When Should You Adjust Standard Errors for Clustering? -- by Alberto Abadie,...
In empirical work in economics it is common to report standard errors that account for clustering of units. Typically, the motivation given for the clustering adjustments is that unobserved components...
View ArticleCoCo Issuance and Bank Fragility -- by Stefan Avdjiev, Bilyana Bogdanova,...
The promise of contingent convertible capital securities (CoCos) as a "bail-in" solution has been the subject of considerable theoretical analysis and debate, but little is known about their effects in...
View ArticleWhat Rule for the Federal Reserve? Forecast Targeting -- by Lars E.O. Svensson
How would the policy rule of forecast targeting work for the Federal Reserve? To what extent is the Federal Reserve already practicing forecast targeting? Forecast targeting means selecting a policy...
View ArticleMore on ETFs -- A Little Craziness in High Yield Bond ETFs
I wrote a post a month or so ago on the risks from ETFs, in particular how ETFs on less liquid markets -- with high yield bonds being my poster child -- could cause problems for the market generally....
View ArticleWeekly Top 5 Papers – November 13th, 2017
1. Private Benefits in Public Offerings: Tax Receivable Agreements in IPOs by Gladriel Shobe (Brigham Young University – J. Reuben Clark Law School)read more...
View ArticleManagement Quality in Public Education: Superintendent Value-Added, Student...
We present evidence about the ways that school superintendents add value in Israel's primary and middle schools. Superintendents are the CEOs of a cluster of schools with powers to affect the quality...
View ArticleMeasuring Global Value Chains -- by Robert C. Johnson
Recent decades have seen the emergence of global value chains (GVCs), in which production stages for individual goods are broken apart and scattered across countries. Stimulated by these developments,...
View ArticleCharacterizing the Drug Development Pipeline for Precision Medicines -- by...
Precision medicines - therapies that rely on genetic, epigenetic, and protein biomarkers - create a better match between individuals with specific disease subtypes and medications that are more...
View ArticlePass-Through of Input Cost Shocks Under Imperfect Competition: Evidence from...
The advent of hydraulic fracturing lead to a dramatic increase in US oil production. Due to regulatory, shipping and processing constraints, this sudden surge in domestic drilling caused an...
View ArticleBid Shading and Bidder Surplus in the U.S. Treasury Auction System -- by Ali...
We analyze bidding data from uniform price auctions of U.S. Treasury bills and notes between July 2009-October 2013. Primary dealers consistently bid higher yields compared to direct and indirect...
View ArticleMissing Growth from Creative Destruction -- by Philippe Aghion, Antonin...
Statistical agencies typically impute inflation for disappearing products based on surviving products, which may result in overstated inflation and understated growth. Using U.S. Census data, we apply...
View ArticleThe 'China Shock', Exports and U.S. Employment: A Global Input-Output...
We quantify the impact on U.S. employment from imports and exports during 1995-2011, using the World Input-Output Database. We find that the growth in U.S. exports led to increased demand for 2 million...
View ArticleOrphan Drug Designations as Valuable Intangible Assets for IPO Investors in...
Orphan Drug (OD) legislation has been implemented with regulatory and financial incentives to encourage drug innovation in order to treat rare diseases. This study aims to test whether OD Designations...
View ArticleThe Information Pharms Race and Competitive Dynamics of Precision Medicine:...
Precision medicines inherently fragment treatment populations, generating small-population markets, creating high-priced "niche busters" rather than broadly prescribed "blockbusters". It is plausible...
View ArticleHow Well Do Automated Methods Perform in Historical Samples? Evidence from...
New large-scale data linking projects are revolutionizing empirical social science. Outside of selected samples and tightly restricted data enclaves, little is known about the quality of these "big...
View ArticleHandbook of Anti-Money Laundering - General Banking & Finance -...
Handbook of Anti-Money Laundering @wiley_finance https://t.co/l8L0holI2U â moneyscience (@moneyscience) November 20, 2017
View ArticleWeekly Top 5 Papers – November 20th, 2017
1. Private Benefits in Public Offerings: Tax Receivable Agreements in IPOs by Gladriel Shobe (Brigham Young University – J. Reuben Clark Law School)read more...
View ArticleCFTC Division of Market Oversight Issues No-Action Relief from Certain Timing...
The Commodity Futures Trading Commissionâs (CFTC) Division of Market Oversight (Division) today issued no-action relief to swap execution facilities (SEF) from the timing requirement within CFTC...
View ArticleCFTC’s Division of Clearing and Risk Extends No-Action Relief for...
The Commodity Futures Trading Commissionâs (CFTC) Division of Clearing and Risk (DCR) today issued a no-action letter extending the relief provided to the Shanghai Clearing House (SHCH) in CFTC...
View ArticleAsymptotic Analysis for Spectral Risk Measures Parameterized by Confidence...
We study the asymptotic behavior of the difference $\Delta \rho ^{X, Y}_\alpha := \rho _\alpha (X + Y) - \rho _\alpha (X)$ as $\alpha \rightarrow 1$, where $\rho_\alpha $ is a risk measure equipped...
View Article