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2020

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Articles 241 - 270 of 2108

Full-Text Articles in Economics

Did Covid-19 Change Life Insurance Offerings?, Timothy F. Harris, Aaron Yelowitz, Charles J. Courtemanche Nov 2020

Did Covid-19 Change Life Insurance Offerings?, Timothy F. Harris, Aaron Yelowitz, Charles J. Courtemanche

Institute for the Study of Free Enterprise Working Papers

The profitability of life insurance offerings is contingent on accurate projections and pricing of mortality risk. The COVID-19 pandemic created significant uncertainty, with dire mortality predictions from early forecasts resulting in widespread government intervention and greater individual precaution that reduced the projected death toll. We analyze how life insurance companies changed pricing and offerings in response to COVID-19 using monthly data on term life insurance policies from Compulife. We estimate event-study models that exploit well-established variation in the COVID-19 mortality rate based on age and underlying health status. Despite the increase in mortality risk and significant uncertainty, we find limited …

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Improved Information In Search Markets, Jidong Zhou Nov 2020

Improved Information In Search Markets, Jidong Zhou

Cowles Foundation Discussion Papers

How will an improved information environment affects competition and market performance when consumers face search frictions? This paper provides a unified way to model information improvement that makes the search pool more ``selective" (e.g., due to personalized recommendations), or more ``informative" (e.g., due to the availability of more detailed product information). Information improvement tends to induce consumers to search less, intensify price competition and benefit consumers, if the search friction is small, or if information improvement truncates the match utility distribution from below. More generally, however, it is also possible for information improvement to raise the market price and harm …

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Open Banking: Credit Market Competition When Borrowers Own The Data, Zhiguo He, Jing Huang, Jidong Zhou Nov 2020

Open Banking: Credit Market Competition When Borrowers Own The Data, Zhiguo He, Jing Huang, Jidong Zhou

Cowles Foundation Discussion Papers

Open banking facilitates data sharing consented to by customers who generate the data, with the regulatory goal of promoting competition between traditional banks and challenger fintech entrants. We study lending market competition when sharing banks’ customer transaction data enables better borrower screening. Open banking can make the entire financial industry better off yet leave all borrowers worse off, even if borrowers have the control of whether to share their banking data. We highlight the importance of the equilibrium credit quality inference from borrowers’ endogenous sign-up decisions. We also study extensions with fintech affinities and data sharing on borrower preferences.

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The Influence Of Economic Factors And Policies On Deforestation In Tanzania, Thadei D. Sagamiko, Nyimvua Shaban Mbare Nov 2020

The Influence Of Economic Factors And Policies On Deforestation In Tanzania, Thadei D. Sagamiko, Nyimvua Shaban Mbare

Journal of Humanities and Social Sciences

In this paper we analysed the influence of economic factors and policy on the rate of deforestation in Tanzania. A multiple linear regression model was formulated and the effects of each factor on deforestation were tested. The ordinary least squares method was used to estimate the model parameters. Correlation analysis revealed that per capita income, per capita purchasing power, and electricity consumption have positive relationship with deforestation rate; while inflation rate and poverty rate have a negative relationship with deforestation rate. All factors were found to be significant and were used for regression analysis. By considering the p-value at 5% …

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The Effects Of Time In Prison And Time On Parole On Recidivism, Mariyana Zapryanova Nov 2020

The Effects Of Time In Prison And Time On Parole On Recidivism, Mariyana Zapryanova

Economics: Faculty Publications

In the United States, every year roughly 600,000 people are released from prison, two-thirds of them without having served their full sentence behind bars. Yet little is known about how release before full completion of sentence affects recidivism. I exploit the distinction between sentence and time served in prison to better understand how custodial and noncustodial sanctions affect recidivism. In particular, I study the effects of time in prison and time on parole on recidivism. Relying on two instrumental variables that provide independent variation in sentence and time served in prison, I do not find evidence that parole time affects …

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Investor Behavior In The Midst Of A Global Pandemic, Abigail N. Bates Nov 2020

