We investigate whether financial reform can reduce income inequality in Asia, with particular emphasis on the role of human capital. Extending Galor and Zeira (1993), we demonstrate that financial reform is effective in reducing income inequality, and the effect is more profound in a country...

Using a comprehensive data set of short-sale transactions, we find strong evidence of commonality in daily shorting flows of individual stocks. More importantly, we find that aggregate shorting forecasts market returns. A one standard deviation increase in daily aggregate shorting is associated...

The mean value theorem and Taylor's expansion are powerful tools in statistics that are used to derive estimators from nonlinear estimating equations and to study the asymptotic properties of the resulting estimators. However, the mean value theorem for a vector-valued differentiable function...

This paper examines discrimination in mortgage lending in teh United States over three decades in 1960 to 1990. We focus on whether deregulation, increased Federal oversight and enhanced competition reduce discrimination as becker's theory suggests (Becker, 1971). We find that discrimination is...

This paper uses vector-autoregressions to gain insights into the dynamic relationships between age at marriage, divorce, fertility, and labor force participation of women. The use of vector-autoregressions let us circumvent the statistical problems faced by previous studies. Age at marriage,...

This is the first study that decomposes unemployment into its structural and cyclical components and investigates their impact on income distribution, controlling for the influence of inflation. Increases in structural unemployment have a substantial aggravating impact on income inequality....

Using data on the entire population of prisoners under a sentence of death in the United States between 1977 and 1997, this paper investigates the probability of transition from death row to various possible outcomes (execution, death by other causes, commutation, and overturned sentence or...