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...

How do individual preferences over welfare spending respond to economic hard times? In this paper we reconcile two prominent, opposing expectations: that recessions lead to a ‘hunkering down’ such that individuals become less favorable to taxation and expenditure; and that downturns, being associated with increases in risk, should lead to increased demand for government expenditure. We present ...

Based on China’s inter-provincial panel data from 1999–2009, this paper has tested the impact and extent of marketization, government governance, and legal environment of sustainable economic development by controlling physical capital, human capital and productivity, so as to find the institutional reality for the difference in China’s economic development and another explanation for it. It tu...