Investor Behavior In The Midst Of A Global Pandemic, Abigail N. Bates

Honors Projects

Investors partaking in portfolio and asset management through the stock market and other avenues do so with certain reasoning and methods in hand. Each investor may have different interests and risk tolerances that guide their choices for investment. Behavioral finance allows for an in-depth look at an investor’s actions and the influencing psychology behind it. Before this approach was popularized, early studies of finance assumed that investors were always rational in their decision making and put resources only into opportunities that would increase their utility or happiness. The behavioral finance approach takes a more comprehensive look at these behaviors and …

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Paso Del Norte Economic Indicator Review, November, Hunt Institute For Global Competitiveness Nov 2020

Paso Del Norte Economic Indicator Review, November, Hunt Institute For Global Competitiveness

Technical Reports

No abstract provided.

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Veterans As Emerging Entrepreneurs – November 2020, Marilyn Young Nov 2020

Veterans As Emerging Entrepreneurs – November 2020, Marilyn Young

Hibbs Newsletter

On this Veterans Day, while we thank those who have served our country, I am happy to present the results of the 2020 Veteran Entrepreneurship Survey. Veterans and veteran-owned businesses are important factors in the economic development in our 23-county East Texas region. This region has a veteran population of 96,232,1 which is 11.1% of this region’s population (age 18 and over). The number of veteran owned businesses in this region is 9,060, which represents 10.5% of the region's total firms (86,673).

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Health Have, Health Have Nots In A Time Of Covid-19, Sandro Galea Nov 2020

Health Have, Health Have Nots In A Time Of Covid-19, Sandro Galea

Center for Policy Research

In this brief, my goal is to talk about something which has animated a lot of my thinking and writing in the past decade. It is how our health is fundamentally socially patterned and reflects the world around us. This has been true for decades in this country, and one could also argue, globally, however this brief will focus on this topic at the national level. As you will see, I will talk mostly of health haves and health have nots in general, but as we progress, show how COVID-19 has made this evermore apparent.

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The Effects Of Vietnam-Era Military Service On The Long-Term Health Of Veterans: A Bounds Analysis, Xintong Wang, Carloa A. Flores, Alfonso Flores-Lagunes Nov 2020

The Effects Of Vietnam-Era Military Service On The Long-Term Health Of Veterans: A Bounds Analysis, Xintong Wang, Carloa A. Flores, Alfonso Flores-Lagunes

Center for Policy Research

We analyze the short- and long-term effects of the U.S. Vietnam-era military service on veterans’ health outcomes using a restricted version of the National Health Interview Survey 1974-2013 and employing the draft lotteries as an instrumental variable (IV). We start by assessing whether the draft lotteries, which have been used as an IV in prior literature, satisfy the exclusion restriction by placing bounds on its net or direct effect on the health outcomes of draft avoiders. Since we do not find evidence against the validity of the IV, we assume its validity in conducting inference on the health effects of …

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The Impact Of Foreign Direct Investment On The Ecological Footprints Of Nations, Nadia Doytch Nov 2020

The Impact Of Foreign Direct Investment On The Ecological Footprints Of Nations, Nadia Doytch

Ateneo School of Government Publications

We study the effects of foreign direct investment (FDI) on the rate of exhaustion of bioproductive physical land. We test for differential ecological performance of FDI in developed vs. developing countries, as well as in “clean” vs. “dirty” sectors. We examine the impact of six sector-level FDI flows on four ecological footprints (EF): Consumption EF, Production EF, Imports EF, and Exports EF, compiled by the Global Footprint Network. We estimate a dynamic panel model incorporating an Environmental Kuznets Curve (EKC) and differentiating across country development levels. The findings are intriguing. First, High Income countries tend to …

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The Dorian Gray Phenomenon In Financial Markets, Ajay Makhija Nov 2020

The Dorian Gray Phenomenon In Financial Markets, Ajay Makhija

Asian Management Insights

Looking at the current state of the global economy and the extent of financial market hedonism through the lens of Oscar Wilde’s “The Picture of Dorian Gray”.

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Borderplex Business Barometer, Volume 4, Number 11, Thomas M. Fullerton Jr., Steven L. Fullerton, Ana Gutierrez Zubiate, Ignacio Santana Nov 2020

Borderplex Business Barometer, Volume 4, Number 11, Thomas M. Fullerton Jr., Steven L. Fullerton, Ana Gutierrez Zubiate, Ignacio Santana

Border Region Modeling Project

No abstract provided.

