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Stock Market Reactions To Presidential Statements: Evidence From Company-Specific Tweets, Qi Ge, Alexander Kurov, Marketa Halova Wolfe 2018 Skidmore College

Stock Market Reactions To Presidential Statements: Evidence From Company-Specific Tweets, Qi Ge, Alexander Kurov, Marketa Halova Wolfe

Economics Faculty Scholarship

When the President of the United States tweets, do investors respond? We analyze the impact of tweets from President Trump's official Twitter accounts from November 9, 2016 to July 31, 2017 that include the name of a publicly traded company. We find that these tweets move company stock prices and increase trading volume, volatility and institutional investor attention, with a stronger impact before the presidential inauguration. The initial impact of the presidential tweets on stock prices appears to dissipate over the next few trading days. Overall, the results show that investors pay attention to presidential company-specific statements even when ...


Multiple Pollutants, Co-Benefits, And Suboptimal Environmental Policies, Don Fullerton, Daniel Karney 2017 University of Illinois at Urbana-Champaign

Multiple Pollutants, Co-Benefits, And Suboptimal Environmental Policies, Don Fullerton, Daniel Karney

Don Fullerton

In our analytical general equilibrium model, polluting inputs can be substitutes or complements. We study a tax increase on one pollutant where the other faces a tax or permit policy. Our solutions highlight key parameters and welfare effects with gains from abatement plus positive or negative co-benefits from other pollutants in the covered and uncovered sectors. We demonstrate several ways taxes and permits differ. First, the change in taxed pollutant depends on whether the other pollutant faces a tax or permit policy. Also, only with a tax on the other pollutant can a co-benefit arise. The sign of co-benefits depends ...


Contingent Judicial Deference: Theory And Application To Usury Laws, Bernardo Guimarães, Bruno Meyerhof Salama 2017 FGV Law School in Sao Paulo

Contingent Judicial Deference: Theory And Application To Usury Laws, Bernardo Guimarães, Bruno Meyerhof Salama

Bruno Meyerhof Salama

Legislation is less likely to be enforced when courts disagree with it. Building on this premise, we propose a model of Bayesian adjudicators that use their own prior knowledge to evaluate the appropriateness of legislation. The model yields a non-monotonic relation between written rules and effectively enforced rules. Hence the enactment of legislation prohibiting something raises the probability that courts will allow related things not expressly forbidden. Moreover, legal uncertainty is greater with legislation that commands little deference from courts than with legislation that commands none. We discuss examples of e§ects of legislated prohibitions (and, in particular, usury laws ...


Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki FUJII 2017 Singapore Management University

Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii

Research Collection School Of Economics

In this paper, we propose a new method of poverty decomposition. Our method remedies the shortcomings of existing methods and has some desirable properties such as time-revision consistency and subperiod additivity. It integrates the existing methods of growth-redistribution decomposition and sector based decomposition, because it allows us to decompose poverty change into growth and redistribution components for each group (e.g., regions or sectors) in the economy. We extend out method to have six components and provide empirical application to the Philippines for the period of 1985 to 2009.


Reaping Richer Returns : Public Spending Priorities For African Agriculture Productivity Growth, Aparajita Goyal, John Nash 2017 World Bank

Reaping Richer Returns : Public Spending Priorities For African Agriculture Productivity Growth, Aparajita Goyal, John Nash

Aparajita Goyal

Enhancing the productivity of agriculture is vital for Sub-Saharan Africa's economic future and is one of the most important tools to end extreme poverty and boost shared prosperity in the region. How governments elect to spend public resources has significant development impact in this regard. Choosing to catalyze a shift toward more effective, efficient, and climate-resilient public spending in agriculture can accelerate change and unleash growth. Not only does agricultural public spending in Sub-Saharan Africa lag behind other developing regions but its impact is vitiated by subsidy programs and transfers that tend to benefit elites to the detriment of ...


Ceo Compensation And Risk-Taking At Financial Firms: Evidence From U.S. Federal Loan Assistance, Amar Gande, Swami Kalpathy 2017 Southern Methodist University

Ceo Compensation And Risk-Taking At Financial Firms: Evidence From U.S. Federal Loan Assistance, Amar Gande, Swami Kalpathy

Amar Gande

We examine whether risk-taking among the largest financial firms in the U.S. is related to CEO equity incentives before the 2008 financial crisis.  Using data on U.S. Federal Reserve emergency loans provided to these firms, we find that the amount of emergency loans and total days the loans are outstanding are increasing in pre-crisis CEO risk-taking incentives – “vega”.  Our results are robust to accounting for endogeneity in CEO equity incentives and selection of financial firms into emergency loan programs.  We also rule out the possibility that our results are driven by a bank’s funding base, bank complexity ...


