Vassar Scholarship

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...

This paper investigates the determinants of child marriage using a new data set from rural India. Specifically, we focus on an extreme form of child marriage--that is, the marriage of girls under the age of ten. No other study to...

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...

Through an analysis of gender and image theory as well as data gathered through survey, coding and interviews, I sought to explore how twenty-first century women both perform femininity through social media and challenge gendered stereotypes while doing so. I...

An empirical analysis of effects of NGO interventions on health and education of women and girls in rural Rajasthan employs an original micro data set to address criticisms of NGO effectiveness. Isolating the effects of the NGO's programs from personal...

Does the well established positive association between education and investment in health hold for education beyond college? This study examines the effect of having a postgraduate degree on investment in health, using an original data set composed of samples of...

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...

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...

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...

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...

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...

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...