Showing 1 - 10 of 166
This paper summarizes our earlier research documenting the characteristic speculative dynamics of many asset markets and suggests a framework for understanding them. Our model incorporates "feedback traders," traders whose demand is based on the history of past returns rather than the...
Persistent link: https://www.econbiz.de/10005088690
This paper presents evidence on the characteristic speculative dynamics of a wide range of asset returns. It highlights three stylized facts. First, returns tend to be positively serially correlated at high frequency. Second, returns tend to be negatively serially correlated over long horizons....
Persistent link: https://www.econbiz.de/10005088734
This paper estimates the fraction of the variance in aggregate stock returns that can be attributed to various kinds of news. First, we consider macroeconomic news and show that it is difficult to explain more than one third of the return variance from this source. Second, to explore the...
Persistent link: https://www.econbiz.de/10005720508
This paper uses data on the abnormal returns earned by the shareholders of Texaco and Pennzoil to examine whether resources were "lost" in the course of the litigation. We find that the leakage involved in the forced transfer is enormous: each dollar of value lost by Texaco's shareholders has...
Persistent link: https://www.econbiz.de/10005720898
We examine the effects of malaria on educational attainment and income by exploiting geographic variation in malaria prevalence in India prior to a nationwide eradication program in the 1950s. We find that the program led to modest increases in income for prime age men. This finding is robust to...
Persistent link: https://www.econbiz.de/10004976954
We analyze the incidence of public-employee health benefits. Because these benefits are negotiated through the political process, relevant labor market institutions deviate significantly from the competitive, private-sector benchmark. Empirically, we find that roughly 15 percent of the cost of...
Persistent link: https://www.econbiz.de/10011193600
There is considerable controversy about the causes of regional variations in health care expenditures. We use vignettes from patient and physician surveys linked to Medicare expenditures at the Hospital Referral Region to test whether patient demand-side factors or physician supply-side factors...
Persistent link: https://www.econbiz.de/10010821905
Using Eurobarometer data, we document large variation across European countries in education gradients in income, self-reported health, life satisfaction, obesity, smoking and drinking. While this variation has been documented previously, the reasons why the effect of education on income, health...
Persistent link: https://www.econbiz.de/10010822005
The question of whether morbidity is being compressed into the period just before death has been at the center of health debates in the United States for some time. Compression of morbidity would lead to longer life but less rapid medical spending increases than if life extension were...
Persistent link: https://www.econbiz.de/10010969205
Adverse behavioral risk factors contribute to a large share of deaths. We examine the effects on life expectancy (LE) and quality-adjusted life expectancy (QALE) of changes in six major behavioral risk factors over the 1960-2010 period: smoking, obesity, heavy alcohol use, and unsafe use of...
Persistent link: https://www.econbiz.de/10010950832