Signi cantly higher treatment e ects in areas with better quality of primary health facilities Informal health providers should be regarded as complementary with rather than substituting the …

Regulators can leave their government position for a job in a regulated firm. Using granular payroll data on 22 million federal employees, we uncover the first system-atic evidence of revolving …

2See Chernov (2003) for an empirical study that estimates the pricing kernel using a cross-section of securities. 3For evidence on U-shaped pricing kernels, see for instance Jackwerth (2000), A …

A significant fraction of U.S. equity index derivatives expire “a.m.” on the 3rd Friday of each month via constituent stocks’ opening trade price. We show these prices are biased upwards since …

Nominal deposits at the financial intermediary, at, which pay an uncontingent nominal gross in-terest rate Rt. Nominal public debt, dt, which yields an uncon-tingent nominal gross return Rdt. …

22Since the normalized stock price is St = St dSt dSt Bt , applying integration by parts, we get = St St Hence, we obtain the discounted price evolution by removing the riskless drift term rdt.

5Related mechanisms are at play in Bhattacharya and O’Hara (2018) and Cong and Xu (2016) who study how ETFsaffectmarkete࿜بنciencyandliquidity, Bond and Garcia (2022) who study the …

It has often been claimed in popular dis- cussions that stock price indexes seem too "volatile," that is, that the movements in stock price indexes could not realisticallybe attributed to any …

The respective interest rates it and rdt on savings and mortgages are exogenous, re ecting that they are primarily controlled by the government. Mortgages are long-term contracts with a …

CDSt−1 = + 4CDSt × RDt−1. 250 arry component of the return d of insurance premium payments. The second term is the capital gain return, equal to the change e lagged risky dur