The Cost Of Basic Income: Back-Of-The-Envelope Calculations, Karl Widerquist 2017 Georgetown University-Qatar

The Cost Of Basic Income: Back-Of-The-Envelope Calculations, Karl Widerquist

Karl Widerquist

This article shows how the cost of Universal Basic Income (UBI) is often misunderstood and greatly exaggerated. It then presents simple, “back-of-the-envelope” estimates of the net cost of a UBI set at about the official poverty line: $12,000 per adult and $6,000 per child with a 50% “marginal tax rate.” These back-of-the-envelope calculations present a greatly simplified UBI scheme meant not a practical proposal but as a method to obtain a ballpark estimate of the cost of UBI in isolation. Even with simplifying assumptions, these figures are several times more accurate than many common but exaggerated estimates. Key ...


Why The World Needs A Reserve Asset With A Hard Anchor, Warren Coats, Dongsheng Di, Yuxuan Zhao 2017 Renmin University of China

Why The World Needs A Reserve Asset With A Hard Anchor, Warren Coats, Dongsheng Di, Yuxuan Zhao

Warren Coats

From the 1970s, the global currency system has two features: the use of one or a few sovereign currencies as the global reserve asset and the floating exchange rate regime between major currencies.This paper points out that the costs of the dollar’s use as an international reserve currency exceed the benefits for both the US and the rest of the world. These costs include the exporting of American manufacturing as a byproduct of its current account deficit needed to supply its currency to the rest of the world. In addition to the detriment to trade from unpredictable exchange ...


Producer Services: A Hub For Stem And An Engine For Job Growth, Eric Thompson, Kalana Jayanetti 2017 University of Nebraska-Lincoln

Producer Services: A Hub For Stem And An Engine For Job Growth, Eric Thompson, Kalana Jayanetti

Business in Nebraska

No abstract provided.


Disaster And Recovery: The Effects Of Post-Disaster Aid On Economic Development, Joshua M. Drouin 2017 Murray State University

Disaster And Recovery: The Effects Of Post-Disaster Aid On Economic Development, Joshua M. Drouin

Steeplechase

The effects of aid on economic development is topic typically studied from the perspective of corruption and allocative efficiency. We examine aid to less developed nations from a different viewpoint; assuming aid reaches the intended recipients, does it actually benefit them? We utilize Indonesia and the 2004 earthquake and tsunami as a natural experiment to observe the influx of aid, and compare the regions development before and after the disaster. By establishing a baseline before the disaster, and utilizing a new start point after the destruction, we can gauge the reconstruction efforts and observe whether aid is beneficial or harmful ...


A Guide To Circuit Core Models, Lester G. Telser 2017 University of Chicago

A Guide To Circuit Core Models, Lester G. Telser

Lester G Telser

Table of contents to Circuits as Coalitions in the Core


Questioning The Advances In Global Trade: An Assessment Of The Development Chapter In The Trans-Pacific Partnership, Alice Gerow 2017 University of Pennsylvania

Questioning The Advances In Global Trade: An Assessment Of The Development Chapter In The Trans-Pacific Partnership, Alice Gerow

SPICE: Student Perspectives on Institutions, Choices and Ethics

The Trans-Pacific Partnership is on its way to becoming the largest trade deal ever made and proposes to write the rules for global trade. The TPP includes several novelties in trade negotiation such as a chapter specifically interested in issues surrounding development. This paper offers a content-based analysis of the TPP’s Development chapter to gauge the value of this symbolic addition. In order to make this assessment, the United Nations Conference for Trade and Development, the intergovernmental organization responsible for assisting developing nations in the negotiation of trade deals, serves as a reference point for the representation of developing ...


The Law And Economics Of Databases: A Balancing Act, Ya Shon Huang 2017 University of Pennsylvania

The Law And Economics Of Databases: A Balancing Act, Ya Shon Huang

SPICE: Student Perspectives on Institutions, Choices and Ethics

In this paper, I demonstrate that the existing legal frameworks for database protection are inadequate – the American framework under-protects databases, while the European framework over-protects. This paper presents an economic analysis of the current scope of legal protections for databases versus the ideal, with an especial emphasis on the role of intellectual property rights in providing these protections, and concludes with proposals for an ideal system. After an overview of the current systems of legal protections for databases in the United States (US) and the European Union (EU), there will be an explanation of how different types of laws (competition ...


