In this study we examine the relation between corporate governance and institutional ownership. Our empirical results show that the fraction of a company's shares that are held by institutional investors increases with the quality of its governance structure. In a similar vein, we show that the...

Worldwide children's access to after-school learning activities is highly dependent on family backgrounds. Concern over the implications of such activities for child development and educational inequality has led to a global rise of public provision of after-school learning support. However...

This paper develops a new framework for the design of collateral requirements in a centrally cleared market. Clearing members post collateral - initial margins and default funds - to increase their pledgeable income, thereby credibly committing to risk management. We show that initial margins...

This paper examines the impact on asset prices from a reduction in the long-term capital gains tax rate using an equilibrium approach that considers both buyers' and sellers' responses. We demonstrate that the equilibrium impact of capital gains taxes reflects both the capitalization effect...

We estimate an equilibrium asset pricing model in which agents' preferences have an unobserved external habit using the efficient method of moments (EMM). Given the estimated structural parameters we examine the cyclical behavior of expected stock returns in the model. We find that the estimated...