This paper develops an estimable model to quantify the efficiency loss arising from both risk sharing and talent misallocation due to the presence of moral hazard in the market for CEOs. I estimate the model parameters characterizing CEOs' preferences, firms' technologies, and their productive...

This paper documents and compares two designs for crowdfunding markets, namely, pure crowds, where all crowd members participate as equals, and hybrid crowds, where crowd members are led by an expert investor. The hybrid design is rarely studied in the crowd funding literature, despite its large...

This paper investigates the identification and parametric estimation of marriagematching models. We first extend the identification result for the empirical dynamicmarriage matching model proposed in Choo (2015) by allowing the unobserved het-erogeneities to be drawn from more general...

This paper examines the effects of two common safe driving programs on traffic violation recidivism: driving improvement course program and warning message program. The two programs not only improve drivers' safe driving attitudes but also mitigate the punishments for certain traffic violations....

Quantile factor models (QFM) represent a new class of factor models for high-dimensional panel data. Unlike approximate factor models (AFM), which only extract mean factors, QFM also allow unobserved factors to shift other relevant parts of the distributions of observables. We propose a quantile...

Rainwater collected from residential roofs and greywater generated from domestic uses except toilets are viewed as possible substitutes for high grade water sources which supply nonpotable indoor uses and irrigation in Australia. This paper searches for alternatives by adopting roofwater and...

A Cournot duopoly, with a bounded inverse demand function and different constant marginal production costs, can be modeled as a discrete-time dynamical system, which exhibits complex bifurcating and chaotic behaviors. Based on some essential features of the model, we show how bifurcation and...

Time invariance of factor loadings is a standard assumption in the analysis of large factor models.  Yet, this assumption may be restrictive unless parameter shifts are mild (i.e., local to zero).  In this paper we develop a new testing procedure to detect big breaks in these loadings at...

Novel Fe–Ni alloy coated carbon fibers (Fe–Ni–CFs) were prepared via two-step electrodeposition with an initial synthesis of Fe coatings on the activated carbon fibers and followed by the co-deposition of Fe and Ni. The effect of annealing treatment on structure and properties of...