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Examination Of Institutional Investment In The United States Of America From 1999 To 2018, Martin R. Lefebvre
Examination Of Institutional Investment In The United States Of America From 1999 To 2018, Martin R. Lefebvre
Electronic Thesis and Dissertation Repository
This thesis examines the evolution of spatial preference of institutional investors located in the United States of America for the time period of 1999 to 2018 using a mix of exploratory data analysis techniques and more sophisticated space-time and machine learning techniques such as ESRI Space-Time cube and Latent Dirichlet Allocation topic modeling. This thesis concludes that despite having the appearance of a footloose industry due to almost negligible fixed costs, institutional investors are attracted to highly dynamic urban centres and on the 20 year time horizon, appear surprisingly sticky in their location preference. This is consistent with the belief …
Adding Data-Driven Modelling To Causal Inference And Financial Economics, Sha Wang
Adding Data-Driven Modelling To Causal Inference And Financial Economics, Sha Wang
Electronic Thesis and Dissertation Repository
My thesis, which consists of three chapters, aims to either adapt ML to solve important questions in financial markets, or apply state-of-the art ML methodologies that specifically target on economic causal inference problems. The first chapter is adapted from a paper co-authored with Lars Stentoft and published on the Journal of Portfolio Management in 2019. We modified a ML model in order to develop a portfolio tracking strategy that solves a pain point for investors. Many investors try to replicate the performance of certain financial instrument, such as a hedge fund strategy return index for its desirable risk-return profile. However, …
Essays On Student Loans And Returns To Skill, Qian Liu
Essays On Student Loans And Returns To Skill, Qian Liu
Electronic Thesis and Dissertation Repository
This thesis consists of three studies, which explore topics related to labor economics. Chapters 2 and 3 examine the returns on student loans and student loan repayment policy, respectively. Chapter 4 examines the returns to skill and the evolution of skills at older ages.
In Chapter 2 (co-authored with Lance Lochner), we study rates of return on government student loans in Canada using novel administrative data from the Canada Student Loans Program. We exploit rich information on personal characteristics, loan amounts, field of study, and institution of attendance to explain differences in rates of return across different types of borrowers. …
Essays On Share Repurchases And Boom-Bust Cycles, Bohan Li
Essays On Share Repurchases And Boom-Bust Cycles, Bohan Li
Electronic Thesis and Dissertation Repository
My doctoral dissertation consists of three chapters on financial economics. In the first chapter, I examine whether a firm's share repurchases and issuances reveal information on its future 2-year stock returns. Firm-quarter observations with repurchases or issuances are each divided into twenty 5-percentile bins sorted by their magnitude. I regress 2-year future stock returns on the bins and find a non-linear relationship between the change in shares outstanding and returns. Firms making repurchases (issuances) of less than 9.3% (1.4%) of shares outstanding outperform the equal-weight portfolio by 6.4% (3.9%). These observations account for 90% of repurchases and 70% of issuances. …
Understanding The Determinants Of The Cost Of Coronary Artery Bypass Graft Surgery, Hun Lee
Understanding The Determinants Of The Cost Of Coronary Artery Bypass Graft Surgery, Hun Lee
Electronic Thesis and Dissertation Repository
Introduction: The relationship between patient demographics, clinical factors, and cost of coronary artery bypass graft (CABG) is complex. Investigation of these relationships is important to aid clinical practice and inform reimbursement models. This thesis analyzes multiple different domains in order to understand the significant factors that impact the cost of CABG at the London Health Sciences Centre (LHSC).
Methods: Model selection, construction of nested descriptive models, exploration of mediation analysis of the impact of peri-operative factors and cost through length of stay, and construction of estimative models were performed.
Results: Several baseline characteristics, socio-demographics, peri-operative variables, and post-operative variables were …
The Impact Of Levodopa Administration On Learning From Short-Term And Long-Term Action Consequences: A Paradigm Validation., Masood Rezaei
The Impact Of Levodopa Administration On Learning From Short-Term And Long-Term Action Consequences: A Paradigm Validation., Masood Rezaei
Electronic Thesis and Dissertation Repository
Behavioral and neuroimaging studies have identified two valuation systems in the human brain for controlling behavior known as model-free (MF) and model-based (MB). MF is based on immediate evaluation and MB is based on long-term evaluation of the outcome of our decisions. Previous studies suggest that dopamine baseline activity may play an important role in the balance between the two systems and determine how they compete or interact in controlling our actions. The overarching aims of this study is to investigate the impact of levodopa administration on learning from immediate and long-term action consequences, and to dissociate the role of …
A Language Barrier To Human Capital Development: The Case Of Guatemalan Students, Fidel Pérez Macal
A Language Barrier To Human Capital Development: The Case Of Guatemalan Students, Fidel Pérez Macal
Electronic Thesis and Dissertation Repository
Not being proficient in a school’s predominant language of instruction can represent a language barrier for students’ human capital development. In Guatemala, 24 languages are spoken apart from Spanish, which is the language of instruction in the majority of schools, and about 40 percent of the total population has a non-Spanish language as a mother tongue. National standardized tests show that non-Spanish mother tongue (non-SMT) students are outperformed by SMT students in elementary and secondary schools.
