Travel restrictions are often imposed to limit the spread of infectious diseases. As uniform restrictions can be inefficient and incur unnecessarily high costs, this paper examines the optimal design of restrictions that target specific travel routes. We propose a model with trade-offs between...

We consider a model of network interactions where the outcome of a unit depends on the outcomes of the connected units. We determine the key network link, i.e., the network link whose removal results in the largest reduction in the aggregate outcomes, and provide a measure that quantifies the...

Equity in a home can serve as an important source of supplemental income in retirement. Reverse mortgages allow seniors to draw down equity without selling their home, and without a monthly mortgage payment. The most widely used reverse mortgage product is offered by Federal Housing...

This study examines the importance of sales executives in firms' disclosure policies. Our findings show that the fixed effects of sales executives are significant in explaining the properties of both revenue-related financial and non-financial disclosures after we control for economic...

Friedman's monetary theory suggests that the supply of money is constantly equal to the demand of money. Therefore, it cannot justify that inflation is indeed caused by over issuance of money. The root cause of inflation should be the short supply of a basket of goods. The weight of each goods...

Strategic alliance research has shown that national cultural similarity between partner firms has a positive influence on cross-border alliance formation and performance. Yet, cultural similarity can also give rise to in-group favoritism that leads partner firms of similar cultural backgrounds...

We consider a model of network interactions where the outcome of a unit depends on the outcomes of the connected units. We determine the key network link, i.e., the network link whose removal results in the largest reduction in the aggregate outcomes, and provide a measure that quantifies the...

Using project-level data on changes in firms’ investments of IPO proceeds around deaths, term limits, and mandatory retirements of local politicians, this paper studies corporate investment as a novel channel of political activity. Following exogenous turnovers of provincial governors in...