Recent empirical literature shows that Internet search activity is closely associated with volatility prediction in financial and commodity markets. In this study, we search for a benchmark model with available market-based predictors to evaluate the net contribution of the Internet search...

We study how natural resource rents affect the selection and behavior of holders of public office. Using global price shocks to thirty-one minerals and nationwide geological and political data from India, we show that local mineral rent shocks cause the election of criminal politicians. We also...

This is an e-companion of "Responsible Sourcing under Supplier-Auditor Collusion" published in Manufacturing & Service Operations Management. It contains Appendix B of the paper, which includes all the results and proofs for Section 6 (Model Extensions)

This paper proposes a theoretical and quantitative analysis of the reallocation of labor across firms in response to idiosyncratic shocks of different persistence. Creating and destroying jobs is costly and workers are paid a share of the value of the marginal worker. The model predicts that...

This paper develops a multi-sector, small open economy Dynamic Stochastic General Equilibrium model, which includes the accumulation of human capital, built via public expenditures in education and health. Four possible fiscal rules are examined for total public investment in infrastructure,...

Managers' voluntary disclosure of forward-looking earnings information results in stock prices reflecting that information prior to the fiscal period when the corresponding earnings are announced. We predict that forward-looking management earnings forecasts (MFs) will lead to a weaker relation...

Transaction cost, defined as implementation shortfall that is originally proposed by Perold (1988), is an important element in portfolio performance measurement. There are several factors visible or fixed (such as commission and taxes) and variable (that are invisible or indirectly affect cost...

This paper investigates how variations in stock-level leverage lead to dynamic intraday trading behavior and illiquidity transmission across different stocks by utilizing a unique, precise, stock-level margin trading dataset. We document that leveraged investors' need to meet margin call...

This study investigates loan price and quantity effects of information sharing offices with ICT, in a panel of 162 banks consisting of 42 African countries for the period 2001-2011.The empirical evidence is based on Generalised Method of Moments and Instrumental Quantile Regressions. Our...

This paper illustrates optimal dynamic allocation in a traditional two-fund capital market model. As in previous literature, a mean-reverting market portfolio implies a “horizon effect” in typical investors' allocations. For investors whose risk aversion is higher than the representative...