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- The Fundamental Institutions of Chinas Reforms and Development . . .
The Fundamental Institutions of China's Reforms and Development by Chenggang Xu Published in volume 49, issue 4, pages 1076-1151 of Journal of Economic Literature, December 2011, Abstract: China's economic reforms have resulted in spectacular growth and poverty reduction However, China's instituti
- Can informal health providers help improve health?
Signi cantly higher treatment e ects in areas with better quality of primary health facilities Informal health providers should be regarded as complementary with rather than substituting the existing public health system Non-poor households were able to translate their improved knowledge into better care-seeking behavior and better health outcomes
- Applying Asset Pricing Theory to Calibrate the Price of Climate Risk
Abstract Pricing greenhouse gas emissions is a risk management problem It involves making trade-offs between consumption today and unknown and potentially catastrophic damages in the (distant) future The optimal price is necessarily based on society’s willingness to substitute consumption across time and across uncertain states of nature A large body of work in macroeconomics and finance
- Closing the Revolving Door - American Economic Association
Regulators can leave their government position for a job in a regulated firm Using granular payroll data on 22 million federal employees, we uncover the first system-atic evidence of revolving door incentives We exploit the fact that post-employment restrictions on federal employees, which reduce the value of their outside option, trigger when the employee’s base salary exceeds a threshold
- Passive Investing and the Rise of Mega-Firms
5Related mechanisms are at play in Bhattacharya and O’Hara (2018) and Cong and Xu (2016) who study how ETFsaffectmarketeبنciencyandliquidity, Bond and Garcia (2022) who study the efects of lowering the costs of passive investing, and Haddad, Huebner, and Loualiche (2022) who study how passive investing afects the elasticity of asset demand curves
- The Pricing Kernel in Options - American Economic Association
2See Chernov (2003) for an empirical study that estimates the pricing kernel using a cross-section of securities 3For evidence on U-shaped pricing kernels, see for instance Jackwerth (2000), A t-Sahalia and Lo (2000), Rosenberg and Engle (2002), Bakshi, Madan, and Panayotov (2010), Chabi-Yo (2012), Christo ersen, Heston, and Jacobs (2013), Song and Xiu (2016), and Cuesdeanu and Jackwerth
- The Derivative Payoff Bias - American Economic Association
A significant fraction of U S equity index derivatives expire “a m ” on the 3rd Friday of each month via constituent stocks’ opening trade price We show these prices are biased upwards since the advent of overnight trading in the early 2000s Equity prices drift up from Thursday close to 3rd Friday open and revert at the point derivative payofs are calculated As a result, equity
- Rural-Urban Migration, Structural Transformation, and Housing Markets . . .
The respective interest rates it and rdt on savings and mortgages are exogenous, re ecting that they are primarily controlled by the government Mortgages are long-term contracts with a minimum down payment ratio t and an amortization schedule that decays geometrically at rate
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