment j-curve job search joint supply keynesian kleptocracy kondratieff wave labour labour intensive labour market flexibility labour theory of value laffer curve lagging indicator laissez-faire land land tax law and economics lbo leading indicator lender of last resort leveraged buy-out liberal economics liberalisation libor life life-cycle hypothesis liquidity preference liquidity trap lock-in long run lump of labour fallacy lump-sum tax luxury macroeconomic policy marginal market capitalisation market failure market force marshall plan mean mean reversion median medium term menu cost mercantilism mergers and acquisition minimum wage misery index mixed economy mobility mode modelling modern portfolio theory monetarism monetary neutrality monetary policy money money illusion money market money supply monopolistic competition monopsony most-favoured nation nafta nairu nash equilibrium nation building national debt national income nationalisation natural monopoly natural rate of unemployment negative income tax neo-classical economics network effect new economy new growth theory new trade theory ngo nobel prize for economics nominal value non-price competition normal good normative economics npv null hypothesis oecd offshore okun's law opec open economy open-market operation optimal currency area optimum option output output gap outsourcing outward investment over the counter overheating overshooting pareto efficiency paris club patent path dependence peak pricing percentage point percentile perfect competition permanent income hypothesis phillips curve pigou effect plaza accord population positional good positive economics poverty poverty trap precautionary motive predatory pricing preference present value price price discrimination price elasticity price mechanism price regulation price/earnings ratio principal-agent theory prisoners' dilemma private equity probability producer price producer surplus production function productivity profit maximisation progressive taxation property right property prospect theory protectionism public good public spending public utility public-private purchasing power parity q theory quantity theory of money quartile queueing quota r squared random walk rate of return rate of return regulation rating rationing real balance effect real exchange rate real interest rate real options theory real term recession reciprocity redlining reflation regional policy regression analysis regressive tax regulation regulatory arbitrage regulatory capture regulatory failure regulatory risk relative income hypothesis rent replacement cost replacement rate repo required return rescheduling reservation wage reserve currency reserve ratio reserve requirement residual risk restrictive practice return revealed preference ricardian equivalence risk risk averse risk management risk neutral risk seeking safe harbour satisficing say's law scalability scenario analysis search cost seasonally adjusted second-best theory secondary market security securitisation seignorage seller's market sequencing shadow price shareholder value share sharpe ratio shock short-termism signalling simple interest social benefits/costs social capital social market socialism soft currency soft dollar soft loan sovereign risk speculation speculative motive spot price spread stabilisation stability and growth pact stagflation stagnation stakeholder standard deviation standard error statistical significance sterilised intervention sticky price stock stress-testing structural adjustment structural unemployment substitute good substitution effect sunk cost supply supply-side policy sustainable growth swap systemic risk tangible asset tariff tax arbitrage tax avoidance tax base tax burden tax competition tax efficient tax evasion tax haven tax incidence technical progress terms of trade third way tick tiger economy time series time value of money total return trade trade area trade cycle trade deficit/surplus trade union trade-weighted exchange rate tragedy of the common transfer pricing transfer transition economy transmission mechanism treasury bill trough trust underground economy unemployment unemployment trap union usury utility value added value at risk variable cost velocity of circulation vertical equity visible trade voluntary unemployment wage drift wage wealth effect wealth tax weightless economy welfare welfare economics welfare to work windfall gain windfall profit winner-takes-all market withholding tax world bank world trade organisation x-efficiency yield yield gap zero-sum game ratio economy agency conflict account