Syfte: Tidigare forskning visar på en positiv abnormal avkastning på företagets aktiekurs vid återköp av aktier. Få studier har vidare undersökt om denna avkastning skiljer sig beroende på frekvensen av återköp. Området kring återköp av aktier är relativt outforskat i Sverige och sedan återköp blev tillåtet år 2000 har det varit en finanskris. Denna studie syftar därmed till att fylla ut forskningsgapet i Sverige med att studera återköp och dess påverkan på avkastningen på den svenska aktiemarknaden, med hänsyn till återköpsfrekvens. Studien är avgränsad till lågkonjunkturen mellan åren 2010-2014 för att se eventuell skillnad från tiden före finanskrisen. Metod: För att besvara studiens syfte har en eventstudie genomförts. Aktiekursdata för de företag som genomfört återköpsprogram under de studerade åren har samlats in från Nasdaq OMX Stockholm. Av dessa aktiekursdata har kumulativ abnormal avkastning beräknats för att jämföras mellan grupper och andra studier samt genomföra t-test och envägs-ANOVA. Studiens data består av 68 återköpsprogram fördelat på 41 företag som har delats in i frekvensbaserade grupper på ”1”, ”2-3” och ”4-5” stycken återköpsprogram. Resultat & slutsats: Studiens resultat stödjer den tidigare forskningen om att återköp ger en positiv abnormal avkastning. Resultatet stödjer även signaleringsteorin om att återköp signalerar undervärdering vilket leder till att investerare pressar upp aktiepriset. Resultatet visar däremot inget stöd till de studier som har visat på att återköpsfrekvensen ska ha betydelse för avkastningen eller att avkastningen skulle ha varit högre under lågkonjunktur. På grund av få och motsägande forskning kring detta behövs det mer forskning som kan förtydliga frekvensen och lågkonjunkturens påverkan på avkastningen. Examensarbetets bidrag: Det är intressant ur företagsekonomisk synpunkt att se vilken effekt återköp får på aktiepriset när företag funderar på att utnyttja bemyndigande om återköpsprogram. Denna studie visar att företag i Sverige kan förvänta sig en positiv abnormal avkastning vid annonsering av ett återköpsprogram, i likhet med andra miljöer. Studien visar även att frekvensens och lågkonjunkturens betydelse fortfarande är oviss. Förslag till fortsatt forskning: Eftersom studien endast har undersökt den kortsiktiga avkastningen vid återköp av aktier vore mer forskning kring den långsiktiga avkastningen intressant. Studien har inte heller studerat egenskaper hos företagen som gör återköp. Eventuella skillnader mellan företag som gör enstaka respektive frekventa återköp vore intressant att se. / Aim: Previous research has indicated that share repurchases result in a positive abnormal return on company's share price but only a few studies have examined further if return on share price differs depending on frequency of share repurchases. In Sweden share repurchases are quite unresearched field of study and after share repurchases became legal in 2000 there has been a financial crisis. This study aims to fulfil the research gap in Sweden and examine share repurchases' effect to return on share prices depending on frequency of share repurchase on Swedish stock market. Time period of the study has narrowed down to recession between years 2010-2014 to see eventual difference from time before recession. Method: To fulfil the aim of the study event study methodology has been used. The share data for companies that have repurchased shares in chosen time period has been collected from Nasdaq OMX Stockholm. Based on share data cumulative abnormal returns for every share repurchase group have been calculated to compare groups and different time periods. Cumulative abnormal returns are even used to accomplish t-test and one-way ANOVA. Data of the study consist of 68 share repurchase programs that were announced by 41 companies. Those 68 repurchase programs were distributed to three frequency based groups that were ”1”, ”2-3” and ”4-5” share repurchase programs. Result & Conclusions: Results of the study are consistent with the previous research about share repurchases resulting in a positive abnormal return. The results are also consistent with the previous research about repurchases signaling an undervalued stock which leads to an increase in interests from the investors. On the contrary this study is not consistent with the previous research about repurchase frequency and recession's impact to return. Because there are only a few studies about repurchasing frequency and recession's impact to return and the results of studies are contradictory, more research needs to be done. Contribution of the thesis: It is interesting to see which kind of effect share repurchases result in share price when company is utilizing authorization of share repurchase program. This study indicates that a company in Sweden can predict a positive abnormal return by announcing about repurchase program. The study indicates even that repurchase frequency and recession's impact to return are still uncertain. Suggestions for future research: As this study has only examined share repurchases' short-term effect to return on share price, it would be interesting to research long-term effect to return on share price. Also characteristics of companies that repurchase shares and eventual differences between companies that repurchase shares frequent and infrequent would be interesting to see.

