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Journal of Finance, Vol. 74, No. 1, February 2019

Article

  • Asset Allocation in Bankruptcy by Shai Bernstein, Emanuele Colonnelli ,Benjamin Iverson
  • The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach‐for‐Yield, and Real Effects by Bernardo Morais, José‐Luis Peydró ,Jessica Roldán‐Peña ,Claudia Ruiz‐Ortega
  • Dealer Networks by Dan Li, Norman Schürhoff
  • Funding Value Adjustments by Leif Andersen, Darrell Duffie, Yang Song
  • How Crashes Develop: Intradaily Volatility and Crash Evolution by David S. Bates
  • Basis‐Momentum by Martijn Boons ,Melissa Porras Prado
  • Investment and the Cross‐Section of Equity Returns by Gian Luca Clementi ,Berardino Palazzo
  • (Almost) Model‐Free Recovery by Paul Schneider, Fabio Trojani
  • Financial Markets Where Traders Neglect the Informational Content of Prices by Erik Eyster, Matthew Rabin, Dimitri Vayanos
  • Dividend Dynamics, Learning, and Expected Stock Index Returns by Ravi Jagannathan, Binying Liu 
  • Sparse Signals in the Cross‐Section of Returns by Alex Chinco, Adam D. Clark‐Joseph, Mao Ye
  • A Test of the Modigliani‐Miller Invariance Theorem and Arbitrage in Experimental Asset Markets by Gary Charness ,Tibor Neugebauer

URL: https://onlinelibrary.wiley.com/doi/10.1111/jofi.12623

Courtesy: Wiley Online Journal

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National Bureau of Economic Research Latest Working Papers during the week of December 24, 2018

The following NBER Working Papers were released in electronic format this week. Abbreviations in parentheses refer to NBER Research Programs. (visit http://www.nber.org/programs for Program information.)

