This article analyzes empirically the main existing theories on income and population city growth: increasing returns to scale, locational fundamentals and random growth. To do this we implement a threshold nonlinearity test that extends standard linear growth regression models to a dataset on...

This paper proposes a methodology to predict the increase in the number of confirmed COVID-19 cases in the city of New York at the zip code level. We concentrate on the initial period of the pandemic spanning from March 31 to June 16, 2020. To do this, we propose a Poisson regression model for...

This note shows that the Generalized Expected Discounted Utility (GEDU) model is not dynamically consistent and does not allow for a complete separation of the parameters characterizing risk aversion and the elasticity of intertemporal substitution (EIS). Therefore, the model is not convenient...

This study quantifies the presence of financial distress in the cross section of stock returns. Systemic risk is defined as the occurrence of simultaneous tail events for a large fraction of firms. A tail event is interpreted as evidence of downside risk in the tail distribution of financial...

This paper proposes a system of simultaneous equations in a panel data setting to examine the relationship between corporate financial performance (FP) and corporate environmental performance (EP) for the group of firms comprising the S&P 500 in- dex. The study separates between brown (heavily...

This paper conducts a laboratory experiment to assess the optimal portfolio allocation under quantile preferences (QP) and compare the model's predictions with those of the expected utility theory using a mean-variance (MV) utility function. We estimate the risk aversion coefficients associated...

The elicitation of the elasticity of intertemporal substitution (EIS), discount factor, and risk attitude parameters is of central importance to economics, finances and public policy. This paper jointly elicits and estimates these parameters using experimental data. We employ a new model based...

In moments of distress downside risk measures like Lower Partial Moments (LPM) are more appropriate than the standard variance to characterize risk. The goal of this paper is to study how to compare portfolios in these situations. In order to do that we show the close connection between...

This paper introduces an estimator for the extremal index as the ratio of the number of elements of two point processes defined by threshold sequences un, vn and a partition of the sequence in different blocks of the same size. The first point process is defined by the sequence of the block...