Volatility Managed Portfolios -- by Alan Moreira, Tyler Muir
Managed portfolios that take less risk when volatility is high produce large, positive alphas and increase factor Sharpe ratios by substantial amounts. We document this fact for the market, value,...
View ArticleThe Long-term Consequences of Teacher Discretion in Grading of High-stakes...
This paper analyzes the long-term consequences of teacher discretion in grading of high-stakes tests. Evidence is currently lacking, both on which students receive test score manipulation and on...
View ArticleDisability policies: Reform strategies in a comparative perspective -- by...
We analyze different disability policy strategies using policy scores developed by the OECD for the period 1990 to 2007. Applying model-based and hierarchical agglomerative clustering, we investigate...
View ArticleThe 'Pupil' Factory: Specialization and the Production of Human Capital in...
Starting in the 2013-2014 school year, I conducted a randomized field experiment in fifty traditional public elementary schools in Houston, Texas designed to test the potential productivity benefits of...
View ArticleWho Wants Affordable Housing in their Backyard? An Equilibrium Analysis of...
We nonparametrically estimate spillovers of properties financed by the Low Income Housing Tax Credit (LIHTC) onto neighborhood residents by developing a new difference-in-differences style estimator....
View ArticleImage Versus Information: Changing Societal Norms and Optimal Privacy -- by...
We analyze the costs and benefits of using social image to foster virtuous behavior. A Principal seeks to motivate reputation-conscious agents to supply a public good. Each agent chooses how much to...
View ArticleWho Gets Hired? The Importance of Finding an Open Slot -- by Edward P....
A model of hiring into posted job slots suggests hiring is based on comparative advantage: being hired depends not only on one's own skill but also on the skills of other applicants. The model has...
View ArticleThe Economics of Bank Supervision -- by Thomas M. Eisenbach, David O. Lucca,...
We study bank supervision by combining a theoretical model distinguishing supervision from regulation and a novel dataset on work hours of Federal Reserve supervisors. We highlight the trade-offs...
View ArticleThe Effect of Weight on Labor Market Outcomes: an Application of Genetic...
The increase in the prevalence of obesity worldwide has led to great interest in the economic consequences of obesity, but valid and powerful instruments for obesity, which are needed to estimate its...
View ArticleMortality Inequality: The Good News from a County-Level Approach -- by Janet...
Analysts who have concluded that inequality in life expectancy is increasing have generally focused on life expectancy at age 40 to 50. However, we show that among infants, children, and young adults,...
View ArticleThe 'Real' Explanation of the PPP Puzzle -- by Nicholas Ford, Charles Yuji...
This article shows that global financial markets cannot, by themselves, achieve net transfers of financial capital and real interest rate equalisation across countries and that the integration of both...
View ArticleHow a Minimum Carbon Price Commitment Might Help to Internalize the Global...
It is difficult to resolve the global warming free-rider externality problem by negotiating many different quantity targets. By contrast, negotiating a single internationally-binding minimum carbon...
View ArticleUnderstanding the Decline in the Safe Real Interest Rate -- by Robert E. Hall
Over the past few decades, worldwide real interest rates have trended downward. The real interest rate describes the terms of trade between risk-tolerant and risk-averse investors. Debt pays off...
View ArticleCompetition and Bank Liquidity Creation -- by Liangliang Jiang, Ross Levine,...
Does an intensification of competition among banks increase or decrease liquidity creation? By integrating the dynamic process of interstate bank deregulation that lowered barriers to competition...
View ArticleAre Settlements in Patent Litigation Collusive? Evidence from Paragraph IV...
The use of "pay-for-delay" settlements in patent litigation - in which a branded manufacturer and generic entrant settle a Paragraph IV patent challenge and agree to forestall entry - has come under...
View ArticleWhat Motivates Effort? Evidence and Expert Forecasts -- by Stefano...
How much do different monetary and non-monetary motivators induce costly effort? Does the effectiveness line up with the expectations of researchers? We present the results of a large-scale real-effort...
View ArticleColonial American Paper Money and the Quantity Theory of Money: An Extension...
The quantity theory of money is applied to the paper money regimes of seven of the nine British North American colonies south of New England. Individual colonies, and regional groupings of contiguous...
View ArticletriResolveâs Repository Reconciliation Service And DTCC Collaborate To...
TriOptima, the award-winning post trade infrastructure provider, announces today that its triResolve Repository Reconciliation service is actively reconciling data reported to The Depository Trust...
View ArticleHKEX Announces New Head Of Cash Trading
Hong Kong Exchanges and Clearing Limited (HKEX) has appointed Kenneth Kok as Managing Director, Head of Cash Trading, effective today (Tuesday). Mr Kok reports to Roger Lee, HKEX's Head of...
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