We develop a model predicting two channels through which creditor protection affects stock prices: (1) the probability of a liquidity crisis leading to a binding investment-finance constraint falls with better creditor protection; (2) the stock prices under the investment-constrained regime increase with better creditor protection. We find evidence for both predictions using data on stock marke...

We study an incentive model of financial intermediation in which firms as well as intermediaries are capital constrained. We analyze how the distribution of wealth across firms, intermediaries, and uninformed investors affects investment, interest rates, and the intensity of monitoring. We show that all forms of capital tightening (a credit crunch, a collateral squeeze, or a savings squeeze) hi...

Tourism as one of the most economically important industries is also one of the most vulnerable to crises and disasters. This study is focused on measuring the short-term impact of a recent incidence, the 2010 BP Gulf oil spill, using a systems perspective. Drawing from two datasets measuring the performance of the hotel and vacation rental industries, a major part of the accommodation industry...

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While most large river-deltas in the world are facing the risk of subsidence and erosion in the Anthropocene, it is suspected that the Changjiang submerged delta (CSD) could be subjected to the impacts of the world's largest dam, the Three Gorges Dam (TGD). Here we firstly indicate that the CSD went through high accumulation (1958-1978); slight accumulation (1978-1997), slight erosion (1997-200...

Throughout the 1960s and 1970s, social psychologists diagnosed their field as suffering a state of disciplinary crisis. The crisis was a multifaceted one, but issues of methodology, social relevance, and disciplinary, philosophical, and theoretical orientation were the primary areas of concern. Given that these issues have been prominent ones throughout the history of the social and behavioral ...

How should forward-looking managers plan advertising if they envision a productharm crisis in the future? To address this question, we propose a dynamic model of brand advertising in which, at each instant, a non-zero probability exists for the occurrence of a crisis event, which damages the brand’s baseline sales and may enhance or erode marketing effectiveness when the crisis occurs. Because ...