Output and the Composition of Government Spending in India
by Ashni Parekh Abstract This paper uses a Cobb-Douglas production function to analyze the role of government spending in the Indian economy and tries to determine how different categories of spending affect growth outcomes. Government spending is hypothesized to influence output and growth through two channels, by affecting the level of TFP and the level […]
The Informational Content of Implied Volatility in Individual Stocks and the Market
by Andrey Fradkin Abstract We examine the informational content of historical and implied measures of variance through an evaluation of forecasts over horizons ranging from 1 to 22 days. These forecasts use heterogeneous autoregressive (HAR) regressions which are constructed with high-frequency data. Our results show that the t and forecasting ability of models based on […]
Why the Apple Doesn’t Fall Far From the Tree: Individual Parent’s Resources and Child Outcomes
by Brooke E. Jandl and Amanda K Jones Abstract Contemporary issues of son-preference and infanticide in developing countries have encouraged extensive research into how gender bias in the allocation of parental resources affects the child(ren). Disparities in child physical health outcomes have received particular focus. Growing evidence from both developing and developed countries suggests mothers […]
To Work or Not to Work? Labor Supply Decisions of Russia’s Disabled
by Aleksander Andreev Abstract By some estimates, almost 6% of Russians are officially disabled. The Russian government has announced the rehabilitation of disabled individuals into the labor force as one of its goals. This paper investigates labor supply decisions of Russia’s disabled using data from the cross-sectional NOBUS dataset. Particular emphasis will be made on […]
Does Capital Control Policy Affect Real Exchange Rate Volatility? A Novel Approach Using Propensity Score Matching
by Adam Gross Abstract Propensity score matching is a statistical technique recently introduced in the field of economics, which researchers use to assess the treatment effect of policy initiatives. In this study I use propensity score matching to analyze the treatment effect of capital control policy on real exchange rate volatility. I find the treatment […]
Corporate Swap Use and Its Effect on Swap Spreads
by Christopher Paul Lin Abstract Interest rate swaps are financial derivatives that allow people to speculate on interest rates or hedge certain interest rate exposures. Corporations, in particular, can use the swap market to effectively change fixed rate debt into floating rate debt or vice versa. This paper empirically tests whether debt issuance by financial […]
The Closed-End Fund Puzzle: A Cross-Sectional Analysis of U.S. Closed-End Fund Discounts
by David Lefty Abstract This paper examines the effect of systematic beta risk, expense ratios, and fund size on the cross-sectional variation of closed-end fund discounts. Using a methodology similar to that of Gemmill and Thomas (2002) and Flynn (2004) on a sample of 50 U.S. closed-end funds, the data indicate that expense ratios have […]
PUBLIC EDUCATION IN PUERTO RICO: DOES CLASS SIZE MATTER?
by Eddy V. Leal Abstract Even though there is a large literature concerning the effects of class size on educational achievement, no previous research has formally examined the class size reduction policy in Puerto Rico. The evidence in this paper suggests that class size does not have a causal effect on student achievement in Puerto […]
The Elusiveness of Systematic Jumps
by Tzuo Hann Law Abstract We test for the presence of jumps and measure the price variance of 40 major stocks and the index they form using intra-day returns. Subsequently, we find that jumps can be classified into two groups: systematic and idiosyncratic. Idiosyncratic jumps are firm specific and are usually larger than systematic jumps […]
An Empirical Study of the Anticommons Effect on Public vs. Private Researchers
by Serena S. Lam Abstract The “anticommons effect” is a recently coined term to describe the phenomenon of stifled research and innovation in the biomedical research arena due to the growing number of overlapping patents in particular domains. Murray and Stern (2005) was the first to devise a novel strategy to quantify this effect by […]
