This paper examines the relationship between household income shocks and child labor. In particular, we investigate the extent to which transitory income shocks lead to increases in child labor and whether household asset holdings mitigate the effects of these shocks. Using data from a household panel survey in Tanzania, we find that both relationships are significant. We investigate mechanisms...

This paper addresses how financial development affects product quality and firmlevel exports depending on the firm’s productivity. To this goal, I propose a heterogeneous firms model with endogenous quality, credit constraints and heterogeneous productivity of a firm. I show theoretically and confirm empirically that lower financial constraints result in higher-quality output and higher exports...

Abstract We exploit detailed transaction and position data for a sample of long-short equity hedge funds to study the trading activity fundamental investors. find that exhibit skill in opening positions, but they close their positions too early, thereby forgoing about one-third trades’ potential profitability. explain this behavior with limits arbitrage: early order reallocate capital more prof...

We analyze the ups and downs in economic growth recent decades by constructing a model with recurrent bubbles, crashes, endogenous growth. Once realized, bubbles crowd investment stimulate growth, but expectation about future crowds out reduces identify bubbly episodes estimating using US data. Counterfactual simulations suggest that IT housing not only caused booms also lifted GDP almost 2 per...

We review the literature on return and cash flow growth predictability form the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries. JEL classification: G10, G12, G14, G35.

It is shown that the absence of call spread, butterfly spread and calendar spread arbitrages is sufficient to exclude all static arbitrages from a set of option price quotes across strikes and maturities on a single underlier.  2005 Elsevier Inc. All rights reserved. JEL classification: G10; G12; G13; G14

We use a stock-market game and predictions of examination marks to examine differences between overconfidence and biased self-attribution (BSA) of British and Asian students. Although different overconfidence measures show little correlation, Asians are consistently more overconfident than the British. All are equally prone to BSA. © 2007 Elsevier Inc. All rights reserved. JEL classification: G...

Abstract Portfolio performance measures using holdings data are panel regressions. The returns of a fund’s stocks regressed on its lagged portfolio weights. Stock fixed effects isolate average from time-series predictive ability. Control variables condition for fund the characteristics held. long-term drives some classical measures, while ability others. A “buy-and-hold drift,” where weights in...

<p>This study examined several PSEi breakpoints to determine if COVID-19-related headlines or events cause significant stock market breaks. From December 2, 2019 May 5, 2022 (T=632), time-series data revealed that the performed worst during first four months of 2020. Regression with ordinary least squares on values Philippine has random walk characteristics for same time period. The Breus...