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The speed and symmetry of price adjustments to changes in market conditions or to macroeconomic shocks affect economic efficiency since there may be missal location costs when prices are not in equilibrium. Price rigidity has been related to market structure [Means (1935), Hall and Hitch (1939)] and, more recently, to costs faced by firms when they change prices. The costs can be direct, for example menu costs [Rotemberg (1982); Rotemberg and Saloner (1986); Benabou and Gertner (1993)], or indirect when firms face quantity adjustment costs [Ginsburgh and Michel (1988); Pindyck (1993), (1994); Borenstein et al. (1997)]. Fixed or variable costs at changing prices, together with a price inelastic demand for the product, cause changes in the profit maximizing prices to lag behind changes in production costs. One important piece of research is to study the effect of market power on the price adjustment speed [Carlton (1986)].
In the case of loan and deposit interest rates, the flexibility in the adjustments to changes in the money market interest rate determines the effectiveness of the monetary policy and the relationship between money supply and aggregate output. Research on interest rate rigidity using bank level data started in the US with papers such as Hannan and Berger (1991), Neumark and Sharpe (1992) and Hannan (1994) on deposit interest rates; and Ausubel (1989) and Calem et al. (1995) on credit card loans. More recent pieces of work focus on European countries, such as Hofman and Mizen (2004) for the UK, Gambacorta (2004) for Italy, Weth (2002) for Germany and De Graeve et al. (2004) for Belgium.
Insulin resistance has been linked to diabetes, hypertension, dyslipidemia and
cardiovascular disease. Obesity is a common thread among metabolic disorders (Reilly an Rader 2003) as well as cardiovascular disease (Haffner 1997; Lempiainen, Mykkanen et al. 1999) and is associated with insulin resistance.(Goodpaster, Thaete et al. 1997) In addition to generalized obesity by either body fat or body mass index (BMI) criteria, insulin resistance is also associated with the distribution of body fat, including abdominal visceral fat (Goodpaster, Thaete et al. 1997) and fat accumulation within skeletal muscle.(Goodpaster, Thaete et al. 2000) There is also increasing evidence that impaired capacity for fat oxidation in obesity and type 2 diabetes is related to insulin resistance (Kelley, Goodpaster et al. 1999) Thus, the metabolic disturbances of insulin resistance and type 2 diabetes appear to be more global to include dysregulated fat metabolism as well as impaired glucose metabolism.
The alarming increase in obesity in the U.S. (Mokdad, Ford et al. 2003) and around the world (Hernandez, Cardonnet et al. 1987; al-Isa 1995; Hodge, Dowse et al. 1995; Flegal, Carroll et al. 1998; Arroyo, Loria et al. 2000) is a paramount public health concern affecting children, middle-aged and older men and women across a variety of ethnic and racial groups. The increase in obesity has led to a marked increase in the metabolic syndrome (Ford, Giles et al. 2002) creating additional risks for type II diabetes and cardiovascular disease. Data from the Framingham study have established an increased incidence of cardiovascular events with increasing weight (Hubert, Feinleib et al. 1983; Colditz, Willett et al. 1995) and weight gain was a significant risk factor for development of diabetes. The association of obesity with the insulin resistance syndrome is not only related to the degree of obesity but is dependent on body fat distribution. Thus, individuals with greater degrees of central adiposity develop this syndrome more frequently than do those with a peripheral body fat distribution.(Kissebah and Krakower 1994).
Should a firm have any interest in the market liquidity of its securities? This question is central in much of the research in market microstructure. Previous studies have tried to answer this question by relating liquidity to the firm's cost of capital. However, the empirical evidence to date on this issue is somewhat mixed. This paper takes a different approach to test whether liquidity matters to the firm by examining an event that links liquidity to an easily observable component of the firm's cash flows.