My thesis analyzes whether non-SMT students face a language barrier and traces its source. Two main findings emerge. First, non-SMT students are not yet …
Characterizing The Value And Effect Of Perceptiveness In Various Game-Theoretic Settings, Terrence Adam Rooney
Characterizing The Value And Effect Of Perceptiveness In Various Game-Theoretic Settings, Terrence Adam Rooney
Electronic Thesis and Dissertation Repository
This thesis investigates the value and effect that perceptiveness has in three game-theoretic settings. I consider a player to be expert if they know the value of a particular payoff-relevant parameter in the models I study. If the player does not know such value, I consider the player to be inexpert. A player is perceptive if they know with certainty whether their opponent is expert. Otherwise, the player is imperceptive. The goal of this thesis is to provide insight regarding the potential value and effect that perceptiveness has in the game-theoretic settings I study.
The first model I …
Renewable-Energy Resources, Economic Growth And Their Causal Link, Yiyang Chen
Renewable-Energy Resources, Economic Growth And Their Causal Link, Yiyang Chen
Electronic Thesis and Dissertation Repository
This thesis examines the presence and strength of predictive causal relationship between re-newable energy prices and economic growth. We look for evidence by investigating the cases of Norway, New Zealand, and Canada’s two provinces of Alberta and Ontario. The usual vectorautoregressive model (VAR) and its various improved versions still assume constant parametersover time. We devise a Markov-switching VAR (MS-VAR) model in order to accommodate the observed time-dependent causal relation changes. Our proposed modelling approach is induced by the hidden Markov model methodologies in terms of an online parameter estimationthrough recursive filtering. The parameters of the MS-VAR model are governed by …
A Walkthrough Of The Canadian Video Game Industry: An Economic Geography Perspective On The Digital Entertainment Frontier, Grant L. Morin
A Walkthrough Of The Canadian Video Game Industry: An Economic Geography Perspective On The Digital Entertainment Frontier, Grant L. Morin
Electronic Thesis and Dissertation Repository
The video game industry has been examined since the 1970’s, yet individual country analysis from an economic geography perspective has been lacking. It is the contribution of this dissertation to utilize the agglomeration economy and location theory literature in its application to the Canadian video game industry.
To understand this industry, a mixed-method approach is used. Kernel density maps, standard deviational ellipses, and mapping processes were used to illustrate the dispersion and clustering patterns of studios in Canada. In addition, a Poisson regression was performed using count data of the number of video game firms in census metropolitan areas. The …
Essays On Family Economics, Hyeongsuk Jin
Essays On Family Economics, Hyeongsuk Jin
Electronic Thesis and Dissertation Repository
This thesis studies decisions the family makes regarding household unions, fertility, and child investment. Chapter 2 studies the educational gradient in non-marital fertility and posits that cohabitation is a driver behind the gradient. I build a lifecycle model of fertility and household union choices, featuring a trade-off between quality and quantity of children. Using the model calibrated to the U.S. data, I study implications of introducing common-law marriage, where cohabiting parents are considered to be married couples. I find that the policy leads fewer people to choose cohabitation, and more children are born to married parents. As a result, children …
"At The Very Beginning, There's This Dream." The Role Of Utopia In The Workings Of Local And Cryptocurrencies, Diane-Laure Arjalies
"At The Very Beginning, There's This Dream." The Role Of Utopia In The Workings Of Local And Cryptocurrencies, Diane-Laure Arjalies
Business Publications
Since the 2008 financial crisis, the number of alternative currencies aiming at transforming global financial institutions, such as local and complementary currencies (LCC) and cryptocurrencies, has exploded. Yet the motivations and workings of such monies are relatively unknown. This chapter aims to fill this gap by providing a framework that uncovers the ideals pursued by alternative currencies, and the effects of those ideals on the production of money. To do so, I present a comparative analysis of the valuation infrastructure – the processes through which value(s) is produced – of one LCC, Sol Violette, and three cryptocurrencies, Bitcoin, Ğ1 …
Essays On Housing Markets, Yuxi Yao
Essays On Housing Markets, Yuxi Yao
Electronic Thesis and Dissertation Repository
Housing assets have long been the most important assets in household portfolios. Therefore, understanding the long-run trends of the key indicators in the housing market is important for understanding household housing tenure choice and asset allocation, evaluating household welfare, and analyzing financial stability. My thesis consists of three chapters accounting for the changes in homeownership rates, cross-city distribution of prices and rents, and aggregate housing prices in the United States for the past several decades.
