Economics Commons^™

Competition Of The Informed: Does The Presence Of Short Sellers Affect Insider Selling?, Massimo Massa, Wenlan Qian, Weibiao Xu, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We study how the presence of short sellers affects the incentives of the insiders to trade on negative information. We show it induces insiders to sell more (shares from their existing stakes) and trade faster to preempt the potential competition from short sellers. An experiment and instrumental variable analysis confirm this causal relationship. The effects are stronger for "opportunistic" (i.e., more informed) insider trades and when short sellers' attention is high. Return predictability of insider sales only occurs in stocks with high short-selling potential, suggesting that short sellers indirectly enhance the speed of information dissemination by accelerating trading by insiders. …

Remittances Without Borders, Tan Swee Liang, S. N. Venkataramanan, Anil Kishora

Research Collection School Of Economics

A Pan-Asian Mobile Remittance Platform might just be the next big disruption in global remittances. One out of every 28 people lives in a country that they were not born in. As migrants, they are estimated by The World Bank to send home US$636 billion in 2017, with three-quarters remitted to developing countries. These remittances form a significant percentage of the Gross Domestic Product (GDP) of many of these developing countries. Given their magnitude and contribution to national economies, even a small reduction in remittance cost adds billions to these local economies. Mobile-to-mobile cross border remittances have recently shown that …

Panel Data Models With Interactive Fixed Effects And Multiple Structural Breaks, Degui Li, Junhui Qian, Liangjun Su

Research Collection School Of Economics

In this paper we consider estimation of common structural breaks in panel data models with unobservable interactive fixed effects. We introduce a penalized principal component (PPC) estimation procedure with an adaptive group fused LASSO to detect the multiple structural breaks in the models. Under some mild conditions, we show that with probability approaching one the proposed method can correctly determine the unknown number of breaks and consistently estimate the common break dates. Furthermore, we estimate the regression coefficients through the post-LASSO method and establish the asymptotic distribution theory for the resulting estimators. The developed methodology and theory are applicable to …

Cointegration Of Matched Home Purchases And Rental Price Indexes: Evidence From Singapore, Badi H. Baltagi, Jing Li

Research Collection School Of Economics

This paper exploits the homogeneity feature of the Singapore private residential condominium market and constructs matched home purchase price and rental price series using the repeated sales method. These matched series allow us to conduct time series analysis to examine the long-term present value relationship in the housing market. Three key findings are obtained. First, we fail to establish a cointegrating relationship between the home purchase price and rental price based on nationally estimated indexes. Second, area-specific indexes demonstrate strong cross-correlations, invalidating the use of first generation panel unit root tests that ignore these cross-correlations. Third, Pesaran's CIPS test indicates …

Supplement To Two Papers On Multiple Bubbles [Online Supplementary Materials], Peter C. B. Phillips, Shuping Shi, Jun Yu

Research Collection School Of Economics

This paper provides a supplement to two companion papers by the authors: “Testing for Multiple Bubbles: Historical Episodes of Exuberance and Collapse in the S&P 500” (PSY1 hereafter); and “Testing for Multiple Bubbles: Limit Theory of Real Time Detectors” (PSY2 hereafter). Section 1 supplements the empirical application of PSY1 by examining the robustness of the bubble identification and dating results to the choice of the minimum window size parameter used in the rolling regression framework of PSY. Section 2 provides proofs of supplementary lemmas that facilitate analysis of the multiple bubble case, derives the limit behaviour of the recursive unit …

D-2 Nationally Held Public Debt And Economic Growth: An Application To The Us Economy, Lucile Sabas, Leroy Ruhupatty

Celebration of Research and Creative Scholarship

This paper explores the impact of nationally held public debt and foreign debt on the US economy. It has tried to define the nationally held public debt as an additional asset for the private sector by insuring a source of future saving, an increase in investment capacity and a source of increase in demand. A linear regression analysis of 39 observations from 1970 to 2014, using different lengths of lag, from one to five years have shown that for the first year, nationally held public debt has a positive and statistically significant impact on economic growth. However, the coefficient is …

Research Brief: "Economic Well-Being Among Older-Adult Households: Variation By Veteran And Disability Status", Institute For Veterans And Military Families At Syracuse University

Institute for Veterans and Military Families

This brief is about the impact of veteran and disability statuses on poverty and material hardship among elderly veterans. In policy and practice, veterans should use support services, such as the VA and local veterans groups, and social workers should take into account veteran and disability statuses when determining needs; the VA could change their income support programs to help disabled veterans. Suggestions for future research include accounting for individual differences among households and looking at how elderly veteran poverty affects family members.