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Growth Forecast Revisions Over Business Cycles: Evidence From The Survey Of Professional Forecasters, Sungjun Huh, Insu Kim Nov 2020

Growth Forecast Revisions Over Business Cycles: Evidence From The Survey Of Professional Forecasters, Sungjun Huh, Insu Kim

Economics Faculty Research and Publications

This paper studies how expectations regarding current and future output growth are revised as the state of the economy evolves. We study this issue using GDP growth forecasts from the Survey of Professional Forecasters. We find an asymmetric relationship between forecast revisions and GDP growth. Forecasters make larger forecast revisions during contractions than during expansions when the deviation of the economy from its normal state is controlled for.

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Scholarly Pursuits: Nationally Recognized Health Expert Tony Losasso Returns To Depaul Nov 2020

Scholarly Pursuits: Nationally Recognized Health Expert Tony Losasso Returns To Depaul

Business Exchange

DePaul business school alumnus Tony LoSasso returned to his alma mater to launch a DePaul MBA concentration in health care markets and analytics. He is nationally recognized expert in health economics, LoSasso teaches graduate and undergraduate health economics courses. His award-winning research spans several dimensions of health and labor economics, health policy and health services.

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A Terror To The People: The Evolution Of An Outlaw Gang In The Lower Midwest, Randy Mills Nov 2020

A Terror To The People: The Evolution Of An Outlaw Gang In The Lower Midwest, Randy Mills

Midwest Social Sciences Journal

The details of the heretofore unexamined Reeves Gang may serve as an important case study of violence and lawlessness in the Lower Midwest in the decades following the Civil War. Unlike the “social bandits” such as the Jesse James and Dalton Gangs of the Middle Border region, most outlaw gangs made little attempt to get along with locals. These groups ruled by fear and typically fell afoul of vigilante hangings and shootings— a one-act play, if you will. The Reeves Gang, the focus of this study, would come to be atypical, their tale turning into a three-act play, moving from …

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Documenting Current Practices Of Accommodating Linguistic Needs Of Deaf Defendants, Beau Shine Nov 2020

Documenting Current Practices Of Accommodating Linguistic Needs Of Deaf Defendants, Beau Shine

Midwest Social Sciences Journal

Deaf defendants are an underexamined population in criminal justice research, and very few studies have examined their involvement in the criminal justice system. In addition, research on accommodating the linguistic needs of deaf defendants is sparse. Failure to accommodate the linguistic needs of deaf defendants presents several concerns, including disparate treatment and violations of ADA-guaranteed rights that may lead to inadmissible evidence, dismissals of cases, and not-guilty verdicts, as well as lawsuits and litigation, all of which create additional strain on an already overburdened system. The current study combines previous research on deaf defendants with the findings of data gathered …

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Colonizationism Versus Abolitionism In The Antebellum North: The Anti-Slavery Society Of Hanover College And Indiana Theological Seminary (1836) Versus The Hanover College Officers, Board Of Trustees, And Faculty, J Michael Raley Nov 2020

Colonizationism Versus Abolitionism In The Antebellum North: The Anti-Slavery Society Of Hanover College And Indiana Theological Seminary (1836) Versus The Hanover College Officers, Board Of Trustees, And Faculty, J Michael Raley

Midwest Social Sciences Journal

In March 1836, nine Hanover College and Indiana Theological Seminary students, almost certainly including Benjamin Franklin Templeton, a former slave enrolled in the seminary, formed an antislavery society. The society’s Preamble and Constitution set forth abolitionist ideals demanding an immediate emancipation of Southern slaves with rights of citizenship and “without expatriation.” Thus they encountered the ire of Hanover’s Presbyterian trustees—colonizationists who believed instead that free blacks and educated slaves, gradually and voluntarily emancipated by their owners, should leave the United States and relocate to Liberia, where they would experience greater opportunity, equality, and justice than was possible here in the …