  1. Learning by Viewing? Social Learning, Regulatory Disclosure, and Firm Productivity in Shale Gas  T. Robert Fetter, Andrew L. Steck, Christopher Timmins, and Douglas Wrenn #25401 (EEE, IO)
  2. Long-run Impacts of Agricultural Shocks on Educational Attainment: Evidence from the Boll Weevil Richard B. Baker, John Blanchette, and Katherine Eriksson #25400 (DAE)
  3. Diagnostic Bubbles Pedro Bordalo, Nicola Gennaioli, Spencer Yongwook Kwon, and Andrei Shleifer #25399 (AP)
  4. Empirical Asset Pricing via Machine Learning Shihao Gu, Bryan Kelly, and Dacheng Xiu #25398 (AP)
  5. Liquidity and Exchange Rates: An Empirical Investigation Charles Engel and Steve Pak Yeung Wu #25397 (IFM)
  6. Education for All? A Nationwide Audit Study of Schools of Choice Peter Bergman and Isaac McFarlin Jr. #25396 (ED)
  7. Inequality and Market Concentration, When Shareholding is More Skewed than Consumption Joshua Gans, Andrew Leigh, Martin Schmalz, and Adam Triggs #25395 (IO, PR)
  8. Social Security Reforms and the Changing Retirement Behavior in Sweden Mårten Palme and Lisa Laun #25394 (AG)
  9. How Prevalent Is Downward Rigidity in Nominal Wages? International Evidence from Payroll Records and Pay Slips Michael W. Elsby and Gary Solon #25393 (EFG, LS, ME)
  10. Capital Destruction and Economic Growth: The Effects of Sherman’s March, 1850-1920 James J. Feigenbaum, James Lee, and Filippo Mezzanotti #25392 (CF, DAE)
  11. Are Energy Executives Rewarded For Luck? Lucas W. Davis and Catherine Hausman #25391 (CF, EEE)
  12. Technological Spillover Effects of State Renewable Energy Policy: Evidence from Patent Counts Wancong Fu, Chong Li, Jan Ondrich, and David Popp #25390 (EEE, PR)
  13. Social Proximity and Bureaucrat Performance: Evidence from India Guo Xu, Marianne Bertrand, and Robin Burgess #25389 (DEV, LS, POL)
  14. Certain Effects of Uncertain Taxes James R. Hines Jr. and Michael Keen #25388 (PE)
  15. Female Earnings Inequality: The Changing Role of Family Characteristics on the Extensive and Intensive Margins David Card and Dean R. Hyslop #25387 (LS)
  16. The Origins and Effects of Macroeconomic Uncertainty Francesco Bianchi, Howard Kung, and Mikhail Tirskikh #25386 (AP, EFG, ME)
  17. Deposit Spreads and the Welfare Cost of Inflation Pablo Kurlat #25385 (EFG, ME)
  18. The Effect of Grade Retention on Adult Crime: Evidence from a Test-Based Promotion Policy Ozkan Eren, Michael F. Lovenheim, and Naci H. Mocan #25384 (ED, PE)
  19. A Survey of Empirical Evidence on Patents and Innovation Bhaven N. Sampat #25383 (PR)
  20. From Population Growth to Firm Demographics: Implications for Concentration, Entrepreneurship and the Labor Share Hugo Hopenhayn, Julian Neira, and Rish Singhania #25382 (EFG, IO, PR)
  21. Characteristics of Mutual Fund Portfolios: Where Are the Value Funds? Martin Lettau, Sydney Ludvigson, and Paulo Mandel #25381 (AP)
  22. Exchange Rates and Uncovered Interest Differentials: The Role of Permanent Monetary Shocks Stephanie Schmitt-Grohé and Martín Uribe #25380 (EFG, IFM, ME)
  23. The Economics and Politics of Revoking NAFTA Raphael Auer, Barthélémy Bonadio, and Andrei A. Levchenko #25379 (ITI, POL)
  24. Gender in the Labor Market: The Role of Equal Opportunity and Family-Friendly Policies Elizabeth L. Doran, Ann P. Bartel, and Jane Waldfogel #25378 (LS)
  25. Multigenerational Effects of Early Life Health Shocks C. Justin Cook, Jason M. Fletcher, and Angela Forgues #25377 (AG, CH, HE, LS)
  26. Organizational Equilibrium with Capital Marco Bassetto, Zhen Huo, and José-Víctor Ríos-Rull #25376 (EFG, PE, POL)
  27. Social Security Incentives in Belgium: An Analysis of Four Decades of Change Anne-Lore Fraikin, Alain Jousten, and Mathieu Lefebvre #25375 (PE)
  28. Reinsurance, Repayments, and Risk Adjustment in Individual Health Insurance: Germany, The Netherlands and the U.S. Marketplaces Thomas G. McGuire, Sonja Schillo, and Richard C. van Kleef #25374 (HC, HE)
  29. A Global Safe Asset for and from Emerging Market Economies Markus K. Brunnermeier and Lunyang Huang #25373 (AP, CF, IFM, ME)
  30. Venting Out: Exports During a Domestic Slump Miguel Almunia, Pol Antràs, David Lopez-Rodriguez, and Eduardo Morales #25372 (ITI)

Courtesy: NBER


National Bureau of Economic Research Latest Working Papers during the week of December 17, 2018

The following NBER Working Papers were released in electronic format this week. Abbreviations in parentheses refer to NBER Research Programs. (visit http://www.nber.org/programs for Program information.)

