We argue that the welfare inferences drawn from answers to subjective-qualitative survey questions are clouded by concerns over the structure of measurement errors and how latent psychological factors influence observed respondent characteristics. We propose a panel data model that allows more robust tests and we estimate the model on a high-quality survey for Russia. We find significant income...

This paper presents new evidence on the relationship between corruption and income inequality. Using a panel data methodology, we find that lower corruption is associated with higher income inequality in Latin America. This result is in contrast to other empirical studies but it makes sense in Latin America for a number of reasons. The finding of an inverse relationship between inequality and c...

Most stock exchange regulators around the world reacted to the 2007-2009 crisis by imposing bans or regulatory constraints on short-selling. Short-selling restrictions were imposed and lifted at different dates in different countries, often applied to different sets of stocks and featured different degrees of stringency. We exploit this considerable variation in short-sales regimes to identify ...

In the early 1990s, Taiwan began her deregulation trend in order to enhance competition and economic efficiency across all industries. We derive a theoretical framework to predict possible rankings in technical efficiencies of public, mixed, and private banks. A panel data set with 43 Taiwanese banks during 1997-1999 is used for empirical analysis. We then apply a translog distance function to ...

The paper explores the nature of change and finds evidence in favor of deceleration hypothesis: prior changes of a given type decrease the likelihood of a subsequent change of the same type while controlling for unobserved heterogeneity. We analyse leadership changes by explaining factors that influence football teams to replace their coaches. We use panel data for 33 National Football League’s...

Urban bias has long been China’s dominant economic policy. The persistent urban bias leads to a severe rural-urban income gap and diverts physical as well as an effect of diverting the rural resource out of agricultural sector, and thus is detrimental to agricultural growth. This paper uses China’s provincial panel data from 1978 to 2007 to investigate the diverting effects of the rural-urban i...

Using two waves of panel data from the National Survey of Midlife in the United States (MIDUS), we examine the relationship between volunteer work and three dimensions of well-being: hedonic (e.g., positive mood), eudemonic (e.g., purpose in life), and social (e.g., feeling of belonging to the community). We test for the effects of volunteering measured as a binary and a continuous variable. Re...