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...

We develop a model of bargaining and litigation in the context of patent licensing (or any contractual setting). Following Priest and Klein (1984) we developed a model that explicitly allows for (1) multiple parties (leading to asymmetry of stakes), (2)...

In this note we investigate the infringement (entry) decision for a firm facing an incumbent patent holder with uncertain patent rights. The entrant risks a dispute by entering, resulting in either a settlement (licensing) or litigation and trial. Using the...

This paper explores the influence of Japan and the United States over the geographic distribution of Asian Development Bank (ADB) funds. Although nominally an independent, multilateral organization, the ADB is widely regarded as bowing to the interests of its two...

Many researchers have used a cointegration approach to test for the Fisher effect. This note argues that the cointegration of the nominal interest rate and the inflation rate is consistent with any theory implying a stationary real interest rate and...

In June 2005, the Supreme Court made one of its least popular decisions in recent history. In Kelo v. New London, the Court missed a simple point: that local decision makers make local decisions.

This paper presents structural estimates of the probability of validity, and the probability of Type I and Type II errors by courts in patent litigation. Patents are modeled as uncertain property rights, and implications of the model are tested using...

This paper analyzes the magnitude of earnings differentials and differences in the rates of return to education for individuals who attended private and public high schools in the U.S. from 1976 to 1983, controlling for self-selection into school sector, as...

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...

The conventional wisdom is that postwar economic growth has been unpredictable. In the 1960s few observers accurately forecast which countries would grow quickly. In this paper we show that indexes of social development constructed in the early 1960s have considerable...

This paper develops a model of private school choice that incorporates measures of the availability and costs of private schooling, as well as the quality of existing public schools, in the local market for secondary education. Using data from the...

This paper develops a model of private school choice that incorporates measures of the availability and costs of private schooling, as well as the quality of existing public schools, in the local market for secondary education. Using data from the...

The use of patent citations as a measure of patent "quality" increased dramatically in recent years. I estimate the hazard of patent citation, and find evidence of unobserved heterogeneity. Hazard estimation provides a means to separate patent quality from citation...

Whereas FESER and BERGMAN, 2000, developed the concept of national-level cluster templates and introduced a systematic methodology to identify such clusters, their technique and results were based on the now-outdated Standard Industrial Classification (SIC) system for categorizing industries. We update...