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作者：Bernardo, AE; Ledoit, O
作者单位：University of California System; University of California Los Angeles
摘要：We develop an approach to asset pricing in incomplete markets that bridges the gap between the two fundamental approaches in finance: model-based pricing and pricing by no arbitrage. We strengthen the absence of arbitrage assumption by precluding investment opportunities whose attractiveness to a benchmark investor exceeds a specified threshold. In our framework, the attractiveness of an investment opportunity is measured by the gain-loss ratio. We show that a restriction on the maximum gain-l...
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作者：Dercon, S; Krishnan, P
作者单位：University of Oxford; KU Leuven
摘要：Much of the literature on consumption smoothing and on risk sharing has focused on the ability of the household as a unit to protect its consumption. Little is known about the ability of individual members of the household to keep consumption smooth over time or relative to other members of the household. We use data on adult nutrition in Ethiopia to investigate whether individuals are able to smooth their consumption over time and within the household. We find that poorer households are not a...
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作者：Karpoff, JM; Lee, DS; Vendrzyk, VP
作者单位：University of Washington; University of Washington Seattle; Texas A&M University System; Texas A&M University College Station; Virginia Polytechnic Institute & State University
摘要：Press reports of investigations of fraud, indictments, and suspensions in military procurement are associated with significantly negative average abnormal returns in the stocks of affected firms. Abnormal stock returns are significantly less negative, however, for firms ranking among the top 100 defense contractors than for unranked contractors, even after one controls for firm size, the fraud's characteristics, and the firm's recidivism. Unranked contractors are penalized heavily for procurem...
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作者：Biais, B; Hillion, P; Spatt, C
作者单位：Universite Federale Toulouse Midi-Pyrenees (ComUE); Carnegie Mellon University
摘要：Before the opening of the Paris Bourse, traders place orders and indicative prices are set. This offers a laboratory to study empirically the tatonnement process through which markets discover equilibrium prices. Since preopening orders can be revised or canceled before the opening, indicative prices could be noise. We test this against the hypothesis that preopening prices reflect learning. Early in the preopening the noise hypothesis is not rejected. As the opening gets closer, the informati...
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作者：Black, D; Henderson, V
作者单位：University of London; London School Economics & Political Science; Brown University
摘要：In an economy experiencing endogenous economic growth and exogenous population growth, we explore two main themes: how urbanization affects efficiency of the growth process and how growth affects patterns of urbanization. Localized information spillovers promote agglomeration and human capital accumulation fosters endogenous growth. Individual city sizes grow with local human capital accumulation and knowledge spillovers; and city numbers generally increase, which we demonstrate is consistent ...
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作者：Edlund, L
作者单位：Stockholm School of Economics
摘要：Preference for sons over daughters is widespread in many Asian countries, for example, India, China, and South Korea. This paper models endogenous sex choice and shows that unbalanced sex ratios are but one of several possible consequences of a preference for sons. In particular, if parents want children who reproduce, nonrandom mating may cause women to be consistently born into low-status families and thus relegated to a permanent underclass. The paper also discusses possible links between s...
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作者：Glaeser, EL; Sacerdote, B
作者单位：Harvard University; National Bureau of Economic Research; Dartmouth College
摘要：Crime rates are much higher in big cities than in either small cities or rural areas. This paper explains this connection by using victimization data, evidence from the NLSY on criminal behavior, and the Uniform Crime Reports. Higher pecuniary benefits for crime in large cities can explain at most one-quarter of the connection between city size and crime rates. Lower probabilities of arrest and a lower probability of recognition are features of urban life, but these factors seem to explain at ...
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作者：Zhang, JS; Chan, W
作者单位：Chinese University of Hong Kong; University of Hong Kong
摘要：Becker attributes the existence of marital transfers to inflexibility in the division of joint product within the marriage. If that were the only reason, we would not have observed the coexistence of dowries and bride-prices. This paper offers an alternative analysis. While Becker's interpretation is retained for bride-prices, a dowry is no iv represented as a premortem bequest by altruistic parents for a daughter. It not only increases the wealth of the new cor: household but also enhances th...
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作者：Lafontaine, F; Shaw, KL
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; Carnegie Mellon University
摘要：This paper provides the first systematic evidence on how franchisors adjust their royalty rates and franchise fees as they gain franchising experience. This evidence comes from a unique panel data set that we assembled on these monetary contract terms for about 1,000 franchisors each year for the 1980-92 period. We find that there is much persistence, over time, in franchise contract terms within firms. We find this despite sizable across-firm differences in royalty rates and franchise fees. I...
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作者：Howitt, P
作者单位：University System of Ohio; Ohio State University
摘要：This paper presents a Schumpeterian endogenous growth model in which a steady state exists with a constant growth rate even though population and the inputs to R & D are growing. The scale effect of rising population is nullified by product proliferation that fragments the growing demand for intermediate products, thus preventing the reward to any specific innovation from rising with population. All the usual comparative statics results of Schumpeterian growth theory are valid, including the p...