Made available in DSpace on 2014-12-17T15:30:55Z (GMT). No. of bitstreams: 1 Eudivar Correia de Farias Neto_DISSERT.pdf: 1661843 bytes, checksum: 00073311cd74dc1565ed066097489ecc (MD5) Previous issue date: 2010-07-27 / This study clinically evaluated the relationship of gingival recessions with the periodontal index of gingival and plaque, dental alignment, keratinized mocous, type of periodontal, and occlusal disorders. Study participants were individuals aged between 19 and 33 years. The evaluations were performed by using questionnaires and clinical examinations. In subjects examined, the teeth were assessed and divided into groups (Molars, premolars, canines and incisors). The gingival recession were measured in the central region of the teeth and individuals were subject to disclosure to the plate and observing the poll of plaque and gingival index, respectively. 558 teeth were examined, with 24.1%, 135 had gingival recession greater than or equal to 1mm. Through the combination of tests used to evaluate the average of the recession and its relationship with the variables studied, we observed that the degree of recession of the elements assessed dental showed, almost for the most part, when higher values associated with the index plaque (p = 0.101), Gingival Index (p = 0.053), dental alignment (p = 0.962), width of keratinized mocous (p = 0.004) and type of periodontium (p = 0.033), however statistically significant difference could only be considered when related the recessions in the keratinized mocous and the type of the periodontium. Although we identify, when we evaluate the whole set of teeth that occlusal disturbances (p = 0.002) were more strongly associated with cases of gum recession that the gingival index (p = 0.006), however, these two conditions were correlated with the cases of recession, contributing to its occurrence / Este trabalho avaliou clinicamente a rela??o das recess?es gengivais com o ?ndice de placa, ?ndice gengival, alinhamento dental, mucosa ceratinizada, tipo de periodonto, e dist?rbios oclusais. Participaram do estudo indiv?duos com idades variando entre 19 e 33 anos. As avalia??es foram realizadas utilizando-se question?rios e exames cl?nicos. Nos indiv?duos examinados, os dentes foram avaliados e divididos por grupos (Molares, pr?molares, caninos e incisivos). As recess?es gengivais foram mensuradas na regi?o central dos dentes e os indiv?duos foram submetidos ? evidencia??o de placa e sondagem para observa??o dos ?ndices de placa e gengival, respectivamente. Foram examinados 558 dentes, sendo que 24,1%, isto ?, 135 apresentavam recess?o gengival maior ou igual a 1mm. Por meio dos testes de associa??o utilizados para avalia??o da m?dia das recess?es e sua rela??o com as vari?veis pesquisadas, observou-se que o grau de recess?o dos elementos dent?rios avaliados apresentaram, quase que em sua maioria, valores m?dios maiores quando associados ao ?ndice de Placa (p=0,101), ?ndice de Gengival (p=0,053), alinhamento dent?rio (p=0,962), largura da mucosa ceratinizada (p=0,004) e tipo de periodonto (p=0,033), no entanto diferen?a estatisticamente significante s? p?de ser considerada quando relacionamos as recess?es com a mucosa ceratinizada e com o tipo do periodonto. Ainda foi poss?vel identificar, quando avaliamos todo o conjunto dos dentes que os dist?rbios oclusais (p=0,002) estiveram mais fortemente associados aos casos de recess?o gengival que o ?ndice gengival (p=0,006), no entanto, essas duas condi??es se mostraram correlacionadas com os casos de recess?o, contribuindo na sua ocorr?ncia

This article analyzes the relationship that Law may have with the ield of macroeconomics, under the premise that Law and Economics has traditionally focused on the relationship between Law and microeconomics. For this purpose, the author makes a summary of the differences between the both ields of economics, and a summary of the tools Law and Economics has collected from them. It is described how the academic coming together between Law and macroeconomics has been driven by the global economic crisis that began in 2008. It is then described how the study and interpretation of legal institutions can consider their macroeconomic context. / El presente artículo realiza un análisis de la relación que puede tener el Derecho con la macroeconomía, bajo la premisa de que el Análisis Económico del Derecho tradicionalmente se ha centrado en la relación entre el Derecho y la microeconomía. Para este propósito el autor hace una síntesis de las diferencias entre ambos campos de la economía, y las herramientas que de ellos ha recogido el Análisis Económico del Derecho que conocemos. Se describe de qué forma el acercamiento académico entre el Derecho y la macroeconomía ha sido impulsado por la crisis económica mundial que comenzó el año 2008 y se explora la manera en que el estudio y la interpretación de las instituciones jurídicas puede tomar en cuenta el contexto macroeconómico en que éstas se desenvuelven.

