Global Firms -- by Andrew B. Bernard, J. Bradford Jensen, Stephen J. Redding,...
Research in international trade has changed dramatically over the last twenty years, as attention has shifted from countries and industries towards the firms actually engaged in international trade....
View ArticleLate-in-Life Risks and the Under-Insurance Puzzle -- by John Ameriks, Joseph...
Individuals face significant late-in-life risks, including needing long-term care (LTC). Yet, they hold little long-term care insurance (LTCI). Using both "strategic survey questions," which identify...
View ArticleLearning and Earning: An Approximation to College Value Added in Two...
This paper explores the implications of measuring college productivity in two different dimensions: earning and learning. We compute system-wide measures using administrative data from the country of...
View ArticleWhy Not Taxation and Representation? A Note on the American Revolution -- by...
Why did the most prosperous colonies in the British Empire mount a rebellion? Even more puzzling, why didn't the British agree to have American representation in Parliament and quickly settle the...
View ArticleDo Rare Events Explain CDX Tranche Spreads? -- by Sang Byung Seo, Jessica A....
We investigate whether a model with a time-varying probability of economic disaster can explain the pricing of collateralized debt obligations, both prior to and during the 2008-2009 financial crisis....
View ArticleChoosing Between an Estate Tax and a Basis Carryover Regime: Evidence from...
Executors of estates for decedents in 2010 could choose between an estate tax regime and a basis carry-over regime. For most executors, this created a tradeoff between a current estate tax payment and...
View ArticleChildhood Housing and Adult Earnings: A Between-Siblings Analysis of Housing...
To date, research on the long-term effects of childhood participation in voucher-assisted and public housing has been limited by the lack of data and suitable identification strategies. We create a...
View ArticleA Ricardian-Demand Explanation for Changing Pharmaceutical R&D...
This paper examines trends in the aggregate productivity of the pharmaceutical sector over the past three decades. We incorporate Ricardo's insight about demand-driven productivity in settings of...
View ArticleEducation Quality and Teaching Practices -- by Marina Bassi, Costas Meghir,...
This paper uses a RCT to estimate the effectiveness of guided instruction methods as implemented in under-performing schools in Chile. The intervention improved performance substantially for the first...
View ArticleESMA Provides Guidance On Transaction Reporting, Order Record Keeping And...
The European Securities and Markets Authority (ESMA) has issued today final Guidelines regarding the implementation of the transaction reporting regime under the Markets in Financial Instruments...
View ArticleMontréal Exchange Market Closure - Thanksgiving Day
The Exchange's offices and markets are closed today, October 10, 2016 (Thanksgiving Day).
View ArticleESMA Publishes New Q&A On Investor Protection Under MiFID II
The European Securities and Markets Authority (ESMA) has published a Questions and Answers (Q&A) document regarding the implementation of investor protection topics under the Market in Financial...
View ArticleFinancial Advisors Are A Crucial Part Of The Investing Community, By Frank...
As the world's largest equity derivatives clearing organization, OCC knows that financial advisors are a crucial part of the investing community. According to Cerulli Associates, there are roughly...
View ArticleDependent Defaults and Losses with Factor Copula Models. (arXiv:1610.03050v1...
We introduce a class of flexible and tractable static factor models for the joint term structure of default probabilities, the factor copula models. These high dimensional models remain parsimonious...
View ArticleFeasible Invertibility Conditions for Maximum Likelihood Estimation for...
Invertibility conditions for observation-driven time series models often fail to be guaranteed in empirical applications. As a result, the asymptotic theory of maximum likelihood and quasi-maximum...
View ArticleVolatility Smile as Relativistic Effect. (arXiv:1610.02456v1 [q-fin.MF])
We give an explicit formula for the probability distribution based on a relativistic extension of Brownian motion. The distribution 1) is properly normalized and 2) obeys the tower law (semigroup...
View ArticleNasdaq September 2016 Volumes, 3Q16 Est. Revenue Capture
Nasdaq (Nasdaq:NDAQ) today reported monthly volumes for September 2016, as well as quarterly volumes and estimated revenue capture for the quarter ending September 30, 2016, on its investor relations...
View ArticleMAS Directs Falcon Bank To Cease Operations In Singapore - Financial...
The Monetary Authority of Singapore (MAS) announced today that it is withdrawing the merchant bank status of Falcon Private Bank Ltd, Singapore Branch (Falcon Bank) for serious failures in anti-money...
View ArticleBursa Malaysia Wins âBest Islamic Exchange 2016â For Its Islamic...
Bursa Malaysia Berhad (“Bursa Malaysia”) today announced that Bursa Malaysia has been awarded the ‘Best Islamic Exchange 2016’ at the Global Islamic Finance Awards 2016 held on 29 September 2016 in...
View ArticleAvelacom, A Global Network Service Provider, Entered Into A New Partnership...
The partnership expands options for financial services industry to speed up their trading and identify new arbitrage trading opportunities across key financial and commodity derivatives markets.read...
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