This study examines a market-wide liquidity measure based on the systematic deviations from Put-Call parity in the U.S. equity option markets. We show that this implied liquidity measure provides forward-looking information about market returns and significantly explains the cross-sectional...

This paper is aimed at investigating the effect of ownership structure and firm size on firm growth. While the relationship between ownership structure and firm performance has been discussed in numerous studies, inadequate attention is drawn on the correlation between ownership structure and...

This paper presents a new demographic profile of extreme and moderate poverty, defined as those living on less than $1.90 and between $1.90 and $3.10 per day in 2013, based on household survey data from 89 developing countries. The face of poverty is primarily rural and young; 80 percent of the...

This paper is the first to systematically test the robustness of shared prosperity estimates to different methodological choices using a sample of countries from all regions in the world. The tests that are conducted include grouped versus microdata, nominal welfare aggregate versus adjustment...

Analyzing a novel collateral haircut dataset, this paper investigates the relations between the collateral haircuts and the yields of Euro-area central government bonds. The empirical analysis shows that investors demand higher yields for bonds with higher collateral haircuts. The importance of...

Efforts to attract and retain effective educators in high poverty public schools have had limited success. Dallas ISD addressed this challenge by using information produced by its evaluation and compensation reforms as the basis for effectiveness-adjusted payments that provided large...

A fundamental question for education policy is whether outcomes-based accountability including comprehensive educator evaluations and a closer relationship between effectiveness and compensation improves the quality of instruction and raises achievement. We use synthetic control methods to study...

We find that equity option liquidity increases stock price crash risk. This effect is robust to different measures of option liquidity and crash risk, alternative weighting schemes, option moneyness, and is not spurious due to endogeneity issues. The option liquidity-stock crash risk causality...

This paper presents a methodological update to the World Bank's toolkit for small area estimation. The paper reviews the computational procedures of the current methods used by the institution: the traditional ELL approach and the Empirical Best (EB) addition introduced to imitate the original...

We examine how export expansion induced by the U.S-Vietnam Bilateral Trade Agreement (BTA) affected migration, school enrollment, work and healthcare use of young children and adolescents in Vietnam. To do so, we exploit variation in tariff reductions across industries associated with the BTA...