Ontario Securities Commission Announces New Commissioner Appointments
Ontario Securities Commission (OSC) Chair and CEO Maureen Jensen announced today the following appointments to the OSC. The Commissioners will each serve a two-year term effective November 16,...
View ArticleRemarks By Counselor To The US Treasury Secretary Antonio Weiss At The...
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View ArticleCover's universal portfolio, stochastic portfolio theory and the numeraire...
Cover's celebrated theorem states that the long run yield of a properly chosen "universal" portfolio is as good as the long run yield of the best retrospectively chosen constant rebalanced portfolio....
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 ArticleCharging Ahead: Prepaid Electricity Metering in South Africa -- by B. Kelsey...
The standard approach to recovering the cost of electricity provision is to bill customers monthly for past consumption. If unable to pay, customers face disconnection, the utility loses revenue, and...
View ArticleThe History of the Cross Section of Stock Returns -- by Juhani T. Linnainmaa,...
Using data spanning the 20th century, we show that most accounting-based return anomalies are spurious. When examined out-of-sample by moving either backward or forward in time, anomalies' average...
View ArticleActivism, Strategic Trading, and Liquidity -- by Kerry Back, Pierre...
We analyze dynamic trading in an anonymous market by an activist investor who can expend costly effort to affect firm value. We obtain the equilibrium in closed form for a general activism technology,...
View ArticleBounds on Treatment Effects in Regression Discontinuity Designs under...
A key assumption in regression discontinuity analysis is that units cannot affect the value of their running variable through strategic behavior, or manipulation, in a way that leads to sorting on...
View ArticleRelationship Lending and the Great Depression: Measurement and New...
The Great Depression remains ground zero for studying the non-monetary effects of financial crises. Despite the abundant scholarship on the period, lack of disaggregated data on lending activities has...
View ArticleClimate Risks and Market Efficiency -- by Harrison Hong, Frank Weikai Li,...
We investigate whether stock markets efficiently price risks brought on or exacerbated by climate change. We focus on drought, the most damaging natural disaster for crops and food-company cash flows....
View ArticleAccounting for Business Income in Measuring Top Income Shares: Integrated...
Business income is important in the upper tail of the personal income distribution, but the extent to which it is captured by measures of personal income varies substantially across tax regimes. Using...
View ArticleHealth, Human Capital and Domestic Violence -- by Nicholas W. Papageorge,...
We study the impact of health shocks on domestic violence and illicit drug use. We argue that health is a form of human capital that shifts incentives for risky behaviors, such as drug use, and also...
View ArticleThe Behavioralist as Policy Designer: The Need to Test Multiple Treatments to...
We explore Tinbergen's fundamental insight that policymakers need at least as many policy instruments as targets. We extend this idea using a large natural field experiment in water resource...
View ArticlePopulation Growth and Carbon Emissions -- by Gregory Casey, Oded Galor
We provide evidence that lower fertility can simultaneously increase income per capita and lower carbon emissions, eliminating a trade-off central to most policies aimed at slowing global climate...
View ArticleHeuristic Perceptions of the Income Tax: Evidence and Implications for...
Using responses from an incentivized tax forecasting task, we estimate the prevalence of previously discussed heuristics for simplifying tax forecasts (Liebman and Zeckhauser, 2004). We find strong...
View ArticlePortfolio Choices, Firm Shocks and Uninsurable Wage Risk -- by Andreas...
Assessing the importance of uninsurable wage risk for individual financial choices faces two challenges. First, the identification of the marginal effect requires a measure of at least one component of...
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...
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