Replication data for: Accounting for Crises
Principal Investigator(s): View help for Principal Investigator(s) Venky Nagar; Gwen Yu
Version: View help for Version V1
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LICENSE.txt | text/plain | 14.6 KB | 10/12/2019 06:02:PM |
Project Citation:
Nagar, Venky, and Yu, Gwen. Replication data for: Accounting for Crises. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114301V1
Project Description
Summary:
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We provide among the first empirical evidence, consistent with recent macro global game crisis models, that shows that the precision of public signals can coordinate crises. In these models, self-fulfilling crises independent of fundamentals can occur only when publicly disclosed signals of fundamentals have high precision; poor fundamentals are the sole driver of crises only in low precision settings. We exploit a key publicly disclosed signal of fundamentals, namely accounting data, for 68 currency and systemic banking crises in 17 countries. We find that precrisis accounting signals of fundamentals are significantly lower only in low-precision countries.
Scope of Project
JEL Classification:
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D82 Asymmetric and Private Information; Mechanism Design
E44 Financial Markets and the Macroeconomy
G01 Financial Crises
G14 Information and Market Efficiency; Event Studies; Insider Trading
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
L25 Firm Performance: Size, Diversification, and Scope
M40 Accounting and Auditing: General
D82 Asymmetric and Private Information; Mechanism Design
E44 Financial Markets and the Macroeconomy
G01 Financial Crises
G14 Information and Market Efficiency; Event Studies; Insider Trading
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
L25 Firm Performance: Size, Diversification, and Scope
M40 Accounting and Auditing: General
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