Risk Preferences and The Macro Announcement Premium -- by Hengjie Ai, Ravi...
The paper develops a theory for equity premium around macroeconomic announcements. Stock returns realized around pre-scheduled macroeconomic announcements, such as the employment report and the FOMC...
View ArticleHow Do Voters Matter? Evidence from US Congressional Redistricting -- by...
How does the partisan composition of an electorate impact the policies adopted by an elected representative? We take advantage of variation in the partisan composition of Congressional districts...
View ArticleWhat Would it Take to Reduce US Greenhouse Gas Emissions 80% by 2050? -- by...
I investigate the cost and feasibility of reducing US GHG emissions by 80% from 2005 levels by 2050. The US has stated in its Paris COP 21 submission that this is its aspiration, and Hillary Clinton...
View ArticleCollective Intertemporal Choice: the Possibility of Time Consistency -- by...
Recent work on collective intertemporal choice suggests that non-dictatorial social preferences are generically time inconsistent. We argue that this claim conflates time consistency with two distinct...
View ArticleImmunization and Moral Hazard: The HPV Vaccine and Uptake of Cancer Screening...
Immunization can cause moral hazard by reducing the cost of risky behaviors. In this study, we examine the effect of HPV vaccination for cervical cancer on participation in the Pap test, which is a...
View ArticleCan Natural Gas Save Lives? Evidence from the Deployment of a Fuel Delivery...
There has been a widespread displacement of coal by natural gas as space heating and cooking technology in Turkey in the last two decades, triggered by the deployment of natural gas networks. In this...
View ArticleThe Rise in Life Expectancy, Health Trends among the Elderly, and the Demand...
The objective is to review the evidence on (a) ageing and health and (b) the demand for health- and social services among the elderly. Issues are: does health status of the elderly improve over time,...
View ArticleCash Flow Duration and the Term Structure of Equity Returns -- by Michael Weber
The term structure of equity returns is downward-sloping: stocks with high cash flow duration earn 1.10% per month lower returns than short-duration stocks in the cross section. I create a measure of...
View ArticleMarketplace Plan Payment Options for Dealing with High-Cost Enrollees -- by...
Two of the three elements of the ACA's "premium stabilization program," reinsurance and risk corridors, are set to expire in 2017, leaving risk adjustment alone to protect plans against risk of...
View ArticleThe Marginal Propensity to Consume Over the Business Cycle -- by Tal Gross,...
This paper estimates how the marginal propensity to consume (MPC) varies over the business cycle by exploiting exogenous variation in credit card borrowing limits. Ten years after an individual...
View ArticleFamily Descent as a Signal of Managerial Quality: Evidence from Mutual Funds...
We study the relation between mutual fund managers' family backgrounds and their professional performance. Using hand-collected data from individual Census records on the wealth and income of managers'...
View ArticleAssessing Point Forecast Accuracy by Stochastic Error Distance -- by Francis...
We propose point forecast accuracy measures based directly on distance of the forecast-error c.d.f. from the unit step function at 0 ("stochastic error distance," or SED). We provide a precise...
View ArticleDo Hospital-Owned Skilled Nursing Facilities Provide Better Post-Acute Care...
As hospitals are increasingly held accountable for patients' post-discharge outcomes under new payment models, hospitals may choose to acquire skilled nursing facilities (SNFs) to better manage these...
View ArticleThe Opportunity Costs of Entrepreneurs in International Trade -- by Timothy...
We show that a trade model with an exogenous set of heterogeneous firms with fixed operating costs has the same aggregate outcomes as a span-of-control model. Fixed costs in the heterogeneous-firm...
View ArticleLife-Cycle Consumption Patterns at Older Ages in the US and the UK: Can...
In this paper we document significantly steeper declines in nondurable expenditures in the UK compared to the US, in spite of income paths being similar. We explore several possible causes, including...
View ArticleAugmenting the Human Capital Earnings Equation with Measures of Where People...
We augment standard ln earnings equations with variables reflecting unmeasured attributes of workers and measured and unmeasured attributes of their employer. Using panel employee-establishment data...
View ArticleThe Effects of School Desegregation on Mixed-Race Births -- by Nora Gordon,...
We find a strong positive correlation between black exposure to whites in their school district and the prevalence of later mixed-race (black-white) births, consistent with the literature on...
View ArticleNigerian Stock Exchange And Bloomberg Set To Hold 2nd CEO Roundtable - With...
The Nigerian Stock Exchange (NSE) in collaboration with Bloomberg is set to host the 2nd NSE Bloomberg CEO Roundtable Event on Wednesday, 31st August 2016 at the Stock Exchange House, Marina,...
View ArticleTIM Group Bolsters Size Of Us Offices With Three New Hires - Three New Hires...
TIM Group, a global provider of software, services and platforms for institutional investors to achieve market-beating returns, has recruited three further members to work in its New York office, to...
View ArticleCME Group Expands Base Metals Offering With Two New Alumina Futures Contracts
CME Group, the world's leading and most diverse derivatives marketplace, today announced it will expand its base metals offering with the introduction of Alumina FOB Australia (S&P Global Platts)...
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