This paper discusses the analytical arguments used to explain the international financial crisis thatbroke out in 2007. First, we stress Ben Bernanke’s global saving glut hypothesis, which holds that the causes of the financial instability in the USA were exogenous and primarily triggered by the actions of developing countries, the effects of which escaped the control of the American financial and monetary authorities. We then review the criticism of this hypothesis and the correction that Bernake himself applied, which admits, as being foremost, the existence of factors other than the actions of developing countries. Below, we present the theory of credit development and regulatory failures, which includes the unprecedented growth in credit and financial leverage amid increasing financial deregulation. Finally, we review the central ideas of Hyman Minsky, which stress the systemic nature of the crisis in the capitalist economy.The theory of credit development and regulatory failures strikes us as the most fitting, as the evidence in its favor is substantial; what is more, Bernanke amended his initial approach and incorporated elements of this hypothesis. The recent study by Reinhart and Rogoff (2009) isconsiderably broader, analyzing several centuries of crisis and allowing the recent crisis to be reconciled with the credit development and regulatory failures theory. / Este trabajo discute los argumentos analíticos que se usaron para explicar la crisis financiera internacional que se desató a partir de 2007. Empezamos con la hipótesis del «exceso de ahorro» desarrollada por Ben Bernanke, quien sostiene que la causa de los desequilibrios financieros en EEUU fue exógena, generada, básicamente, por acciones de países en desarrollo, y que sus efectos escapaban al manejo de las autoridades monetarias y financieras norteamericanas. Luego revisamos la crítica que se le hizo y la corrección que él mismo procesó en la que se admite, como elemento prioritario, la existencia de otros factores distintos de las acciones de los países en desa- rrollo. A continuación, presentamos la hipótesis del «desarrollo del crédito y falencias regulatorias» en las que se destaca la ampliación sin precedentes del crédito y el apalancamiento financiero, en medio de creciente desregulación financiera. En tercer lugar, revisamos las ideas centrales de Hyman Minsky que destacan el carácter sistémico de las crisis en la economía capitalista.La hipótesis de crédito y falencia regulatorias nos parece la más acertada, pues la evidencia a su favor es sustancial y, además, también Bernanke corrige su enfoque inicial e incorpora los elementos de este segundo enfoque. El reciente trabajo Reinhart y Rogoff (2009) siendo bastante más amplio, pues estudia varios siglos de crisis, con respecto a la crisis reciente podría ser ubicado dentro de la hipótesis del «desarrollo del crédito y falencias regulatorias».

The economic crisis and the phenomenon of globalization have generated such a   great impact on States that it has also had an effect onConstitutional Law, since the attention has beenturned towards the possibilities of constitutional reforms  and the question about the role the Constitutions should play in this scenery.In this context, the author states that the crisis must be seen as an opportunity to reconfigurate the relations between the State and the citizens. She maintains that because of the crisis, paradoxes have been created and made evident, and in the solution of  those  paradoxes  Constitutional Law and the Constitutions of each State can be of valuable help. / La crisis económica y el fenómeno de la globalización han generado un impacto tan grande en los Estados que ello ha repercutido también enel Derecho Constitucional, pues se ha volcado la atención hacia las posibilidades de reforma constitucional y la pregunta sobre cuál es el rol a desempeñar por las Constituciones en este contexto.Ante esta situación, la autora plantea que la crisis debe ser vista como una oportunidad de reconfigurar las relaciones entre el Estado y los ciudadanos. Sostiene que por la crisis se han generado y hecho evidentes paradojas en cuya solución el Derecho Constitucional y las Constituciones de cada Estado pueden ser una valiosa herramienta.