The Effect Of New York City Sports Outcomes On The Stock Market, Nir Levy

Undergraduate Economic Review

This thesis investigates whether sports outcomes for New York City based teams affect the daily returns, volatility or trading volume of major stock indexes in the United States. I research whether events that affect local mood in a major financial center can influence national stock indexes by swaying the sentiment of workers in the financial sector. By performing an event study I found evidence that returns are abnormally high following championships won by New York City professional sports teams. Returns are abnormally low and volume is abnormally high following elimination from a championship round.

The Effect Of Income On Subjective Well-Being: Evidence From The 2008 Economic Stimulus Tax Rebates, Marta Lachowska

Upjohn Institute Working Papers

This paper uses tax rebate payments from the 2008 economic stimulus to estimate the effect of a one-time change in income on three measures of subjective well-being: life satisfaction, health satisfaction, and affect. The income effect is identified by exploiting the plausibly exogenous variation in the payment schedule of the rebates. Using both ordinary least squares and two-stage least squares estimators, I find that the rebates had a large and positive impact on affect, which is explained by a reduction in feelings of stress and worry. For life satisfaction and health satisfaction, there is weaker evidence of a positive impact. …

Kentucky’S Public Health Strategic Plan: Strengthening Foundational Services & Improving Population Health, Glen P. Mays

Health Management and Policy Presentations

This session examines recent progress toward the 2012 Institute of Medicine recommendation to identify the components and costs of a "minimum package" of public health services and foundational capabilities to be available across the U.S. Research about the health and economic benefits of Foundational Public Health Services has begun to shape Kentucky's strategic plan for transforming the public health system.

Lca Methodologies An Annotated Bibliography, Xueting Zhao

Regional Research Institute Resource Documents

No abstract provided.

Scaling U.S. Community Investing The Investor-Product Interface, Michael E. Swack, Eric Hangen

Carsey Publications

Scaling U.S. Community Investing: The Investor-Product Interface, an in-depth landscape study of the U.S. Community Investing (USCI) field. The full report includes a detailed analysis of the major types of USCI products, parameters that different investors use to evaluate investment opportunities, and the barriers and opportunities to increasing investment.

Value And Method In Desai's Geopolitical Economy, David Kristjanson-Gural

Faculty Journal Articles

This essay identifies the key conceptual contributions of Radhika Desai’s important and insightful analysis in her book, Geopolitical Economy. It then critically engages two key elements of her contribution: her characterization of Western Marxism and a methodological economism and theoretical essentialism that this essay argues have the unintended effect of reinforcing a marginalization of Marxism that her work is intended to redress.

A Way Around The Divided House Majority, Charles L. Weise, Bruce A. Larson

Economics Faculty Publications

For observers of the U.S. Congress, the inability of Republicans to unite behind a candidate for speaker has been by turn fascinating, exasperating, and frightening. When and if a candidate is finally chosen, Republicans will breathe a sigh of relief, as will many commentators. The real crisis, however, will have just begun. [excerpt]

Higher Education Accreditation: Market Regulation Or Government Regulation Revisited, Joshua C. Hall

Economics Faculty Working Papers Series

Higher education is under are in the United States. Pressure, both financial and political, is being placed on colleges and universities to reform. One barrier to reform that has been put forth is accreditation. While calls for reform have identified what appear to be problems with accreditation, it is important to not engage in the nirvana fallacy and assume that what we can imagine will be better will be better. In that light, I look at the history of the accreditation process with a focus on the role the federal government has played and how that has influenced other players …

‘Capitalism A Nuh’ Wi Frien’. The Formatting Of Farming Into An Asset, From Financial Speculation To International Aid, Luigi Russi, Tomaso Ferrando

Catalyst: A Social Justice Forum

This paper deciphers the formatting of farming into an asset by tracking the modalities by which financial calculation is enabled across different sites of agency.

