A new microeconomic explanation for the divergent experiences of economies in forming human capital is proposed. It is suggested that the positive effect of a longer life expectancy on human capital formation arises from two separate effects: a life-expectancy effect and a prolonged...

We investigate the provision of public capital in an endogenous growth model with asymmetric information. In a credit market with costly screening, we show that the equilibrium contracts are characterized by the self-selection of borrowers. Through identifying an additional adverse effect of...

This chapter discusses the development of GRI Standards and reviews recent research on practice and policy issues concerning their implementation. Six themes emerged in the literature published between 2010 and 2021: applicability of GRI Standards; nature of adoption of GRI Standards by report...

This paper studies currency substitution in an environment where agents' inflation tax-evasive demand for foreign money is balanced by the concern for the possibility that the government may impose economy-wide capital controls under which foreign currency transactions are costly. Under the...

We investigate the ambiguity spillover among international equity markets. We follow Brennan and Izhakian (2018) and develop monthly ambiguity measures using high-frequency trading data of equity indices. The ambiguity spillover demonstrates noticeable asymmetry. The US equity market is the...

We use novel U.S. county social capital data from the Social Capital Project and show that acquirers located in a high social capital county experience higher announcement returns. The effect is more pronounced when agency problems in the acquirer are more severe. In addition, we find evidence...

Using machine learning–based algorithms, we measure key impressions about sell-side analysts using their LinkedIn photos. We find that impressions of analysts’ trustworthiness (TRUST) and dominance (DOM) are positively associated with forecast accuracy, especially after recent in-person...

We examine the impact of economic policy uncertainty on the trading activity of short sellers. We document an increase in shorting flow of overvalued stocks during periods of high policy uncertainty. The results hold after controlling for endogeneity, macroeconomic factors, and different...