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Health Care Utilization and Health Status of NCMS Elderly Enrollees in China: Evidence from CHARLS Data
By Amy Li and Pengpeng Wang This study explores the effect of benefit designs and demographic factors on health care utilization and health status of elderly rural enrollees in the New Cooperative Medical Scheme, a rural health insurance program implemented by the Chinese government in 2003. Using the new data from CHARLS pilot study, we […]
Relative Contribution of Common Jumps in Realized Correlation
By Kyu Won Choi This paper studies common intraday jumps and relative contribution of these common jumps in realized correlation between individual stocks and market index, using high-frequency price data. We find that the common jumps significantly contribute in realized correlation at different threshold cut-offs and both common jumps and realized correlation are relatively consistent […]
Motivation and Reasoning Behind Chinese Enterprises Overseas Listing
By Sjing Liang and Xiao Chen Starting from the early 90s, the number of Chinese firms going public overseas has been increasing rapidly. By running a probit regression, this paper investigates the different factors that affect a Chinese firm’s choice of listing location, either a domestic or a foreign stock exchange. Our data consists of […]
Understanding the Value of Amenities: A Study of the Land Value Determination Process in Hangzhou, China
By Ching-Ching Chen This paper seeks to investigate the determinants of land within Hangzhou China. There are two main goals that the research paper will attempt to address. The first is to build upon existing research on land pricing in terms of the theories outlined by the monocentric city and hedonic pricing models. Second, the […]
An Assessment of Teach for America Effectiveness and Spillover Effects in North Carolina
By Thomas Burr Teach for America, while a relatively small cog in the grand scheme of education reform in America, has become something of a flashpoint for debate between the educational establishment and a new generation of reformers. In the first part of this research, I add to a growing number of studies on the […]
Identifying Supply and Demand Elasticities of Iron Ore
By Zhirui Zhu This paper utilizes instrumental variables and joint estimation to construct efficiently identified estimates of supply and demand equations for the world iron ore market under the assumption of perfect competition. With annual data spanning 1960-2010, I found an upward sloping supply curve and a downward sloping demand curve. Both of the supply […]
Volatility and Correlation Modeling for Sector Allocation in International Equity Markets
By Melanie Fan and Kate Yuan Reliable estimates of volatility and correlation are crucial in asset allocation and risk management. This paper investigates Static, RiskMetrics, and Dynamic Conditional Correlation (DCC) models for estimating volatility and correlation by testing them in an asset allocation context. Optimal allocation weights for one year found using estimates from each […]
Do Vanguard ETF Investors Make Good Decisions? – Testing the Bogle Hypothesis
By Meng Xie John Bogle, the founder of Vanguard, is a notable opponent of frequent ETF trading. We test his hypothesis that Vanguard investors are not trading ETFs intelligently. A comparison of dollarweighted and time-weighted returns is the typical method used for assessing investor timing. We instead employ Sharpe’s style analysis techniques to compare the […]
Possibility of Cost Offset in Expanding Health Insurance Coverage: Using Medical Expenditure Panel Survey 2008
By Catherine Moon The Patient Protection and Affordable Care Act aims to substantially reduce the number of the uninsured over time and asserts that the financial burden of extending insurance coverage to the previously uninsured will be offset by the benefit of the attendant improvement in their health. Motivated by this policy, I explore whether […]
Auctions as an Alternative to Book Building in the IPO Process: An Examination of Underpricing for Large Firms in France
By John Mekjian A relevant factor in determining the quality of an initial public offering (IPO) mechanism is the level and variability of underpricing that occurs. The percentage difference between the IPO price and the closing price after one day of trading is a common way to define the “underpricing” of the stock. Although companies […]
