This paper studies the causal impacts of vaccine eligibility on social distancing behaviors (risk compensation). We apply a regression discontinuity design around the birth date cutoff of vaccine eligibility using large, high-frequency data from credit card and airline companies as well as...

English Abstract: This study explores the herding behavior of different types of investors (individual investors and both domestic and foreign institutional investors) and its impact on the volatility of individual stock returns. Intraday volatility and daily herding intensity of each investor...

This paper studies the causal impacts of vaccine eligibility on social distancing behaviors (risk compensation). We apply a regression discontinuity design around the birth date cutoff of vaccine eligibility using large, high-frequency data from credit card and airline companies as well as...

We utilize the phased rollout of COVID-19 vaccines by age as a natural experiment for testing risk compensation. People may resume face-to-face social activities after vaccination because they perceive lower risk of infection. The national vaccination schedule in South Korea enables us to apply...