Vassar College Digital Library

Vassar Scholarship

Vassar Scholarship, the institutional repository formerly known as Digital Window, reflects the research and scholarly output of the Vassar College community.  It provides access to a variety of collections, including senior theses and projects across a wide range of disciplines.

An Islamic perspective on inequality in Pakistan

Publication Date
1991-October-01
Document Type
Department or Program
Document Type
Abstract

This paper examines the distribution of income in Pakistan, and in each of its four provinces, from an explicit and formal Islamic perspective. A cardinally significant Atkinson-Kolm-Sen relative index of inequality reflecting that perspective is proposed and computed from the...

View

Arbitrage in closed-end funds: New evidence

Publication Date
2006-August-20
Document Type
Authors
Department or Program
Document Type
Abstract

Arbitrage pressures that could equalize closed-end fund share prices with fund portfolio values appear to be largely absent in an extensive data set. Observed fund behavior violates the static arbitrage bounds of Gemmill and Thomas (2002) and is inconsistent with...

View

Closed-end fund discounts and interest rates: positive covariance in US data after 1985

Publication Date
2005-September-01
Document Type
Authors
Department or Program
Document Type
Abstract

Previous papers find no relationship between interest rates and the discounts of US closed-end funds before 1985. This is taken as evidence against management fees being a cause of discounts because a negative relationship is expected: if interest rates rise...

View

Do fringe benefits cause layoffs?

Publication Date
1990-October-01
Document Type
Department or Program
Document Type
Abstract

It is commonly believed that firms prefer layoffs to worksharing, in part, because layoffs economize on fringe benefit costs. We find that when labor markets are characterized by optimal implicit contracts, layoffs will never occur in equilibrium, regardless of the...

View

Inequality in Pakistan, 1984-85 to 1987-88: A social welfare approach

Publication Date
1991-August-01
Document Type
Department or Program
Document Type
Abstract

This paper presents new results on income distribution in Pakistan from an analysis of the full HIES data tapes for 1984-85, 1985-86, 1986-87, and 1987-88. An explicit social welfare methodology is adopted to measure changes in inequality at the national...

View

Limited arbitrage, segmentation, and investor heterogeneity: Why the law of one price so often fails

Publication Date
2003-August-28
Document Type
Authors
Department or Program
Document Type
Abstract

There are numerous examples of assets with identical payout streams being priced differently. These violations of the law of one price result from two factors. First, investors have heterogeneous asset valuations so that if two groups of investors trade in...

View

Noise-trader risk: does it deter arbitrage, and is it priced?

Publication Date
2005-September-12
Document Type
Authors
Department or Program
Document Type
Abstract

Arbitrage positions that benefit from the reversion of closed-end fund discounts to rational levels show excess returns that increase in magnitude the more funds are mispriced. At the same time, fund trading volumes and bid-ask spreads more than double as...

View

Noise-trading, costly arbitrage, and asset prices: evidence from US closed-end funds

Publication Date
2005-August-30
Document Type
Authors
Department or Program
Document Type
Abstract

The behavior of US closed-end funds is very different from that of the UK funds studied by Gemmill and Thomas (2002). There is no evidence that their discounts are constrained by arbitrage barriers, no evidence that higher expenses increase discounts...

View

On the geometry of constant returns

Publication Date
2000-August-01
Document Type
Department or Program
Document Type
Abstract

Constant returns to scale, always a simplifying assumption, is often also much more: many important results depend critically on the very special properties of this class of production function. This paper provides a unified set of simple proofs for most...

View

Optimal implicit contracts and the choice between layoffs and work sharing

Publication Date
1989-October-01
Document Type
Department or Program
Document Type
Abstract

Implicit contract models of labor market equilibrium under work sharing and layoffs are constructed to examine several common explanations for the observed market bias in favor of layoffs. We first establish the optimality of work sharing in the absence of...

View

Sentiment and the interpretation of news about fundamentals

Publication Date
2005-August-30
Document Type
Authors
Department or Program
Document Type
Abstract

The reaction of closed-end fund share prices to changes in portfolio values is on average the same whether funds are trading at discounts or premia and whether the changes in portfolio values are positive or negative. If closed-end fund discounts...

View

Short selling behavior when fundamentals are known: Evidence from NYSE closed-end funds

Publication Date
2006-January-11
Document Type
Authors
Department or Program
Document Type
Abstract

The larger a closed-end fund's premium over its portfolio value, the more intensely it is sold short. However, the intensity of short selling affects neither the rate at which premia mean revert to fundamental values nor the rate of return...

View

Why only some industries unionize: insights from reciprocity theory

Publication Date
2005-February-14
Document Type
Authors
Department or Program
Document Type
Abstract

This paper argues that the degree to which a given industry's labor contracts are complete or incomplete is the major factor determining whether its workforce will be unionized. For instance, assembly line industries feature complete labor contracts because of the...

View

Zakat and inequality: Some evidence from Pakistan

Publication Date
1993-November-01
Document Type
Department or Program
Document Type
Abstract

This paper presents empirical evidence on the extent to which zakat - a form of religiously-mandated charity under Islam - achieves its intended objective in Pakistan. Detailed income and expenditure data from Pakistan's Household Income and Expenditure Survey for 1987-88...

View