Habit persistence across six U.S. tourism sub-industries is estimated using a dynamic forward looking model. Estimates show that habits largely determine current expenditure for air transportation, shopping, accommodation, and other transportation. Estimated uncompensated price elasticities find...

Colorado is considering raising personal income taxes to fund a $950 million initiative. Are the increased benefits from educational attainment worth the revenue costs? This study surveys in-depth the economic literature on the impact of increased educational expenditure on future income,...

Colorado is considering raising personal income taxes to fund a $950 million initiative. Are the increased benefits from educational attainment worth the revenue costs? This study surveys in-depth the economic literature on the impact of increased educational expenditure on future income,...

This paper evaluates the impact of immigration on African American wages, unemployment, employment and incarceration rates using a relatively large cross-sectional data-set of 900 cities. An endemic problem potentially plaguing the cross-sectional metro approach to immigration has been...

Colorado is considering raising personal income taxes to fund a $950 million initiative. Are the increased benefits from educational attainment worth the revenue costs? This study surveys in-depth the economic literature on the impact of increased educational expenditure on future income,...

This paper investigates the impact of high-speed railroads (HSR) on city-level economic activity using a new dataset for approximately 200 cities in China from 2007-2014. We apply panel Granger causality methods to assess whether increases in a city's accessibility increases GDP growth, GDP per...

In this paper, we forecast industry returns out-of-sample using the cross-section of book-to-market ratios and investigate whether investors can exploit this predictability in portfolio allocation. Cash-flow and return forecasting regressions show that cross-industry book-to-market ratios...

We investigate lead-lag relationships among country stock returns and identify a leading role for the United States: lagged U.S. returns significantly predict returns in numerous non-U.S. industrialized countries (after controlling for national economic variables and countries' own lagged...

What predicts returns on assets with "hard-to-value" fundamentals, such as Bitcoin and stocks in new industries? We propose an equilibrium model that shows how rational learning enables return predictability through technical analysis. We document that ratios of prices to their moving averages...