The Clean Development Mechanism (CDM) is a project-based carbon trade mechanism that subsidizes the users of climate-friendly technologies and encourages technology transfer. The CDM has provided financial support for a large share of Chinese wind projects since 2002. Using pooled...

The Clean Development Mechanism (CDM) is a project-based carbon trade mechanism that subsidizes the users of climate-friendly technologies and encourages technology transfer. The CDM has provided financial support for a large share of Chinese wind projects since 2002. Using pooled...

"Although there is conflicting evidence and resulting skepticism regarding the value provided by professional investment management, Gibson, Safieddine, and Sonti (2004) document institutional investor informativeness relative to seasoned equity offering (SEO) purchases. We find that Regulation...

Using two dynamic partial adjustment capital structure models to estimate the impact of several macroeconomic factors on the speed of capital structure adjustment toward target leverage, we find evidence that firms adjust their leverage toward target faster in good macroeconomic states relative...

We investigate whether nonlocal buyers of real estate pay different prices for similar assets as compared to local buyers. An efficient real estate market would operate against this but empirical studies leave the question unresolved. While some studies fail to detect or confirm price...

Apartments and houses are highly substitutable in production and consumption. As a result, performance disparity between these assets is based on financial differences and not technology or preferences. Even as the market for new houses has become highly volatile, that for apartments has...