Fighting corruption is often seen as a crucial step toward building better institutions, but how it affects political selection remains less well understood. We argue that in systems where corruption functions as an informal incentive for government to attract talent, anticorruption initiatives...

Widely used volatility estimation methods mainly consider one of the following two simple microstructure noise models: random additive noise on log prices, or pure rounding errors. Apparently in real data these two types of noise co-exist. In this paper, we discover a common feature of these two...