An Analysis Of The Effect Of Airline Mergers On Airfares: A Case Study Of Delta-Northwest And Continental-United, Avi Grunfeld 2017 University of Pennsylvania

An Analysis Of The Effect Of Airline Mergers On Airfares: A Case Study Of Delta-Northwest And Continental-United, Avi Grunfeld

SPICE: Student Perspectives on Institutions, Choices and Ethics

In this paper I analyze the effects of the mergers between Delta-Northwest and Continental-United on airfares. I use data from before the announcement of the mergers to model prices and then forecast what prices would have been after the mergers had the mergers not occurred.

By comparing the actual observed fares and the predicted fares, I find that fares are lower than predicted during the periods of the mergers’ announcements and higher than predicted afterwards. Overall, fares after the announcement of the merger are higher than predicted, and market power effects from the merger dominate efficiency gains. However, I find ...


A New Generation Of Voting: Promoting Youth Voter Turnout Through Applied Behavioral Economics, Jonathan Skekloff 2017 University of Pennsylvania

A New Generation Of Voting: Promoting Youth Voter Turnout Through Applied Behavioral Economics, Jonathan Skekloff

SPICE: Student Perspectives on Institutions, Choices and Ethics

The American democratic system is fundamentally based on the idea of a government of the people. At the cornerstone of this system is voting. However, to date, voter turnout among the youth vote (citizens aged 18-29) is very low. This paper explores the historical data of youth voter turnout and subsequently addresses two core questions. First, why is youth voter turnout important? Second, what can we do to increase youth voter turnout in the 21st century? This paper argues that youth voter turnout is important for a number of reasons, from education levels to habitual voting. Primary among these is ...


Entrepreneurship, Women And Development: Case Studies Of Women Entrepreneurs In Tanzania, Maya R. Perl-Kot 2017 University of Pennsylvania

Entrepreneurship, Women And Development: Case Studies Of Women Entrepreneurs In Tanzania, Maya R. Perl-Kot

SPICE: Student Perspectives on Institutions, Choices and Ethics

No abstract provided.


The G20 And Global Economic Governance During A Protracted Recession, Evren Celik Wiltse 2017 South Dakota State University

The G20 And Global Economic Governance During A Protracted Recession, Evren Celik Wiltse

Evren Celik Wiltse

Thus far, the G20 represents the most significant collective attempt to address the 2008 economic crisis by the world’s largest economies. It is the only global platform that could serve as an institutional panacea for the protracted economic slowdown that has been experienced since 2008. This article analyses the G20 by situating it in the general historical-institutional context of the global economic governance. It compares and contrasts the G20 with the Bretton Woods institutions. Subsequently, some of the most pronounced criticisms of G20 are addressed, including concerns about possible “agenda creep” and the lack of a hegemonic underwriter.


Scaling Up Microfinance In Africa: Best Practices And A Case Study From Kenya, Catherine Burns 2017 University of Pennsylvania

Scaling Up Microfinance In Africa: Best Practices And A Case Study From Kenya, Catherine Burns

SPICE: Student Perspectives on Institutions, Choices and Ethics

No abstract provided.


Not Too Salt-Y: The Disparate Federal Income Tax Treatment Of Business And Non-Business State And Local Taxes, Michael S. Knoll 2017 University of Pennsylvania Law School

Not Too Salt-Y: The Disparate Federal Income Tax Treatment Of Business And Non-Business State And Local Taxes, Michael S. Knoll

Faculty Scholarship

The Tax Cuts and Jobs Act, H.R. 1, would eliminate the federal income tax deduction for nonbusiness state and local taxes while maintaining the deduction for business state and local taxes. That disparate treatment has generated a storm of negative commentary. In this short essay, I consider whether the federal tax law should allow a deduction for business state and local taxes assuming that there is no deduction for nonbusiness state and local taxes. I argue that investors and businesses, including pass-through businesses, should be allowed to deduct state and local property and sales taxes, but not general income ...


Benefits And Obstacles To Purchasing Food From Local Growers And Producers, Mary B. Gregoire, Catherine H. Strohbehn 2017 Iowa State University

Benefits And Obstacles To Purchasing Food From Local Growers And Producers, Mary B. Gregoire, Catherine H. Strohbehn

Catherine Strohbehn

Oftentimes, those who are responsible for purchasing food for school foodservice programs have a variety of vendors from whom they choose to purchase. One buying option that is receiving increased support from the U.S. Department of Agriculture (USDA) is the purchase of foods from local growers (those who grow food items on their farm and sell directly to consumers) and producers (those who produce a food item, such as pasta or ground beef, from locally grown or raised foods). Data for this study were collected from individuals responsible for managing school foodservice operations in four Midwestern states to determine ...


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