Objetivo: O objetivo deste estudo clínico, controlado, randomizado, foi comparar duas técnicas cirúrgicas para recobrimento radicular com enxerto de matriz dérmica acelular (EMDA) para avaliar qual procedimento proporcionaria maior recobrimento radicular e quantidade de tecido queratinizado. Materiais e Métodos: Foram selecionados 15 pacientes com retrações gengivais bilaterais Classe I ou II de Miller. Os 15 pares de retrações foram designados e tratados aleatoriamente no grupo teste, e as retrações contralaterais no grupo controle. O EMDA foi utilizado em ambos os grupos. No grupo controle o enxerto e o retalho foram posicionados no nível da junção amelocementária (JAC), e no grupo teste o enxerto foi estabilizado 1 mm apical a JAC e o retalho 1 mm coronal a JAC. Os parâmetros clínicos avaliados foram profundidade de sondagem (PS), nível clínico de inserção relativo (NCIR), altura da retração gengival (RG), e a altura (GQ) e espessura da gengiva queratinizada (EGQ). A área da retração gengival (ARG), um novo parâmetro, foi medida em fotografias padronizadas através da utilização de um aparelho apropriado e um programa de computador. As medidas foram tomadas antes das cirurgias e após 6 meses das mesmas. Resultados: No exame inicial todos os parâmetros foram similares para ambos grupos. Houve diferença estatisticamente significante favorecendo a técnica proposta para todos os parâmetros com exceção da quantidade de tecido queratinizado após 6 meses. Conclusão: A técnica teste proposta se mostrou mais adequada para procedimentos de recobrimento radicular com EMDA, e o novo parâmetro avaliado parece ser apropriado para análises de recobrimento radicular. (Protocolo de registro Clinicaltrials.gov: NCT01175720) / Aim: The aim of this randomized, controlled, clinical study was to compare two surgical techniques for root coverage with the acellular dermal matrix graft (ADMG) to evaluate which procedure could provide better root coverage and greater amounts of keratinized tissue. Materials and Methods: Fifteen patients with bilateral Miller Class I or II gingival recessions were selected. Fifteen pairs of recessions were treated and assigned randomly to the test group, and the contralateral recessions were assigned to the control group. The ADMG was used in both groups. In the control group the graft and flap were positioned at the level of the cemento-enamel junction (CEJ), and in the test group the graft was positioned 1mm apical to the CEJ and the flap 1mm coronal to the CEJ. The clinical parameters evaluated were probing depth (PD), relative clinical attachment level (RCAL), gingival recession height (GR) and the width (KT) and thickness of keratinized tissue (TKT).The gingival recession area (GRA), a new parameter, was measured in standardized photographs through a special device and software. The measurements were taken before the surgeries and after 6 months. Results: At baseline, all parameters were similar for both groups. There were statistically significant differences favouring the proposed technique for all parameters except for the amount of keratinized tissue at 6 months. Conclusions: The proposed test technique is more suitable for root coverage procedures with ADMG, and the new parameter evaluated appears valuable for root coverage analysis.(Clinicaltrials.gov Identifier: NCT01175720).

Objetivo: Este trabalho avaliou o recobrimento radicular obtido por duas técnicas de cirurgia plástica periodontal em pacientes fumantes graves, através de análises clínica, histológica e laboratorial. Materiais e Métodos: Foram selecionados 20 pacientes fumantes graves que apresentavam ao menos duas retrações classes I ou II de Miller em dentes não molares, bilateralmente. Os parâmetros clínicos avaliados foram: profundidade de sondagem (PS), nível clínico de inserção (NCI), altura (AR) e largura das retrações (LR), altura (AM) e espessura da mucosa queratinizada (EM) e altura e base das papilas mesiais e distais à retração. Um lado recebeu retalho posicionado coronalmente, enquanto no outro lado foi utilizada a técnica de retalho estendido. Ambos os procedimentos foram associados ao enxerto de tecido conjuntivo subepitelial. Biópsias foram feitas durante os procedimentos cirúrgicos para quantificação dos vasos sanguíneos utilizando de avaliação imunohistoquímica. Coleta de saliva foi realizada pré tratamento e após 3 e 6 meses, como forma de avaliar, por meio de ensaio imunoenzimático (ELISA), a exposição ao fumo durante o período completo do estudo. Resultados: Os parâmetros