Individuals who are likely to realize the largest benefits from improvements in air quality often depend on other members of their households to make time or monetary contributions to their care. The presence of these dependency relationships among household members poses challenges for benefit...

The knowledge spillover theory of entrepreneurship seeks to explain the fundamentals and consequences of entrepreneurship with respect to economic performance. This paper uses the knowledge spillover theory to explain different innovation outcomes. We hypothesize that a high rate of...

This article reviews the principal features of structured finance instruments. Key to understanding the risk properties of these products is the evaluation of the risks associated with their contractual structure, in addition to the modelling of the credit risk of the underlying asset pools. It...

Little is known about the exact sources and risks of hedge fund's market neutral strategies. Based on existing views on arbitrage trading, such as done by hedge funds, we formulate and test a hypothesis that market neutrality is affected by market-wide liquidity. We find that such is the case...

In this paper, we assume that investors have the same information, but trade due to the evolution of their non-market wealth. In our formulation, investors rebalance their portfolios in response to changes in their expected non-market wealth, and hence trade. We assume an incomplete market in...

We model the internal capital market of a conglomerate where headquarters must rely on information reported by division managers to allocate limited resources across competing projects. Managers may exaggerate project quality to attract more capital, which limits the extent of winner-picking in...

This paper studies the implications of cross-country housing market heterogeneity for a monetary union, also comparing the results with a flexible exchange rate and independent monetary policy setting. I develop a two-country new Keynesian general equilibrium model with housing and collateral...

The article reviews the latest efforts of the government of the Republic of Burundi to better protect children. It outlines the dangers that children have faced in the past and still face in the civil war stricken country. It identifies the recent measures taken by the government and the...

This paper develops bootstrap methods for testing whether, in a finite sample, competing out-of-sample forecasts from nested models are equally accurate. Most prior work on forecast tests for nested models has focused on a null hypothesis of equal accuracy in population - basically, whether...

The analysis of time-series cross-sectional (TSCS) data has become increasingly popular in political science. Meanwhile, political scientists are also becoming more interested in the use of multilevel models (MLM). However, little work exists to understand the benefits of multilevel modeling...