Working Paper

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...

Growing links between international governmental organizations and NGO/GROs in developing countries pose a moral dilemma as the promotion of effective development may conflict with respect for state sovereignty. This paper examines this dilemma and develops principles to balance the two...

This paper analyzes the feasibility of an international tax on currency transaction, also known as "Tobin Tax", from an economic and juridical point of view. The claim that such a tax would curb short term speculators, thus stabilizing the foreign...

This paper analyzes the feasibility of an international tax on currency transaction, also known as "Tobin Tax", from an economic and juridical point of view. The claim that such a tax would curb short term speculators, thus stabilizing the foreign...

The decision whether or not to work for a temporary agency was examined using a 1990 cross-section survey of Illinois registered nurses and a model which corrects for the simultaneity between agency choice and wages (and benefits). Conditional on having...

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...

In 1982, the US Congress established the Court of Appeals for the Federal Circuit (CAFC) as the sole appellate court for patent cases. Ostensibly, this court was created to eliminate inconsistencies in the application and interpretation of patent law across...

Do temporary nursing agencies cause labor supply to nursing to be greater or less than it otherwise would be? Using cross-section survey data from 1984, 1988, and 1992, this question is examined within a nine-equation system capable of estimating hours...

This study examines the income redistributional consequences of the public financing of higher education in Pakistan. The results show that the tax incidence and the subsidy to higher education entail a redistribution from the middle and upper to the lower...

In this paper I present a real options model of patent litigation when patents are not perfectly enforceable. I consider both finite horizon and infinite horizon models. The theoretical results demonstrate that patent value depends not only on the underlying...

Traditional aid conditionality has been attacked as ineffective in part because aid agencies - notably the World Bank - often fail to enforce conditions. This pattern undermines the credibility of conditionality, weakening incentives to implement policy reforms. The standard critique...

I present a model that can transform discounts on closed-end mutual funds into a measure of investor sentiment about the ability of fund managers to beat the market. This measure of sentiment varies positively with capital flows into actively managed...

This article reports on theoretical and empirical research that explored the hypothesis that there is a sexual division of leadership in volunteer emergency medical service (EMS) squads. This hypothesis was tested against survey data obtained from 216 current members of...