Towards a Political Theory of the Firm -- by Luigi Zingales
Neoclassical theory assumes that firms have no power of fiat any different from ordinary market contracting, thus a fortiori no power to influence the rules of the game. In the real world, firms have...
View ArticleProductivity, Taxes, and Hours Worked in Spain: 1970-2015 -- by Juan Carlos...
In the early 1970s, hours worked per working-age person in Spain were higher than in the United States. Starting in 1975, however, hours worked in Spain fell by 40 percent. We find that 80 percent of...
View ArticleEven the Representative Agent Must Die: Using Demographics to Inform...
We develop a demographically-based approach for estimating the utility discount rate (UDR) portion of the Ramsey rule. We show how age-specific mortality rates and life expectancies imply a natural UDR...
View ArticleWhy Do Defaults Affect Behavior? Experimental Evidence from Afghanistan -- by...
We report on an experiment examining why default options impact behavior. Working with one of the largest private firms in Afghanistan, we randomly assigned each of 949 employees to different variants...
View ArticleVulnerability and Clientelism -- by Gustavo J. Bobonis, Paul Gertler, Marco...
Political clientelism is often deemed to undermine democratic accountability and representation. This study argues that economic vulnerability causes citizens to participate in clientelism. We test...
View ArticleWhat Sets College Thrivers and Divers Apart? A Contrast in Study Habits,...
Students from 4-year colleges often arrive having already done very well in high school, but by the end of first term, a wide dispersion of performance emerges, with an especially large lower tail....
View ArticleA Welfarist Role for Nonwelfarist Rules: An example with envy -- by Matthew...
I propose and formalize an argument for why economists working in the welfarist normative tradition should include nonwelfarist principles in how they judge economic policy. The key idea behind this...
View ArticleOptimal Regulation of Financial Intermediaries -- by Sebastian Di Tella
I characterize the optimal financial regulation policy in an economy where financial intermediaries trade capital assets on behalf of households, but must retain an equity stake to align incentives....
View ArticleCheck Up Before You Check Out: Retail Clinics and Emergency Room Use -- by...
Retail clinics are an innovation that has the potential to improve competition in health care markets. We use the universe of emergency room (ER) visits in New Jersey from 2006-2014 to examine the...
View ArticleThe Employment Effects of Minimum Wages: Some Questions We Need to Answer --...
The literature on the employment effects of minimum wages is about a century old, and includes hundreds of studies. Yet the debate among researchers about the employment effects of minimum wages...
View ArticleImplementation monitoring of PFMI: Level 2 assessment report for Singapore
IOSCO/MR/20/2017read more...
View ArticleImplementation monitoring of PFMI: Level 2 assessment report for Singapore
Implementation monitoring of PFMI: Level 2 assessment report for Singapore published by the Committee on Payments and Market Infrastructures and the Board of the International Organization of...
View ArticleCorrelations and Flow of Information between The New York Times and Stock...
We use Random Matrix Theory (RMT) and information theory to analyze the correlations and flow of information between 64,939 news from The New York Times and 40 world financial indices during 10 months...
View ArticleNetwork analysis of Japanese global business using quasi-exhaustive...
Network analysis techniques remain rarely used for understanding international management strategies. Our paper highlights their value as research tool in this field of social science using a large set...
View ArticleSequence Classification of the Limit Order Book using Recurrent Neural...
Recurrent neural networks (RNNs) are types of artificial neural networks (ANNs) that are well suited to forecasting and sequence classification. They have been applied extensively to forecasting...
View ArticleLinear and nonlinear correlations in order aggressiveness of Chinese stocks....
The diagonal effect of orders is well documented in different markets, which states that orders are more likely to be followed by orders of the same aggressiveness and implies the presence of...
View ArticleSurplus-Invariant, Law-Invariant, and Conic Acceptance Sets Must be the Sets...
The regulator is interested in proposing a capital adequacy test by specifying an acceptance set for firms' capital positions at the end of a given period. This set needs to be surplus-invariant, i.e.,...
View ArticleImpact and Recovery Process of Mini Flash Crashes: An Empirical Study....
In an Ultrafast Extreme Event (or Mini Flash Crash), the price of a traded stock increases or decreases strongly within milliseconds. We present a detailed study of Ultrafast Extreme Events in stock...
View ArticleWax and wane of the cross-sectional momentum and contrarian effects: Evidence...
This paper investigates the time-varying risk-premium relation of the Chinese stock markets within the framework of cross-sectional momentum and contrarian effects by adopting the Capital Asset Pricing...
View ArticlePower-law tails in the distribution of order imbalance. (arXiv:1707.05550v1...
We investigate the probability distribution of order imbalance calculated from the order flow data of 43 Chinese stocks traded on the Shenzhen Stock Exchange. Two definitions of order imbalance are...
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