The first focus of our analysis are commodity futures markets, which have witnessed a double spike in prices in 2008 and in 2012. In the paper, we look at these hikes as the outcome of endogenous dynamics, caused by the changing makeup of market participants after 2000, which turned futures markets into resources for hedging commodity index-linked derivative products.

We subsequently analyse the increasing reliance on financial actors placed by public development agencies that channel …

Social And Economic Consequences Of Climate Change In Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The recently concluded review of the Millennium Development Goals (MGDs) shows that if the international community and its various stakeholders put their minds, resources and energy together for common shared cause, success is possible. Enormous progress has been made by mankind by reducing poverty from 47 percent to 15 percent within a span of 25 years. This example provides an auspicious setting for the possibilities at the Paris Climate Change Conference to be held in November 2015. The journey from COP in Berlin to COP21 in Paris has not been a smooth ride. The period was dominated by debate between …

Calcaneal Quantitative Ultrasound Indicates Reduced Bone Status Among Physically Active Adult Forager-Horticulturalists, Jonathan Stieglitz, Felicia C. Madimenos, Hillard Kaplan, Michael Gurven

ESI Publications

Six months of exclusive breastfeeding (EBF) is considered optimal for infant health, though globally most infants begin complementary feeding (CF) earlier—including among populations that practice prolonged breastfeeding. Two frameworks for understanding patterns of early CF emerge in the literature. In the first, maternal and infant needs trade-off, as “maternal-centric” factors—related to time and energy demands, reproductive investment, cultural influences, and structural barriers— favor supplanting breastfeeding with earlier and increased CF. A second framework considers that “infant-centric” factors—related to infant energetic needs—favor CF before six months to supplement breastfeeding.

We apply these two frameworks in examining early CF among the Tsimane—a …

Analytic Approaches For Causal Inference With Complex Multi-Component Interventions, Glen P. Mays, Arnold J. Stromberg, Jing Li, Mark V. Williams

Health Management and Policy Presentations

Estimating the causal effects of complex, multi-component health interventions is a task with many challenges in measurement and methodology. This presentation profiles the methods being used as part of the PCORI-funded Project Achieve, a national study to estimate the comparative effectiveness of heterogeneous care transition programs designed to help hospitalized patients and their caregivers navigate care delivery systems effectively and return back to the community with optimal health and wellbeing.

Jobless Capital? The Role Of Capital Subsidies, Carlianne E. Patrick

Upjohn Institute Working Papers

Using tax abatements, financial incentives, and public investments to attract (or retain) firms is the primary economic development tool for many local governments. Often local job creation policies focus on increasing capital through grants, low-interest financing, and other economic development incentives. Theory predicts that capital subsidies induce firm behaviors that limit their job creation effects. This paper employs the Incentives Environment Index, constructed from state constitutional provisions that limit and structure the ability of state and local governmental entities to aid private enterprises, and five-year county panels to test theoretical predictions on county capital expenditure and input mixes as well …

Spatial Interaction Of Renewable Portfolio Standards And Their Effect On Renewable Generation Within Nerc Regions, Eric Dowden, Donald J. Lacombe

Economics Faculty Working Papers Series

While several studies have examined the effectiveness of renewable portfolio standard laws on renewable generation in states, previous literature has not assessed the potential for spatial dependence in these policies. Spatial dependence in the electric grid is likely, considering the connectivity of the electric grid across NERC regions. Using recent spatial panel methods, this paper estimates a number of econometric models to examine the impact of RPS policies when spatial autocorrelation is taken into account. Consistent with previous literature, we find that RPS laws do not have a significant impact on renewable generation within a state. However, we find evidence …

Heart Of Stone And Heart Of Flesh, John Visser

Faculty Work Comprehensive List

"Scripture makes it clear that stewardship is much more than a perspective on wealth or money."

