Recent Submissions
Chapter 1 addresses the observation that higher education participants from low socio-economic status (SES) backgrounds on average attend less competitive universities than their high SES peers. Taking advantage of a unique set of administrative data, which is linked to data reflecting SES measures for each student's postal code of residence, we are able to decompose observed differences in type of university attended. We find that the majority of the observed difference in the type of univer...
Yuan, Haige
This thesis studies some of the many costs associated with exposure to crime. Chapter 2 focuses on indirect exposure to crime, and investigates how homicides affect students’ performance. A number of large administrative Brazilian datasets is used to estimate the causal effect of exposure to homicides in the public way on schooling outcomes. Within-school estimates show that violence in the surroundings of schools, at the residence of students, and on the walking path from residence to ...
Souza Menezes, Francisca Lívia
Technical Traders adopt mathematical methods to formulate various technical trading rules on their trading strategies. This paper utilises two unique datasets—individual and market tick-by-tick data—to disclose the categories and characteristics of technical traders’ strategies in Chinese rebar futures market. Firstly, we use a simple multiple regression model to filter technical traders in individual dataset. By using market dataset to generate dummy signals according to six popular kinds of...
Liu, Guanqing
In its classical form, the liquidity trap, a term coined by Keynes (1936), is a situation where an increase in money supply fails to reduce the nominal interest rate. The modern literature has concentrated on the case where the nominal interest rate has been driven down to zero (the so called ‘zero bound’). The source of a liquidity trap, in most circumstances, is a sharp fall in aggregate demand; see Keynes (1936), Bernanke (2002). Interest in the liquidity trap has revived in recent years d...
al-Nowaihi, Ali; Dhami, Sanjit
This thesis consists of three essays on the nexus between economic activity and the environment and addresses issues such as growth, crime, and environmental quality. Chapter 1 investigates the relationship between human capital accumulation and health damaging pollution. It is shown that global dynamics are featured by a path dependency. There is either cyclical convergence to a low income equilibrium or positive long-run growth with an Environmental Kuznets Curve, depending on the initial c...
Balatsouka, Aikaterini
Any research on strategies for reaching business excellence aims at revealing the appropriate course of actions any executive should consider. Thus, discussions take place on how effective a performance measurement system can be estimated, or/and validated. Relevant questions can be raised, like: can one find an adequate measure (i) on the performance result due to whatever level of investment, and (ii) on the timing of such investments? We argue that extreme value statistics provide the answ...
Ausloos, Marcel; Cerqueti, Roy; Bartolacci, Francesca; Castellano, Nicola G.
This paper analyzes the connection between innovation activities of companies – implemented before crisis – and their performance – measured at time of crisis. The companies listed in the STAR Market Segment of the Italian Stock Exchange are analyzed. Innovation is measured through the level of investments in total tangible and intangible fixed assets in 2006–2007, while performance is captured through growth – expressed by variations of sales, total assets and employees – profitability – thr...
Ausloos, Marcel; Bartolacci, Francesca; Castellano, Nicola G.; Cerqueti, Roy
Benford's law is an empirical observation, first reported by Simon Newcomb in 1881 and then independently by Frank Benford in 1938: the first significant digits of numbers in large data are often distributed according to a logarithmically decreasing function. Being contrary to intuition, the law was forgotten as a mere curious observation. However, in the last two decades relevant literature has grown exponentially—an evolution typical of “Sleeping Beauties” (SBs) publications that go unnotic...
Mir, Tairq A.; Ausloos, Marcel
This thesis studies the effect of uncertainty in the group identity or the payoffs on social preferences. It also tests the robustness of Dana, Weber and Kuang's results and presents a model to understand the findings of the experiment. Chapter 1 investigates the effect of uncertainty in group membership of the subjects on social preferences. We find that the decision to know the group identity of the counterparts' who turn out to be an in-group member in the dictator and response games incr...
Movahedi, Tahahossein
Information asymmetry is a common feature that hinders lending to small and medium enterprises (SMEs). In the last decade, the growth in Islamic banks lending to SMEs was overwhelming to the extent that it prompted practitioners to regard this as a "win-win" situation. Unlike a conventional bank that mainly resorts to relationship banking to SMEs, an Islamic bank uses a Murabaha contract that creates a "collateral-by-contract" to the borrower. Such distinct lending approaches by the two types...
