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Articles 1 - 11 of 11
Full-Text Articles in Social and Behavioral Sciences
The Role Of Cost, Scale, And Property Attributes In Landowner Choice Of Stormwater Management Option., W. Bowman Cutter, Alexander Pusch
The Role Of Cost, Scale, And Property Attributes In Landowner Choice Of Stormwater Management Option., W. Bowman Cutter, Alexander Pusch
Pomona Economics
Cities throughout the world are experimenting with Low Impact Development (LID) strategies to replace ecosystem services degraded by urbanization. Stormwater management may need both centralized/publicly-managed infrastructure and decentralized provision by landowners. For landowners to participate in these programs they will need some latitude in the choice of techniques and siting. However, these landowner choices will affect the bundle of ecosystem services provided (such as infiltration, aesthetics, pollution filtering, and others) as well as their spatial distribution. We studied the Santa Monica (CA) stormwater regulations that require stormwater management on a large portion of development and redevelopment but allow a significant …
The Shadow Cost Of Parking Minimums: Evidence From Los Angeles County, Sofia Franco, W. Bowman Cutter, Skyler Lewis
The Shadow Cost Of Parking Minimums: Evidence From Los Angeles County, Sofia Franco, W. Bowman Cutter, Skyler Lewis
Pomona Economics
Minimum Parking Requirements (MPRs) are almost universal in U.S. cities and common in the rest of the world. In the U.S., parking requirements for commercial buildings commonly require 700 ft2 of parking for each 1000 ft2 of floor space. To the extent this is a binding requirement, MPRs could result in distortion in commercial development. MPRs require either the allocation of land for parking, or very costly substitution of structured parking for land. Therefore, MPR distortions are likely to increase with the value of land. A steep gradient in the cost of the MPRs leads to the possibility …
The International Spread Of Covid-19 Stock Market Collapses, Silvio Contessi, Pierangelo De Pace
The International Spread Of Covid-19 Stock Market Collapses, Silvio Contessi, Pierangelo De Pace
Pomona Economics
We identify periods of mildly explosive dynamics and collapses in the stock markets of 18 major countries during the first wave of the COVID-19 pandemic of 2020. We find statistical evidence of instability transmission from the Chinese stock market to all other markets. The recovery is heterogeneous and generally non-explosive.
Comovement And Instability In Cryptocurrency Markets, Pierangelo De Pace, Jayant Rao
Comovement And Instability In Cryptocurrency Markets, Pierangelo De Pace, Jayant Rao
Pomona Economics
We analyze the extent of comovement between daily price returns of nine major cryptocurrencies during the first three main phases of their development, from April 2013 to November 2018. We assess its evolution using bivariate and multivariate modelling approaches, and detect pronounced time variation. Generally, comovement is initially low and positive, but increases between early 2017 and late 2018. We then adopt a right-tail version of the Augmented Dickey-Fuller unit root test to identify periods of mildly explosive behavior (statistical instability) in the Network Value to Transactions (NVT) ratio (a measure of the dollar value of cryptocurrency transaction activity relative …
Mildly Explosive Dynamics In U.S. Fixed Income Markets, Silvio Contessi, Pierangelo De Pace, Massimo Guidolin
Mildly Explosive Dynamics In U.S. Fixed Income Markets, Silvio Contessi, Pierangelo De Pace, Massimo Guidolin
Pomona Economics
We use a recently developed right-tail variation of the Augmented Dickey-Fuller unit root test to identify and date-stamp periods of mildly explosive behavior in the weekly time series of eight U.S. fixed income yield spreads between September 2002 and April 2018. We find statistically significant evidence of mildly explosive dynamics in six of these spreads, two of which are short/medium-term mortgage- related spreads. We show that the time intervals characterized by instability that we estimate from these yield spreads capture known episodes of financial and economic distress in the U.S. economy. Mild explosiveness migrates from short-term funding markets to medium- …
The Chinese Real Estate Bubble, Gary N. Smith, Wesley Liang
The Chinese Real Estate Bubble, Gary N. Smith, Wesley Liang
Pomona Economics
China has seen extraordinary economic growth for the past two decades, coupled with a booming housing market. Following the 2008 financial crisis, however, observers began worrying that the Chinese real estate market had been gripped by a speculative bubble. We use residential rent and price data to assess whether these fears are justified. We conclude that residential real estate markets are bubbly in Beijing and Shanghai, with the Beijing housing market frothier than the Shanghai market.
The Name Game: The Importance Of Resourcefulness, Ruses, And Recall In Stock Ticker Symbols, Gary N. Smith, Naomi Baer, Erica Barry
The Name Game: The Importance Of Resourcefulness, Ruses, And Recall In Stock Ticker Symbols, Gary N. Smith, Naomi Baer, Erica Barry
Pomona Economics
Previous research reported that a portfolio of stocks with clever ticker symbols outperformed the overall market by a significant margin during the years 1984 to 2005. This paper reports the performance of those stocks during the subsequent years 2006 to 2018, and also investigates the 2006-2008 performance of a new set of clever-ticker stocks. Both clever-ticker portfolios beat the market by a substantial margin, supporting the resiliency of the clever-ticker phenomenon.
It Is Time To Kill The Economic Theory Of Suicide, Gary N. Smith
It Is Time To Kill The Economic Theory Of Suicide, Gary N. Smith
Pomona Economics
A seminal paper by Hamermesh and Soss modeled suicide as a rational economic decision based on a comparison of the financial costs and benefits of staying alive. Their model is fundamentally flawed and their prediction that suicide rates increase with age is wrong.
College Football: Doing Less With More And More With Less, Gary N. Smith, Jordan Hawkins, Jack Storrs
College Football: Doing Less With More And More With Less, Gary N. Smith, Jordan Hawkins, Jack Storrs
Pomona Economics
There is a substantial and highly significant correlation between the performance of widely followed college football teams and the pre-college recruiting scores received by their players. This correlation implies a regression toward the mean that should be taken into account in the identification of under-performing and over-performing teams and can also be used to improve pre-season predictions of the performance of teams with highly rated and lowly rated recruits.
Be Wary Of Black-Box Trading Algorithms, Gary N. Smith
Be Wary Of Black-Box Trading Algorithms, Gary N. Smith
Pomona Economics
Black-box algorithms now account for nearly a third of all U. S. stock trades. It is a mistake to think that these algorithms possess superhuman intelligence. In reality, computers do not have the common sense and wisdom that humans have accumulated by living. Trading algorithms are particularly dangerous because they are so efficient at discovering statistical patterns—but so utterly useless in judging whether the discovered patterns are meaningful.
The Paradox Of Big Data, Gary N. Smith
The Paradox Of Big Data, Gary N. Smith
Pomona Economics
Data-mining is often used to discover patterns in Big Data. It is tempting believe that because an unearthed pattern is unusual it must be meaningful, but patterns are inevitable in Big Data and usually meaningless. The paradox of Big Data is that data mining is most seductive when there are a large number of variables, but a large number of variables exacerbates the perils of data mining.