Chapter 2 focuses on the decline in the homeownership rate among young households since 1980. I find that while some of the college graduates merely …
Relaxing The Rational Expectations Assumption: Data-Based And Model-Based Approaches, Yifan Gong
Relaxing The Rational Expectations Assumption: Data-Based And Model-Based Approaches, Yifan Gong
Electronic Thesis and Dissertation Repository
The fundamental importance of beliefs about future outcomes in decision-making suggests that an accurate characterization of these beliefs is important for understanding individuals' behavior and for evaluating the counterfactuals typically needed for policy analysis. Traditionally, many researchers have been using some form of Rational Expectations (RE) assumptions to characterize these beliefs. However, empirical evidence suggests that the RE assumption might not hold in many contexts, and that incorrectly imposing the RE assumption can lead to biased policy predictions. Motivated by these findings, I explore alternative approaches to conducting economic analysis without imposing the RE assumption.
Chapters 2 and 3 of …
Essays On Criminal Behaviour, Human Capital Formation, And Mental Health, Diego F. Salazar
Essays On Criminal Behaviour, Human Capital Formation, And Mental Health, Diego F. Salazar
Electronic Thesis and Dissertation Repository
My thesis consists of three chapters that contribute to the study of some of the negative consequences of incarceration and their relation with the life-cycle choices of juvenile offenders.
Chapter 2 studies the causal relationship between incarceration and mental health problems. In this chapter, I use different matching estimators to identify the causal effects of incarceration over several dimensions of mental health using data from a survey of juvenile offenders, the Pathways to Desistance (PTD) survey. My findings show that being incarcerated for the first time, between 17 and 18 years old, increases depression by at least 0.18 standard deviations …
2020-2 Botswana's Fiscal Policy, Monetary Policy, And Exchange Rate Policy: Three Instruments And Three Targets?, J Clark Leith
2020-2 Botswana's Fiscal Policy, Monetary Policy, And Exchange Rate Policy: Three Instruments And Three Targets?, J Clark Leith
Department of Economics Research Reports
No abstract provided.
2020-1 Distributional Effects Of Flooding, With An Application To A Major Urban Area, James B. Davies, Samantha L. Black
2020-1 Distributional Effects Of Flooding, With An Application To A Major Urban Area, James B. Davies, Samantha L. Black
Department of Economics Research Reports
No abstract provided.
2020-4 The Category Of Node-And-Choice Extensive-Form Games, Peter A. Streufert
2020-4 The Category Of Node-And-Choice Extensive-Form Games, Peter A. Streufert
Department of Economics Research Reports
This paper develops the category NCG. Its objects are node-and-choice games, which include essentially all extensive-form games. Its morphisms allow arbitrary transformations of a game's nodes, choices, and players, as well as monotonic transformations of the utility functions of the game's players. Among the morphisms are subgame inclusions. Several characterizations and numerous properties of the isomorphisms are derived. Also, the game-theoretic concepts of no-absentmindedness, perfect-information, and (pure-strategy) Nash-equilibrium are shown to be isomorphically invariant. Finally, full subcategories are defined for choice-sequence games and choice-set games, and relationships among these two subcategories and NCG itself are expressed and derived via isomorphic …
2020-5 European Puts, Credit Protection, And Endogenous Default, Jorge Cruz Lopez, Alfredo Ibanez
2020-5 European Puts, Credit Protection, And Endogenous Default, Jorge Cruz Lopez, Alfredo Ibanez
Department of Economics Research Reports
No abstract provided.