Shaban, Mohamed; Duygun, Meryem; Fry, John
Tacit coordination is a pervasive aspect of accounting practice. This paper teases out insights on tacit coordination from existing scholarship, starting with studies of everyday life accounting, then turning to professional practice. It develops an understanding that, in the application of rules and accounting standards, in producing, framing, auditing and using statements, records, apologies or excuses, accounting practitioners tacitly coordinate towards the passing of accounts. This passin...
Vollmer, Hendrik
In a two-period overlapping-generations model with production, we consider the damaging impact of environmental degradation on health and consequently life expectancy. Despite the presence of social constant returns to capital, which would otherwise generate unbounded growth, when pollution is left unabated, the economy cannot achieve such a path. Instead, it converges either to a stationary level of capital per worker or to a cycle in which capital per worker oscillates permanently. The gove...
Palivos, Theodore; Varvarigos, Dimitrios
This thesis explores the behaviour of different types of individuals (i.e., traders, experimental subjects) in financial markets under two different environments. It consists of three chapters/papers. Chapters 2 and 3 focus on an electronic market environment where traders submit orders through an electronic platform (i.e., electronic (limit) order book). Chapter 4 develops a portfolio choice problem – implemented in a laboratory environment - where subjects choose under risk, the allocation ...
Litos, Evangelos
This thesis consists of three essays that are concerned with unverifiable education quality under labour market imperfection. In all three essays, we consider a labour market where the monopsonist firm is looking to hire skilled labour. Education/training is the only channel to obtain the skill. The firm faces two-dimensional information asymmetry: the exogenous innate ability (type), and the endogenous choice of quality of education. The contract offered by the firm contains a requirement of...
Mao, Jingyi
This paper looks at on-going empirical research that explores the effect visual management has on team decision making in the service sector at an operational level, more specifically how the use of status indicators in a visualisation affects the decision making process. A business game was developed to collect research data via a series of fifteen laboratory based experiments with groups of three to five participants. The initial findings show that once a set of status indicators is co...
Gardner, Peter; Bateman, Nicola A.
This paper reports on an experiment designed to test whether people's preferences change to become more alike. Such preference conformism would be worrying for an economics that takes individual preferences as given (‘de gustibus es non disputandum’). So the test is important. But it is also difficult. People can behave alike for many reasons and the key to the design of our test, therefore, is the control of the other possible reasons for observing apparent peer effects. We find evidence of ...
Fatas, Enrique; Hargreaves Heap, Shaun P.; Rojo Arjona, David
In this piece of provocation we focus on the words of people who we view as increasingly powerful institutional actors in the field of organization theory and what they signify about ‘what needs to be done’ and ‘how it needs to be done’ in order to rectify the many failings they identify. We suggest that their actions reflect a desire for an integrated, general theory of organizations and the conception of organization studies as a nomothetic science to which they (and perforce we) are philos...
Reed, Mike; Burrell, Gibson
This paper investigates the impacts of a natural disaster on land and real estate prices. Using unique land and real estate price panel datasets for multiple periods, one group before and the other after the 2011 floods in Thailand, we find that the floods adversely affected land prices for industrial use. However, the prices of commercial and residential land did not decline despite substantial damages from the floods, suggesting a relative lack of liquidity or other frictions in the land an...
Sawada, Yasuyuki; Nakata, Hiroyuki; Sekiguchi, Kunio; Okuyama, Yoko
[First paragraph] How can we improve the effectiveness of services supporting victims of domestic abuse? During a police call‐out for an incident of domestic violence, victims are often provided only with rudimentary information about local services available to them by attending police officers. Given the needs of victims for a diverse range of services – including refuge housing, legal assistance, and health services – finding out which of these are available locally and how to access t...
Matheson, Jesse; Foureaux Koppensteiner, Martin
Allais (1952) was one of the first to propose an outcome dependent probability weighting function to characterize probability distortions that explain violations of the linear probability model for expected utility theory (EUT). Quantum Probability Theory (QPT) extends the probability distortion paradigm with state dependent preferences, and non-Kolmogorov quantum probability measures, over a complex valued Hilbert space. Key innovations in QPT include representing vectors in Hilbert space as...
Charles-Cadogan, G.
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