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Mandarins Make Markets: Leadership Rotations And Inter-Provincial Trade In China, Junyan Jiang, Yuan Mei Nov 2020

Mandarins Make Markets: Leadership Rotations And Inter-Provincial Trade In China, Junyan Jiang, Yuan Mei

Research Collection School Of Economics

The careers of many public officials span multiple localities, yet the economic effects of their inter-regional movements are not well understood. This paper focuses on the rotation of provincial leaders in China and studies its impact on regional economic integration. Estimation results using the gravity framework indicate that when a provincial leader is appointed as the party secretary of a new province, the trade volume from the new province to the old province increases, but not vice versa. Additional analyses using two novel datasets that capture the intensity of inter-provincial socioeconomic activities in China corroborate this finding. We then construct …

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Can Retail Investors Learn From Insiders?, Ekkehart Boehmer, Bo Sang, Zhe Zhang Nov 2020

Can Retail Investors Learn From Insiders?, Ekkehart Boehmer, Bo Sang, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

This paper examines the trading patterns of retail investors following insider trading and the corresponding price impact. Retail investors follow the opportunistic purchases by insiders, but not their routine purchases. Neither investor attention nor common information such as earnings announcements or analysts forecast re- visions explains the results. They keep following insider purchases in subsequent four quarters. Moreover, for stocks with opportunistic insider purchases, those that retail investors bought yield higher cumulative abnormal returns than those that retail investors sold. The effect is mostly driven by the information compo- nent of the retail trades, rather than liquidity provision or temporary …

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The Revealed Preference Theory Of Stable Matchings With One-Sided Preferences, Gaoji Hu, Jiangtao Li, Rui Tang Nov 2020

The Revealed Preference Theory Of Stable Matchings With One-Sided Preferences, Gaoji Hu, Jiangtao Li, Rui Tang

Research Collection School Of Economics

We investigate the testable implications of the theory of stable matchings in two-sided matching markets with one-sided preferences. Our main result connects the revealed preference analysis to the well-known lattice structure of the set of stable matchings, and tests the rationalizability of a data set by analyzing the joins and meets of matchings.

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Financial Socialization: A Decade In Review, Ashley B. Lebaron, Heather H. Kelly Nov 2020

Financial Socialization: A Decade In Review, Ashley B. Lebaron, Heather H. Kelly

Faculty Publications

The financial socialization individuals receive is associated not only with their future financial wellbeing but also relational, mental, and physical wellbeing. This paper is a review of the literature on financial socialization, especially papers published between 2010 and 2019 in the Journal of Family and Economic Issues. We first review family financial socialization theory and then review empirical documentation for the theory, organized by (a) family socialization processes (e.g., parent financial modeling, parent-child financial discussion, and experiential learning as three primary methods of financial socialization) and (b) financial socialization outcomes (e.g., financial attitudes, financial knowledge, financial behaviors, and financial wellbeing). …

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Uniform Nonparametric Inference For Time Series, Jia Li, Zhipeng Liao Nov 2020

Uniform Nonparametric Inference For Time Series, Jia Li, Zhipeng Liao

Research Collection School Of Economics

This paper provides the first result for the uniform inference based on nonparametric series estimators in a general time-series setting. We develop a strong approximation theory for sample averages of mixingales with dimensions growing with the sample size. We use this result to justify the asymptotic validity of a uniform confidence band for series estimators and show that it can also be used to conduct nonparametric specification test for conditional moment restrictions. New results on the validity of heteroskedasticity and autocorrelation consistent (HAC) estimators with increasing dimension are established for making feasible inference. An empirical application on the unemployment volatility …

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Macroeconomic Stabilization In The Digital Age, John Beirne, David Fernandez Nov 2020

Macroeconomic Stabilization In The Digital Age, John Beirne, David Fernandez

Research Collection Lee Kong Chian School Of Business

Macroeconomic Stabilization in the Digital Age provides insights into factors affecting the macroeconomic management of the economy in the digital age. Policy makers need to be aware of the increasing prominence of the digital economy and digital finance and seek to better understand how continued digitalization will affect policies aimed at managing the economy. For emerging market economies (EMEs), macroeconomic policy challenges have been exacerbated by the digital finance revolution in the aftermath of the global financial crisis and the coronavirus disease (COVID-19) pandemic, when many EMEs experienced large and volatile capital flows. Policy makers must also navigate through fluctuating …

