We analyze the compliance behavior of the small-scale fishery boat-owners of the Galapagos Marine Reserve. Our empirical analysis considers aspects related to the participatory management system of the reserve as determinant factors of the decision to violate the regulations. The econometric...

This paper uses household-level data of cellular usage to provide estimates of the implied switching costs that preclude consumers from switching providers in the face of competing offers. Our estimation differs from previous switching costs studies in that we are able to observe individual...

This paper develops a search-theoretic model of the cross-sectional distribution of asset returns. It abstracts from risk premia and focuses exclusively on liquidity. A float-adjusted return model (FARM) is derived, explaining the pricing of liquidity with a simple linear formula: In...

In this paper we assess the determinants of care quality in a health maintenance organization. Our research relies on a novel source of information on care quality, the “errors” detected by an artificial intelligence program that scans a patient’s medical records for deviations from best...

What determines the internal organization of law firms? Using previously unused census data, we study the production function of law and the way partnerships structure this production. This paper reports findings on the leverage ratios, on the extent of individual specialization, and on the...

In this paper, we use quantile regression methods to analyze the gender gap in the Netherlands. Specifically, we use data from the 1992 wave of the OSA Labour Survey Panel to decompose the difference between the distributions of wages for males and females who are employed full-time. The...

When firms use bank oans and trade credit,bankruptcy rules can magnify aggregate fluctuations.A priori,a rule where banks are senior is not appropriate to dampen fluctuations.It might force trade creditors into bankruptcy by triggering a ‘domino e ffect ’-when firms go bust because...

We introduce continuous-time models that capture the salient features of the short-term interest rate and remain tractable for asset pricing applications. We extend classical specifications within and outside of the affine class to multi-factor settings with latent variables that are readily...

We develop an intuitive and easily implemented procedure to recover comparability over time of statistics computed using databases made incomparable by changes in survey design. Our methodology can be adopted whenever the statistic of interest satisfies a certain simple moment condition. The...

Networks and Farsighted Stability By Frank H. Page, Jr. Department of Finance University of Alabama Tuscaloosa, AL 35487 USA fpage@cba.ua.edu Myrna H. Wooders Department of Economics University of Warwick Coventry CV4 7AL UK M.Wooders@warwick.ac.uk Samir Kamat Portfolio Management Group Wachovia...