26Aug/Are star funds really shining? Cross-trading and performance shifting...
The majority of financial trades take place in open and highly regulated markets. As an alternative venue, large asset managers sometimes offset the trades of affiliated funds in an internal market,...
View ArticleSpeech By Chair Yellen On The Federal Reserve's Monetary Policy Toolkit:...
The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary...
View ArticleTOM MTF Statistics Week 34, 2016
Click here to download the weekly statistics update of TOM MTF for week 34, 2016. In week 34 a total of 286.579 equity and index option contracts were traded resulting in a TOM MTF market share versus...
View ArticleThe Symposium Of Shenzhen-Hong Kong Stock Connect Program Was Held In Shenzhen
Recently, in order to promote the preparatory work for Shenzhen-Hong Kong Stock Connect Program (hereinafter referred to as “The Program”), Fang Xinghai, the Vice Chairman of CSRC and concurrently the...
View ArticleDalian Commodity Exchange Issues Business Guides For Delivery Of Corn Starch...
Dalian Commodity Exchange (DCE) issued three guiding documents on delivery of corn starch futures on the 19th, including the “Delivery Business Guide for the Designated Delivery Warehouses of the Corn...
View ArticleTokyo Commodity Exchange: Trading And Rules Under The Next Generation System...
TOCOM next generation trading system is slated to go live on Tuesday, September 20, 2016.read more...
View ArticleThe Complexity of Liquidity: The Extraordinary Case of Sovereign Bonds -- by...
It is well-documented that government bonds with almost identical cash flows can trade at different prices. The explanation is that due to higher liquidity the most recently issued bond tends to trade...
View ArticleIdentifying and Estimating Neighborhood Effects -- by Bryan S. Graham
Residential segregation by race and income are enduring features of urban America. Understanding the effects of residential segregation on educational attainment, labor market outcomes, criminal...
View ArticleFinancial Aid, Debt Management, and Socioeconomic Outcomes: Post-College...
Prior research has demonstrated that financial aid can influence both college enrollments and completions, but less is known about its post-college consequences. Even for students whose attainment is...
View ArticleFrom Science to Technology: The Value of Knowledge From Different Energy...
Using an original data set of both scientific articles and patents pertaining to alternative energy technologies, this paper provides new evidence on the flows of knowledge between university, private...
View ArticleMonetary Policy and Asset Valuation: Evidence From a Markov-Switching cay --...
This paper presents evidence of infrequent shifts, or "breaks," in the mean of the consumption-wealth variable cay_{t}, an asset market valuation ratio driven by fluctuations in stock market wealth...
View ArticleA Time to Make Laws and a Time to Fundraise? On the Relation between Salaries...
Paying higher salaries is often believed to enhance worker effort, leading workers to work harder to avoid getting fired. However, workers may also respond to higher salaries by focusing on tasks that...
View ArticleThe Political Economy of Debt and Entitlements -- by Laurent Bouton,...
This paper presents a dynamic political-economic model of total government obligations. Its focus is on the interplay between debt and entitlements. In our model, both are tools by which temporarily...
View ArticleImputation in U.S. Manufacturing Data and Its Implications for Productivity...
In the U.S. Census Bureau's 2002 and 2007 Censuses of Manufactures 79% and 73% of observations respectively have imputed data for at least one variable used to compute total factor productivity. The...
View ArticleLegal Access to Alcohol and Criminality -- by Benjamin Hansen, Glen R. Waddell
Previous research has found strong evidence that legal access to alcohol is associated with sizable increases in criminality. We revisit this relationship using the census of judicial records on...
View ArticleIsrael and the 1990-2015 Global Developments: Riding with the Global Flows...
The global economy has been buffeted by several unprecedented economic events during the past 35 years. We survey the impact of these events on Israel's development, institutions, and economic...
View ArticlePredicting Experimental Results: Who Knows What? -- by Stefano DellaVigna,...
Academic experts frequently recommend policies and treatments. But how well do they anticipate the impact of different treatments? And how do their predictions compare to the predictions of...
View ArticleExclusion Bias in the Estimation of Peer Effects -- by Bet Caeyers, Marcel...
We formalize a noted [Guryan et al., 2009] but unexplored source of bias in peer effect estimation, arising because people cannot be their own peer. We derive, for linear-in-means models with...
View ArticleThe Effects of Unemployment Insurance Benefits: New Evidence and...
The Great Recession has renewed interest in Unemployment Insurance (UI) programs around the world. At the same time, there have been important advances in both theory and measurement of UI. In this...
View ArticleThe Effect of Unconventional Fiscal Policy on Consumption Expenditure -- by...
Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time...
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