clínicos avaliados não apresentaram diferença estatística entre grupos ou intra-grupos. Os pacientes mantiveram a mesma exposição ao fumo durante os 6 meses avaliados. O recobrimento radicular obtido foi baixo para ambas as técnicas estudadas (43,18% para técnica padrão e 44,52% para técnica teste). O retalho apresentou menor quantidade de vasos sanguíneos do que o tecido do enxerto (13,49 ± 5,48 contra 18,69 ± 4,87, p= 0,0001). Conclusão: O fumo prejudicou intensamente os resultados de ambas as técnicas empregadas, reduzindo o recobrimento radicular, a frequência de recobrimento total e a quantidade de vasos sanguíneos nos tecidos. Não houve diferença entre as técnicas testadas. / Background: The aim of this study was to evaluate the root coverage obtained by two different periodontal plastic techniques in severe smokers, analyzing clinical, laboratorial and histological parameters. Methods: Twenty severe smokers were selected. Each patient had bilateral Miller class I or II gingival recessions in non-molar teeth. Clinical measurements of probing pocket depth (PPD), clinical attachment level (CAL), recession height (RH) and recession width (RW), keratinized mucosa height (KMH) and keratinized mucosa thickness of (KMT) and height and width of the adjacent papillae were determined at baseline, 3 and 6 months. One side received coronally positioned flap, while the other side received the extended flap technique, both procedures in conjuction with the subeptelial connective tissue graft (SCTG). Biopsies from SCTGs and flaps were prepared for immunohistochemistry. Blood vessels were identified and counted by coexpression of Factor-VIII related antigen stained endothelial cells. Salivary cotinine samples were taken at baseline and after 3 and 6 months, as an indicator of the level of exposure to nicotine. Results: Between groups or intra groups analysis showed no statistical differences for the evaluated clinical parameters. Patients maintained the same exposure to smoke during the 6 months evaluation periods. Both techniques had low root coverage (standard technique: 43.18% and test technique: 44.52%). Histomorphometry of biopsies revealed blood vessel densities of 13.49 ± 5.48 vessels/200x field for the flaps, and of 18.69 ± 4.87 vessels/200x field for the grafts (p = 0.0001). Conclusion: The extend flap technique did not differ from standart technique for recession treatment of severe smoking patients.

Made available in DSpace on 2014-08-20T14:30:09Z (GMT). No. of bitstreams: 1 Dissertacao_hugo_ramalho.pdf: 1163967 bytes, checksum: 5735b7a46397cc9fceb1883f7a66141c (MD5) Previous issue date: 2013-03-18 / This study was composed by two phases that evaluated two gingival displacement (GD) techniques, conventional and cordless: 1- a in vitro study which assess cytoxicity/genotoxicity, and pH of AlCl3-based agents; and 2- a randomized clinical which evaluated the efficacy of these techniques. For in vitro phase, eluates were obtained by dilution of AlCl3-based into culture medium for 1h, 4h, and 24h. pH values were measured by digital pHmeter, cytotoxicity by MTT test and genotoxicity by Micronuclei test. A crossover, double-blind, randomized clinical trial was designed to evaluate clinical, immunologic and individual factors before and after GD by two techniques, conventional (gingival cord + astringent gel) and cordless (astringent-based paste). These factors were evaluated on incisors prepared for metal-ceramic dental crowns before, 1 day post-GD and 10 day post-GD. Interleukin 1&#946;, Interleukin 6 and Tumor Necrosis Factor &#945; concentrations were evaluated on gingival crevicular fluid collected before (control) and 1 day post-GD. In vitro data were analyzed by two-way ANOVA and Tukey test. Clinical data were analyzed by One-way Repeated Measures ANOVA and Tukey test (immunologic factor), Friedman test (periodontal parameters), and Fisher Exact or Qui-square test (pain, stress, and unpleasant flavor during GD). All test were realized considering p<0.05. Mean pH values were statistically higher for Viscostat than Expasyl. Both astringents were non-cytotoxic at 1h. Expasyl was more cytotoxic than Viscostat at 4h and 24h. Expasyl genotoxicity was not different from control group. Neither of the two evaluated techniques resulted in worse periodontal indices. Conventional technique was statistically more stressing than cordless, and similar considering pain and unpleasant taste. GD by the both 11 treatments evaluated led to statistically higher mean concentrations