 

  1. Rational Self-Medication Michael E. Darden and Nicholas W. Papageorge #25371 (HE)
  2. Cash and the Economy: Evidence from India’s Demonetization Gabriel Chodorow-Reich, Gita Gopinath, Prachi Mishra, and Abhinav Narayanan #25370 (DEV, EFG, ME)
  3. Do State Laws Protecting Older Workers from Discrimination Reduce Age Discrimination in Hiring? Evidence from a Field Experiment David Neumark, Ian Burn, Patrick Button, and Nanneh Chehras #25369 (AG, LE, LS)
  4. Does School Spending Matter? The New Literature on an Old Question C. Kirabo Jackson #25368 (CH, ED, LS, PE)
  5. Trends in Employment and Social Security Incentives in the Spanish Pension System: 1980-2016  Pilar García-Gómez, Silvia Garcia-Mandicó, Sergi Jimenez-Martin, and Judit Vall Castelló #25367 (AG, LS)
  6. Monetary Policy, Corporate Finance and Investment James Cloyne, Clodomiro Ferreira, Maren Froemel, and Paolo Surico #25366 (ME)
  7. Gender-Targeted Job Ads in the Recruitment Process: Evidence from China Peter Kuhn, Kailing Shen, and Shuo Zhang #25365 (DEV, LS)
  8. Economic History and Contemporary Challenges to Globalization  Kevin Hjortshøj O’Rourke #25364 (DAE, ITI)
  9. Equilibrium Analysis in the Behavioral Neoclassical Growth Model Daron Acemoglu and Martin Kaae Jensen #25363 (EFG, ME)
  10. The (lack of) Distortionary Effects of Proxy-Means Tests: Results from a Nationwide Experiment in Indonesia  Abhijit Banerjee, Rema Hanna, Benjamin A. Olken, and Sudarno Sumarto #25362 (DEV, PE)
  11. Conditional Dynamics and the Multi-Horizon Risk-Return Trade-Off Mikhail Chernov, Lars A. Lochstoer, and Stig R. H. Lundeby #25361 (AP)
  12. Entrepreneurial Spillovers from Corporate R&D Tania Babina and Sabrina T. Howell #25360 (CF, PR)
  13. Subsidizing Mass Adoption of Electric Vehicles: Quasi-Experimental Evidence from California Erich Muehlegger and David S. Rapson #25359 (EEE, PE)
  14. Intertemporal Choice Keith Marzilli Ericson and David Laibson #25358 (AG, PE)
  15. Discrimination at the Intersection of Age, Race, and Gender: Evidence from a Lab-in-the-field Experiment Joanna N. Lahey and Douglas R. Oxley #25357 (AG, LS, PE)
  16. Using RCTs to Estimate Long-Run Impacts in Development Economics Adrien Bouguen, Yue Huang, Michael Kremer, and Edward Miguel #25356 (CH, DEV, HE)
  17. Racial Bias and In-group Bias in Judicial Decisions: Evidence from Virtual Reality Courtrooms Samantha Bielen, Wim Marneffe, and Naci H. Mocan #25355 (HE, LE, LS, PE)
  18. Intergenerational Mobility in Education: Variation in Geography and Time Jason Fletcher and Joel Han #25324 (CH, ED, LS)

 

Courtesy: NBER

 

National Bureau of Economic Research Latest Working Papers during the week of October 01, 2018

The following NBER Working Papers were released in electronic format this week. Abbreviations in parentheses refer to NBER Research Programs. (visit http://www.nber.org/programs for Program information.)

1.  Do Fire Sales Create Externalities? by Sergey Chernenko, Adi Sunderam #25104 (AP CF) http://papers.nber.org/papers/w25104?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

2.  Deterring Illegal Entry: Migrant Sanctions and Recidivism in Border Apprehensions by Samuel Bazzi, Sarah Burns, Gordon Hanson, Bryan Roberts, John Whitley #25100 (DEV ITI LS) http://papers.nber.org/papers/w25100?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

3.  Corruption, Government Subsidies, and Innovation: Evidence from China by Lily Fang, Josh Lerner, Chaopeng Wu, Qi Zhang #25098 (CF PR) http://papers.nber.org/papers/w25098?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

4.  Unlocking Amenities: Estimating Public-Good Complementarity by David Albouy, Peter Christensen, Ignacio Sarmiento-Barbieri #25107 (EEE PE) http://papers.nber.org/papers/w25107?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

