Municipal bonds trade in opaque, decentralized broker-dealer markets in which price information is costly to gather. Whether dealers in such a market operate competitively is an empirical issue, but a difficult one to study because data in such markets is generally not centrally recorded. We...

We study the way in which information about corporate decisions is reflected in stock prices. In the corporate finance literature a typical assumption is that managers have superior information that is revealed to the market by their corporate decisions and personal equity trades. In contrast,...

Dynamic discrete choice models are a well established and widely used methodology to study behavior of older individuals. A key aspect of the analysis is to characterize life expectancy and how it is affected by behavioral choices. Researchers, therefore, need to estimate conditional mortality...