Affirmative Action’s Connected Apportionments
It is not feasible to reserve a fraction of a seat, therefore to respect the spirit of affirmative action the Indian reservation system adheres to a rotating system of seat claiming, commonly referred to as a roster Developing a roster involves addres
Haydar Evren, Manshu Khanna
Working Paper | No. 20230701 |
Keywords: Affirmative Action, Rotation, Indivisibility, Apportionment, Divisor Methods
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The Effect of Short Sale Restrictions on Corporate Managers
We examine how the exemption of short sale uptick tests due to the Regulation SHO pilot program affects managers’ decisions to abandon value-reducing acquisition attempts We find that when deciding whether to abandon value-reducing acquisition attem
Baixiao Liu, John McConnell, Andrew Schrowang
Working Paper | No. 20230503 |
Keywords: Short Sale Restrictions, Short Selling, Regulation SHO, Pilot Program
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Common Correlated Effects Estimation of Nonlinear Panel Data Models
This paper focuses on estimating the coefficients and average partial effects of observed regressors in nonlinear panel data models with interactive fixed effects, using the common correlated effects (CCE, hereafter) framework The proposed two-step estim
Liang Chen, Minyuan Zhang
Working Paper | No. 20230502 |
Keywords: Panel data, interactive fixed effects, nonlinear models, incidental parameters, bias correction
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Exporting, Wage Profiles, and Human Capital: Evidence from Brazil
Export activity shapes workers’ experience-wage profiles Using detailed employer-employee
and customs data for Brazilian manufacturing, we document that workers’ experience-wage
profiles are steeper at exporters than at non-exporters and, among ex
Xiao Ma, Marc-Andreas Muendler, Alejandro Nakab
Working Paper | No. 20230501 |
Keywords: Export Activity; Wage Profiles; Human Capital Accumulation
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Upper and Lower Bounds on Robust One-way Trading with Fixed Costs
This paper considers the one-way trading problem with fixed costs where the trader can only trade in one direction throughout, either sell or buy, and he only knows limited information on price fluctuations beforehand We construct a robust optimization m
Wei Wang, Yingjie Lan, Wei Cui, Deming Zhou
Working Paper | No. 20230307 |
Keywords: Finance, Robust optimization, One-way trading, Fixed cost, Mini-max regret
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Control of Conservatism for Robust Optimization by Adjustable Regret
It is commonly recognized that a major issue of robust optimization is the tendency to produce overly conservative solutions To address this issue, a new regret-based criterion with a single control parameter is proposed and axiomatized to offer smooth c
Yingjie Lan
Working Paper | No. 20230306 |
Keywords: Robust optimization, Decision criteria, Over-conservatism, Tractability, One-way trading
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Facilitating Entry through Leasing
We study how leasing plays a novel role in improving total factor productivity (TFP) by facilitating entry and technology adoption As a form of more collateralizable financing, leasing provides additional nancing for investment required in a productive
Kai Li, Yiming Xu
Working Paper | No. 20230305 |
Keywords: Leased capital; Collateral constraint; Total factor productivity (TFP); Extensive margin; Entry; Technology adoption; Capital misallocation
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Culture, Religion, and Short-Sale Constraints
We find that institutional investors’ local culture of religiosity influences their stock lending decisions and short-sell constraints Firms with higher ownerships by blockholders located in more religious counties are associated with higher utilizatio
Danling Jiang, Baixiao Liu, Steven Chong Xiao
Working Paper | No. 20220304 |
Keywords: Culture, Religiosity, Blockholder, Stock lending, Short-sale constraints
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Peking University HSBC Business School(PHBS) University Town, Nanshan
District Shenzhen 518055, P.R.China