5.  Taking the Cochrane-Piazzesi Term Structure Model Out of Sample: More Data, Additional Currencies, and FX Implications by Robert J. Hodrick, Tuomas Tomunen #25092 (AP IFM) http://papers.nber.org/papers/w25092?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

6.  Belief Disagreement and Portfolio Choice by Maarten Meeuwis, Jonathan A. Parker, Antoinette Schoar, Duncan I. Simester #25108 (AG AP CF EFG) http://papers.nber.org/papers/w25108?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

7.  Exchange Rates, Local Currency Pricing and International Tax Policies by Sihao Chen, Michael B. Devereux, Jenny Xu, Kang Shi #25111 (IFM) http://papers.nber.org/papers/w25111?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

8.  Optimal Law Enforcement with Ordered Leniency by Claudia M. Landeo, Kathryn E. Spier #25095 (LE) http://papers.nber.org/papers/w25095?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

9.  The Equilibrium Effects of Information Deletion: Evidence from Consumer Credit Markets by Andres Liberman, Christopher Neilson, Luis Opazo, Seth Zimmerman #25097 (CF) http://papers.nber.org/papers/w25097?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

10.  Who Creates New Firms When Local Opportunities Arise?  by Shai Bernstein, Emanuele Colonnelli, Davide Malacrino, Timothy McQuade #25112 (CF DEV PR) http://papers.nber.org/papers/w25112?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

11.  Cross-sectional Skewness by Simon Oh, Jessica A. Wachter #25113 (AP) http://papers.nber.org/papers/w25113?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

12.  Unbundling Polarization by Nathan Canen, Chad Kendall, Francesco Trebbi #25110 (POL) http://papers.nber.org/papers/w25110?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

13.  Ordered Leniency: An Experimental Study of Law Enforcement with Self-Reporting by Claudia M. Landeo, Kathryn E. Spier #25094 (LE) http://papers.nber.org/papers/w25094?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

14.  Forecasting with Dynamic Panel Data Models by Laura Liu, Hyungsik Roger Moon, Frank Schorfheide #25102 (EFG ME) http://papers.nber.org/papers/w25102?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

15.  Turnover Liquidity and the Transmission of Monetary Policy by Ricardo Lagos, Shengxing Zhang #25106 (AP EFG ME) http://papers.nber.org/papers/w25106?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

16.  Genes, Education, and Labor Market Outcomes: Evidence from the Health and Retirement Study by Nicholas W. Papageorge, Kevin Thom #25114 (AG ED LS) http://papers.nber.org/papers/w25114?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

17.  Differences in Citation Patterns across Journal Tiers in Economics by Maria Victoria Anauati, Ramiro H. Galvez, Sebastian Galiani #25101 (DEV) http://papers.nber.org/papers/w25101?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

18.  Majority Choice of Taxation and Redistribution in a Federation by Stephen Calabrese, Dennis Epple, Richard Romano #25099 (PE POL) http://papers.nber.org/papers/w25099?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

19.  Heterogeneous Beliefs and School Choice Mechanisms by Adam Kapor, Christopher A. Neilson, Seth D. Zimmerman #25096 (ED IO) http://papers.nber.org/papers/w25096?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

20.  The Effects of Medicaid Expansion on Labor Market Outcomes: Evidence from Border Counties by Lizhong Peng, Xiaohui (Ronnie) Guo, Chad D. Meyerhoefer #25105 (HC HE LS) http://papers.nber.org/papers/w25105?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

21.  Publishing and Promotion in Economics: The Tyranny of the Top Five by James J. Heckman, Sidharth Moktan #25093 (LS PR) http://papers.nber.org/papers/w25093?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

22.  How Do Firms Respond To Place-Based Tax Incentives? by Hyejin Ku, Uta Schoenberg, Ragnhild C. Schreiner #25115 (LS PE) http://papers.nber.org/papers/w25115?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