Posting about Scriptural insights on economics from In All Things - an online hub committed to the claim that the life, death, and resurrection of Jesus Christ has implications for the entire world.

http://inallthings.org/heart-of-stone-and-heart-of-flesh/

Using Future Benefits To Set Conservation Priorities For Wetlands, Samuel B. Merrill

Journal of Ocean and Coastal Economics

In an era of rising sea levels, costal land managers including land trust representatives, municipal planners, and others contributing to decisions about whether to develop or protect coastal parcels do not have viable means of evaluating future values on wetlands that will be created when sea levels rise. This project develops and tests a software modeling approach to help address this issue, in combination with a novel, expert-opinion driven benefit-cost framework. The beta test used three parcels in Scarborough, Maine: Hampton Circle, Maine Audubon, and Pine Point. It used a group of experts to 1) allocate initial values to these …

Artificial Reef Attributes And The Relationship With Natural Reefs: Evidence From The Florida Keys, William L. Huth, O. Ashton Morgan, Paul Hindsley

Journal of Ocean and Coastal Economics

Natural or coral reefs represent extremely valuable ecosystems supporting an estimated 25 percent of all marine life, yet recent reports suggest that 75 percent of the world’s natural reefs are under threat from both natural and human stressors. In areas such as the Florida Keys that boasts an expansive mix of natural and artificial reefs, recreational diving on the system provides an important economic contribution to the local community but also potentially contributes to the stress of the existing natural reef system. We develop a revealed and stated preference modeling framework of diver behavior and find that deployment of an …

Economic Valuation Of Marine And Coastal Ecosystems: Is It Currently Fit For Purpose?, Nick Hanley, Stephen Hynes, David Patterson, Niels Jobstvogt

Journal of Ocean and Coastal Economics

In this paper, we consider whether the current “state of the art” of environmental valuation is suitable for producing policy-relevant estimates of the benefits or costs of changes in marine and coastal ecosystems. We review recent changes in European legislation which has meant an increasing demand for economic valuation from the policy and regulatory community. The next section considers, at a more conceptual level, whether the economic “toolbox” and scientific evidence is up to the task of meeting the demand for more evidence-based policy. Finally, three case studies are used to explore the nature of the valuation task and review …

Declining Survivor Benefits And Labor Force Participation, Amanda Geary

Kaleidoscope

Social Security Survivor Benefits aim to mitigate the problem of raising children on a single income by granting a widow monthly payments in her child’s name. However, as each child reaches the age of 18 (or 19, if he or she is attending elementary or high school full-time) his or her benefits are discontinued. As is increasingly common in today’s society, simply turning 18 is not indicative of financial independence. This paper attempts to discern whether a widow changes labor force habits when her children become legal adults and survivor benefits are reduced or discontinued. Though many of my results …

The Consequences Of The Federal Deficit: An Empirical Analysis, John T. Knadler

Kaleidoscope

One of the major issues of political debate in the United States during the past 20 years has been the potential consequences of rising federal deficits. Some politicians and economists argue for the traditional view that deficits increase interest rates and erode private savings, while those who hold the Ricardian equivalence view believe that economic agents are forward looking and will realize that a tax cut today will cause a future deficit, thus they will not change their behavior in response to the increase in wealth from the tax cut. My research was designed to determine through econometric regression analysis …

Impact Study And Comparative Analysis Of The Ymca’S Black Achiever Program, Jennifer Burnett, Vladyslav Sushko, Ben Woodman

Kaleidoscope

In this study, multiple surveys were designed and administered to program participants in the Central Kentucky chapter of the YMCA Black Achievers Program. The purpose of this project was to collect data on the academic success of these students for comparison to that of students in their geographic area who did not take part in the program. The full project also collected data on individuals’ responses regarding program effectiveness, level of satisfaction, etc., to help the administrators of the BAP continue to update and improve the program to better meet participants’ needs. This research summary focuses only on the quantitative …

Women And Agricultural Productivity: What Does The Evidence Tell Us?, Cheryl Doss

Discussion Papers

No abstract provided.

Peru: Open For Business, Singapore Management University

Perspectives@SMU

South America’s third-largest economy seeks to capitalise on growing global trade