Update On Very Disconcerting Developments In Communist China And A Deeper...
As P.T. Barnum, our new cartoon, carnival-barking, shyster U.S. president gets ready to take office, (The true Trump is already starting to reveal himself.) I wanted to talk about some of what is...
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The Value of Risk-Based Capital in Financial Regulation
Photo Credit: elycefeliz || Duck, it’s a financial crisis! read more...
View ArticleMeasuring and Analyzing the Shares of Economic Growth Sources in the Mining...
The purpose of this study is to measure the Total Factor Productivity (TFP) growth and determine the share of each of the economic growth sources in the mining sector of Iran. The time period of this...
View ArticleA New Set of Financial Instruments. (arXiv:1612.00828v1 [q-fin.PR])
We develop a new method for hedging derivatives based on the premise that a hedger should not always rely on a universal set of trading instruments that are used to form a linear portfolio of the...
View ArticleA Market Driver Volatility Model via Policy Improvement Algorithm....
In the over-the-counter market in derivatives, we sometimes see large numbers of traders taking the same position and risk. When there is this kind of concentration in the market, the position impacts...
View ArticleOptimal consumption and investment under transaction costs....
In this article we consider the Merton problem in a market with a single risky asset and transaction costs. We give a complete solution of the problem up to the solution of a free-boundary problem for...
View ArticleThe Great Recession and Charitable Giving -- by Jonathan Meer, David H....
We examine the impact of the Great Recession on charitable giving. We find sharp declines in overall donative behavior that is not accounted for by shocks to income or wealth. These results suggest...
View ArticlePrice Regulation, Price Discrimination, and Equality of Opportunity in Higher...
This paper assesses the importance of price regulation and price discrimination to low-income students' access to opportunities in public higher education. Following a policy change in the state of...
View ArticleMaking the One Percent: The Role of Elite Universities and Elite Peers -- by...
This paper estimates the effect of elite college admission on students' chances of attaining top positions in the economy, and explores the importance of peer ties as an underlying mechanism. I combine...
View ArticleThe Long-Run Effects of Childhood Insurance Coverage: Medicaid...
This paper exploits the original introduction of Medicaid (1966-1970) and the federal mandate that states cover all cash welfare recipients to estimate the effect of childhood Medicaid eligibility on...
View ArticleThe Effect of Early Education on Social Preferences -- by Alexander W....
We present results from the first study to examine the causal impact of early childhood education on social preferences of children. We compare children who, at 3-4 years old, were randomized into...
View ArticleInvestment-less Growth: An Empirical Investigation -- by German Gutierrez,...
We analyze private fixed investment in the U.S. over the past 30 years. We show that investment is weak relative to measures of profitability and valuation - particularly Tobin's Q, and that this...
View ArticlePurchasing Power Disparity before 1914 -- by Peter H. Lindert
Economic historians' Divergence debates since 2000 have asked a different question from that asked by Angus Maddison. The issue has become "when did countries' contemporaneous purchasing powers...
View ArticleIdentifying the Benefits from Home Ownership: A Swedish Experiment -- by...
This paper studies the economic benefits of home ownership. Exploiting a quasi-experiment surrounding privatization decisions of municipally-owned apartment buildings, we obtain random variation in...
View ArticlePerformance Information and Personnel Decisions in the Public Sector: The...
Firms and other organizations establish the criteria under which employees will be judged and the performance measures made available to supervisors, the board of directors and other stakeholders, and...
View ArticleLabor Market Outcomes and Postsecondary Accountability: Are Imperfect Metrics...
Policymakers at the state and federal level are increasingly pushing to hold institutions accountable for the labor market outcomes of their students. There is no consensus, however, on how such...
View ArticleForeign Competition and Domestic Innovation: Evidence from U.S. Patents -- by...
Manufacturing is the locus of U.S. innovation, accounting for more than three quarters of U.S. corporate patents. The rise of import competition from China has represented a major competitive shock to...
View ArticleAccelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate...
We estimate the importance of household liquidity for the effect of the Car Allowance Rebate System (CARS) on vehicle transactions. We measure the average program impact by comparing households with...
View ArticleDo Female Executives Make a Difference? The Impact of Female Leadership on...
We investigate the effects of female executives on gender-specific wage distributions and firm performance. We find that female leadership has a positive impact at the top of the female wage...
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