23.  The Minimum Wage, EITC, and Criminal Recidivism by Amanda Y. Agan, Michael D. Makowsky #25116 (LS)
http://papers.nber.org/papers/w25116?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

24.  Robots, Trade, and Luddism: A Sufficient Statistic Approach to Optimal Technology Regulation by Arnaud Costinot, Ivan Werning #25103 (EFG ITI PE) http://papers.nber.org/papers/w25103?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

25.  Who Votes for Medicaid Expansion? Lessons from Maine’s 2017 Referendum by David A. Matsa, Amalia R. Miller #25109 ( HC PE POL) http://papers.nber.org/papers/w25109?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

26.  Immigrants, Labor Market Dynamics and Adjustment to Shocks in the Euro Area by Gaetano Basso, Francesco D’Amuri, Giovanni Peri #25091 (IFM LS) http://papers.nber.org/papers/w25091?utm_campaign=ntw&utm_medium=email&utm_source=ntwg26

 

Courtesy: NBER

Measuring the Effectiveness of Social Protection : Concepts and Applications

World Bank, 2018.

Abstract

‘Measuring the Effectiveness of Social Protection: Concepts and Applications’ provides the conceptual and analytical framework for assessing social protection (SP) programs, as well as provides a practical guide for users seeking to conduct analysis, particularly using the World Bank’s Software Platform for Automated Economic Analysis (ADePT).

The book provides a comprehensive unique resource to tie together social policy theory, concepts and practical analytical techniques. The book content is targeted at policymakers and practitioners worldwide seeking to improve the outcomes of their social protection policies.

It suggests advanced methods and a new rapid analysis instrumental for technical experts working on quantitative SP analysis for their ministry, national statistics offices, think tanks, universities, or development organizations.

The book aims to equip users with different statistical background and SP knowledge to independently conduct SP analysis and prepare a standardized set of tables and graphs to conduct different types of SP performance analysis, ranging from benchmarking SP performance within and across countries, simulating the performance of alternative reform options, and assessing the viability of proposed programs.

URL: https://openknowledge.worldbank.org/handle/10986/29802

Courtesy: World Bank Group

 

How does family involvement affect a firm’s internationalization? An investigation of Indian family firms

Global Strategy Journal, Volume 8, Issue 1, February 2018
Research Summary: We investigate whether and how family ownership and management influence firms’ internationalization strategies in an emerging economy in which family firms are dominant. Anchoring on the willingness and ability framework and drawing on the socioemotional wealth perspective and agency theory, we theorize how the heterogeneity among family firms in their ownership structures, concentration, and family involvement in management shapes the firms’ internationalization strategies. We also theorize how certain contingencies, such as the presence of foreign institutional ownership and family management, moderate the relationship between family ownership and internationalization strategy. We test our predictions by using a proprietary, longitudinal panel dataset of 303 leading family firms from India and find support for most of our theoretical predictions.
Courtesy: Wiley online library

THE OPERATION OF THE GOLD STANDARD IN THE CORE AND THE PERIPHERY BEFORE THE FIRST WORLD WAR

Manmohan Agarwal

CDS Working Paper no. 473

Abstract

Developing countries show a predilection for fixed exchange rates even though this prevents monetary autonomy in the presence of capital flows. This paper examines the operation of the gold standard (GS) during the period 1870-1914, its heyday. It discusses the theory of balance of payments adjustment under the GS. Theory postulates automatic and symmetric adjustment by deficit and surplus countries. The paper then analyses the experience with adjustment. It analyses whether central banks followed “the rules of the game”. It finds not only significant
differences between adjustment in the core countries and in the countries in the periphery, but significant differences among the core countries also. We find that countries in the periphery accumulated large reserves to cope with balance of payments deficits just as they today, even though at that time the core countries adopted fixed exchange rates and today they adopt floating exchange rates.
Courtesy: CDS