We identify a feedback loop between fire sales and equity option returns. The demand effect of fire sales induced by mutual fund extreme outflows decreases delta-hedged put option returns by 4-10% per year and increases the expensiveness by 2.5%. We address endogenous concerns using instrumental...

This paper investigates corruption in welfare targeting in developing countries and evaluates the effectiveness of top-down monitoring in addressing this issue. Using administrative records from China's rural Basic Living Allowance program (RBLA), we demonstrate that cadre-connected families are...

This dissertation studies the production technology of the U.S. dental care industry using practice level data from a 2006 survey of general dental practices conducted by the American Dental Association (ADA). In particular, two main questions about the economic aspects of dental care industry...

Purpose – The purpose of this paper is to provide a new way of rethinking banking models by using qualitative research on intangibles. This is required because the banking sector has been transformed significantly by the changing environment over the past two decades. The 2007-2009 financial...

This study examines the influence of online product review and product knowledge on the attitude towards online shopping, which leads to online purchase behavior. Data are collected from an online questionnaire with the use of Google Forms posted on three popular toy enthusiast websites in...