2020-1 The Millennials' Transition From School-To-Work, Audra J. Bowlus, Yuet-Yee Linda Wong
2020-1 The Millennials' Transition From School-To-Work, Audra J. Bowlus, Yuet-Yee Linda Wong
Centre for Human Capital and Productivity. CHCP Working Papers
No abstract provided.
2020-3 Optimal Contracting With Altruistic Agents: A Structural Model Of Medicare Payments For Dialysis Drugs, Martin Gaynor, Nirav Mehta, Seth Richards-Shubik
2020-3 Optimal Contracting With Altruistic Agents: A Structural Model Of Medicare Payments For Dialysis Drugs, Martin Gaynor, Nirav Mehta, Seth Richards-Shubik
Centre for Human Capital and Productivity. CHCP Working Papers
We study physician agency and optimal payment policy in the context of an expensive medication used in dialysis care. Using Medicare claims data we estimate a structural model of treatment decisions, in which physicians differ in their altruism and marginal costs, and this heterogeneity is unobservable to the government. In a novel application of nonlinear pricing methods, we theoretically characterize the optimal unrestricted contract in this screening environment with multidimensional heterogeneity. We combine these results with the estimated model to construct the optimal contract and simulate counterfactual outcomes. The optimal contract is a flexible fee-for-service contract, which pays for reported …
2020-7 Marriage, Children, And Labor Supply: Beliefs And Outcomes, Yifan Gong, Todd Stinebrickner, Ralph Stinebrickner
2020-7 Marriage, Children, And Labor Supply: Beliefs And Outcomes, Yifan Gong, Todd Stinebrickner, Ralph Stinebrickner
Centre for Human Capital and Productivity. CHCP Working Papers
No abstract provided.
2020-6 The Eitc And Maternal Time Use: More Time Working And Less Time With Kids?, Jacob Bastian, Lance Lochner
2020-6 The Eitc And Maternal Time Use: More Time Working And Less Time With Kids?, Jacob Bastian, Lance Lochner
Centre for Human Capital and Productivity. CHCP Working Papers
No abstract provided.
2020-8 Perceived And Actual Option Values Of College Enrollment, Yifan Gong, Todd Stinebrickner, Ralph Stinebrickner
2020-8 Perceived And Actual Option Values Of College Enrollment, Yifan Gong, Todd Stinebrickner, Ralph Stinebrickner
Centre for Human Capital and Productivity. CHCP Working Papers
No abstract provided.
2020-9 Self-Employment And Development, Juan Herreno, Sergio Ocampo
2020-9 Self-Employment And Development, Juan Herreno, Sergio Ocampo
Centre for Human Capital and Productivity. CHCP Working Papers
No abstract provided.
2020-2 Prices, Profits, Proxies, And Production, Victor H. Aguiar, Roy Allen, Nail Kashaev
2020-2 Prices, Profits, Proxies, And Production, Victor H. Aguiar, Roy Allen, Nail Kashaev
Centre for Human Capital and Productivity. CHCP Working Papers
Abstract This paper studies nonparametric identification and counterfactual bounds for heterogeneous firms that can be ranked in terms of productivity. Our approach works when quantities and prices are latent rendering standard approaches inapplicable. Instead, we require observation of profits or other optimizing-values such as costs or revenues, and either prices or price proxies of flexibly chosen variables. We extend classical duality results for price-taking firms to a setup with discrete heterogeneity, endogeneity, and limited variation in possibly latent prices. Finally, we show that convergence results for nonparametric estimators may be directly converted to convergence results for production sets.
2020-5 Returns To Skill And The Evolution Of Skills For Older Men, Qian Liu, Lance Lochner, Youngmin Park, Youngki Shin
2020-5 Returns To Skill And The Evolution Of Skills For Older Men, Qian Liu, Lance Lochner, Youngmin Park, Youngki Shin
Centre for Human Capital and Productivity. CHCP Working Papers
No abstract provided.
2020-4 Child Skill Production: Accounting For Parental And Market-Based Time And Goods Investments, Elizabeth Caucutt, Lance Lochner, Joseph Mullins, Youngmin Park
2020-4 Child Skill Production: Accounting For Parental And Market-Based Time And Goods Investments, Elizabeth Caucutt, Lance Lochner, Joseph Mullins, Youngmin Park
Centre for Human Capital and Productivity. CHCP Working Papers
No abstract provided.
2020-3 Reforming Canada's Disaster Assistance Programs, James B. Davies
2020-3 Reforming Canada's Disaster Assistance Programs, James B. Davies
Department of Economics Research Reports
No abstract provided.