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The Potential Impacts Of Covid-19 On The Global Value Chains: Gvc Positioning And Linkages, Gerald Foong, Pao-Li Chang Nov 2020

The Potential Impacts Of Covid-19 On The Global Value Chains: Gvc Positioning And Linkages, Gerald Foong, Pao-Li Chang

Research Collection School Of Economics

Apart from the public health crisis entailed by the Coronavirus Disease 2019 (COVID-19) pandemic, it has also propagated a pandemic-induced economic shock globally. One transmission channel is via the inter-country linkages arising from the trade in intermediate inputs, which is a pertinent characteristic of global value chains (GVCs), and resulting in a "supply-chain contagion" as termed by Baldwin and Tomiura (2020). In this paper, we propose measures of bilteral downstreamness and upstreamness, the extent of a country's GVC participation, and the position of a country in GVCs by leveraging upon the gross export decomposition framework as laid out by Borin …

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Housing Equity And Household Consumption In Retirement: Evidence From The Singapore Life Panel©, Lipeng Chen, Liang Jiang, Sock Yong Phang, Jun Yu Nov 2020

Housing Equity And Household Consumption In Retirement: Evidence From The Singapore Life Panel©, Lipeng Chen, Liang Jiang, Sock Yong Phang, Jun Yu

Research Collection School Of Economics

Housing affordability for elderly homeowners involves an entirely different set of issues as compared to housing affordability for first-time homeowners. To afford to ‘age-in-place’ may require homeowners to access channels that enable them to withdraw their housing equity to finance consumption in retirement. We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on the consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for a battery of robustness checks. Moreover, heterogeneity analyses based on subsamples …

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Persistent And Rough Volatility, Xiaobin Liu, Shuping Shi, Jun Yu Nov 2020

Persistent And Rough Volatility, Xiaobin Liu, Shuping Shi, Jun Yu

Research Collection School Of Economics

This paper contributes to an ongoing debate on volatility dynamics. We introduce a discrete-time fractional stochastic volatility (FSV) model based on the fractional Gaussian noise. The new model has the same limit as the fractional integrated stochastic volatility (FISV) model under the in-fill asymptotic scheme. We study the theoretical properties of both models and introduce a memory signature plot for a model-free initial assessment. A simulated maximum likelihood (SML) method, which maximizes the time-domain log-likelihoods obtained by the importance sampling technique, is employed to estimate the model parameters. Simulation studies suggest that the SML method can accurately estimate both models. …

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Robust Virtual Implementation With Almost Complete Information, Takashi Kunimoto Nov 2020

Robust Virtual Implementation With Almost Complete Information, Takashi Kunimoto

Research Collection School Of Economics

Artemov, Kunimoto, and Serrano (2013a,b, henceforth, AKS) study a mechanism design problem where arbitrary restrictions are placed on the set of first-order beliefs of agents. Calling these restrictions Δ, they adopt Δ-rationalizability (Battigalli and Siniscalchi, 2003) and show that Δ-incentive compatibility and Δ-measurability are necessary and sufficient conditions for robust virtual implementation, which implies that virtual implementation is possible uniformly over all type spaces consistent with Δ-restrictions. By appropriately defining Δ in order to restrict attention to complete information environments and thereafter explicitly modelling the assumption of complete information in the language of type spaces, I re-establish the permissive implementation …

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A Ricardian Rationale For The Wto Rules On R&D Subsidies, Yumi Koh, Gea M. Lee Nov 2020

A Ricardian Rationale For The Wto Rules On R&D Subsidies, Yumi Koh, Gea M. Lee

Research Collection School Of Economics

The WTO subsidy rules use two key criteria, specificity and adverse effects, to regulate R&D subsidies. Using the model of Dornbusch et al. (1977), we offer a Ricardian rationale for the regulatory criteria.

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Table Of Contents, Mssj Staff Nov 2020

Table Of Contents, Mssj Staff

Midwest Social Sciences Journal

No abstract provided.

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