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Data science for assessing possible tax income manipulation: The case of...
This paper explores a real-world fundamental theme under a data science perspective. It specifically discusses whether fraud or manipulation can be observed in and from municipality income tax size...
View ArticleThe microstructure of high frequency markets. (arXiv:1709.02015v1 [q-fin.TR])
We present a novel approach to describing the microstructure of high frequency trading using two key elements. First we introduce a new notion of informed trader which we starkly contrast to current...
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The fastest traders on Wall Street are in trouble
Total revenues by #HFTs from equity trading have dropped over 85% from $7.2 billion in '09 to $1.1 billion in '16 https://t.co/HDN66MucVh — moneyscience…
View ArticleDo You Find Your Calling or Craft It?
I listened to an episode of the Hidden Brain podcast in which Shankar Vedantam interviewed Yale Professor Amy Wrzesniewski.  The episode focuses on the notion of finding your calling.  When it comes to...
View ArticleShould Robots be Taxed? -- by Joao Guerreiro, Sergio Rebelo, Pedro Teles
We use a model of automation to show that with the current U.S. tax system, a fall in automation costs could lead to a massive rise in income inequality. This inequality can be reduced by raising...
View ArticleWho Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global...
Drawing on newly published macroeconomic statistics, this paper estimates the amount of household wealth owned by each country in offshore tax havens. The equivalent of 10% of world GDP is held in tax...
View ArticleEnjoying the Quiet Life: Corporate Decision-Making by Entrenched Managers --...
In this study, we empirically test "quiet life hypothesis," which predicts that managers who are subject to weak monitoring from the shareholders avoid making difficult decisions such as risky...
View ArticleThe Effects of Graduation Requirements on Risky Health Behaviors of High...
Previous studies have shown that years of formal schooling attained affects health behaviors, but little is known about how the stringency of academic programs affects such behaviors, especially among...
View ArticleHow do Credit Supply Shocks Affect the Real Economy? Evidence from the United...
Does an expansion in credit supply affect the economy by increasing productive capacity, or by boosting demand? We design a test to uncover which of the two channels is more dominant, and we apply it...
View ArticleMarket Power, Production (Mis)Allocation and OPEC -- by John Asker, Allan...
This paper estimates the extent to which market power is a source of production misallocation. Productive inefficiency occurs through more production being allocated to higher-cost units of production,...
View ArticleThe Origins of Financial Development: How the African Slave Trade Continues...
We assess how the African slave trade--which had enduring effects on social cohesion--continues to influence financial systems. After showing that the intensity with which people were enslaved and...
View ArticleUnderstanding Precautionary Cash at Home and Abroad -- by Michael W....
Has the need for precautionary savings driven the dramatic increase in U.S. corporate cash? We show that the run-up in cash is concentrated in foreign subsidiaries of multinational corporations....
View ArticleFinTech Adoption Across Generations: Financial Fitness in the Information Age...
This paper analyzes how better access to financial information via new technology changes use of consumer credit and affects financial fitness. We exploit the introduction of a smartphone application...
View ArticleLong-Term Care in Latin America and the Caribbean? Theory and Policy...
This paper discusses theoretical and practical issues related to long-term care (LTC) services in Latin America. Demand for these services will rise as the region undergoes a swift demographic...
View ArticleUncertainty Shocks as Second-Moment News Shocks -- by David Berger, Ian...
We provide evidence on the relationship between aggregate uncertainty and the macroeconomy. Identifying uncertainty shocks using methods from the news shocks literature, the analysis finds that...
View ArticleWhere Modern Macroeconomics Went Wrong -- by Joseph E. Stiglitz
This paper provides a critique of the DSGE models that have come to dominate macroeconomics during the past quarter-century. It argues that at the heart of the failure were the wrong microfoundations,...
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