of the three interleukins evaluated. Conventional GD technique resulted in the highest interleukins levels. In vitro, AlCl3-based astringents presented acceptable biological activity with no genotoxic difference between Expasyl and control group. In vivo, cordless technique was less stressful and resulted in lower cytokines levels after GD / Este estudo foi composto por duas fases que avaliaram duas técnicas para afastamento gingival (AG), convencional e sem fio: 1- um estudo in vitro que avaliou acitotoxicidade/genotoxicidade, e o pH de agentes à base de AlCl3; e 2- um ensaio clínico randomizado que avaliou a eficácia destas técnicas. Na fase in vitro, eludatos foram obtidos pela diluição dos eluates agentes à base de AlCl3 em meio de cultura por 1h, 4h e 24h. Os valores de pH foram aferidos por pHmetro digital, citotoxicidade pelo teste MTT e genotoxicidade pelo teste do Micronúcleo. Um ensaio clínico randomizado, cruzado, duplo-cego foi concebido para avaliar fatores clínicos, imunológicos e individuais antes e após AG por duas técnicas, convencional (C: fio gengival + gel adstringente) e sem fio (SF: pasta à base de adstringente). Estes fatores foram avaliados em incisivos preparados para coroas metalo-cerâmicas antes, 1 dia e 10 dias após AG. As concentrações de Interleucina 1&#946;, Interleucina 6 e Fator de Necrose Tumoral &#945; foram avaliadas no fluido gengival crevicular coletado antes (controle) e 1 dia após AG. Os dados do estudo in vitro foram analisados por ANOVA 2-fatores e teste de Tukey. Os dados do ensaio clínico foram analiados por ANOVA para medidas repetidas e teste de Tukey (fator imunológico), teste de Friedman (parâmetros periodontais), e Exato de Fisher ou teste Qui-quadrado (dor, estresse e sabor desagradável). Todos os testes consideraram p<0.05. Os valores médios de pH foram estatísticamente superiores para C que para SF. As técnicas não foram citotóxicas no tempo de 1h. SF foi mais citotóxica que C em 4h e 24h. A genotoxicidade SF foi semelhante à do grupo controle. Nenhuma das técnicas avaliadas resultou em piora nos indices periodontais. Atétnica C foi mais estressante 9 que a SF, e semelhantes considerando dor e sabor desagradável. AG realizado por ambas as técnicas levou a maiores concentrações médias das três citocinas avaliadas. C resultou nos maiores níveis de interleucinas. In vitro, os adstringentes apresentaram atividade biológica aceitável, sem diferença na genotoxicidade entre as técnicas. In vivo, SF foi menos estressante e resultou em menores níveis de citocinas após AG

本研究探討過度自信經理人於經濟衰退階段時之併購行為。本研究蒐集S&P1500大企業於1993年至2016年的資料，對過度自信經理人於景氣衰退階段的併購機率、宣告效果、長期股價表現進行分析。因為過度自信經理人低估景氣衰退所造成的高度不確定性，同時高估本身能夠透過併購所創造的公司價值，我們預期過度自信經理人相較非過度自信經理人更容易在景氣衰退的階段進行併購。然而實證結果過顯示過度自信經理人的併購機率於2008年金融海嘯後大幅下降，減少併購的幅度顯著高於非過度自信經理人。此結果和過去文獻一致，說明在財務資源不足的情況下，過度自信經理人會比非過度自信經理人更不願意投資。因為過度自信經理人高估自家公司權益價值，認為資本市場低估其權益價值，就算面對能為公司創造價值的投資案時也不願意向外發行股票籌資，因而導致他們在經氣衰退時較非過度自信經理人投資更保守。 / The study examines the behaviors of overconfident CEOs during recessions using firms included in S&P 1500 Index from 1993 to 2016. We propose that overconfident CEOs would undertake more M&As than non-overconfident CEOs during recessions for their biased beliefs lead them to underestimating the risk they would incur in recessions and overestimating the synergy they can create through M&As. However, we found that, during and after the 2008 Recessions, overconfident CEOs reduce significantly more in undertaking M&As than non-overconfident CEOs. The results are consistent with past literatures and suggest that decrease in financial resources caused by recession lead overconfident CEOs, who overestimate the value of their own equity and are unwilling to issue new equity, to reducing more in undertaking M&As than non-overconfident CEOs after and during recession.

This paper examines the synchronization of business cycles across the G7 countries during US recessions since the 1870's. Using a dynamic measure of business cycle synchronization, results depend on the globalisation period under consideration. On average, US recessions have significantly positive effects on business cycle co-movements only in the period following the breakdown of the Bretton Woods system of fixed exchange rates, while strongly decoupling effects among the G7 economies are documented during recessions that occurred under the classical Gold Standard. During the 2007-2009 recession, business cycles co-movements increased to unprecedented levels. (author's abstract) / Series: Department of Economics Working Paper Series