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作者：Liao, Yuan; Todorov, Viktor
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Northwestern University
摘要：We develop a test for deciding whether the linear spaces spanned by the factor exposures of a large cross-section of assets toward latent systematic risk factors at two distinct points in time are the same. The test uses a panel of asset returns in local windows around the two time points. The asymptotic setup is of joint type: the number of assets and the number of return observations per asset increase asymptotically while the length of both time windows shrinks. We estimate the factor expos...
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作者：Noda, Shunya; Teramoto, Kazuhiro
作者单位：University of Tokyo; Hitotsubashi University
摘要：This paper analyzes panic buying of storable consumer products accompanied by disasters, using a novel consumer-search theoretic equilibrium model where consumers follow (S,s) inventory policies. We show that, even if consumers are fully rational, an anticipated temporary increase in consumer shopping costs (as well as conventional demand and supply shocks) can trigger an upward spiral of hoarding demand and result in serious shortages. Due to congestion externalities, panic buying leads to th...
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作者：Bardhan, Pranab; Mitra, Sandip; Mookherjee, Dilip; Nath, Anusha
作者单位：University of California System; University of California Berkeley; Indian Statistical Institute; Indian Statistical Institute Kolkata; Boston University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Using rural household survey data from West Bengal, we find that voters respond positively to excludable government welfare benefits but not to local public good programs, while reporting having benefited from both. Consistent with these voting patterns, shocks to electoral competition induced by exogenous redistricting of villages resulted in upper-tier governments manipulating allocations across local governments only for excludable benefit programs. Using a hierarchical budgeting model, we ...
