Suchergebnisse

AbstractThis paper studies the incidence, determinants, and pricing of unprotected oral sex in the London sex services market. The analysis is based upon matched sex worker–client panel data, which were collected from 'field reports' on PunterNet.com website over the 1999–2009 time period. We find a steady increase in the incidence of unprotected oral sex during this period, rising from <20% to over 50% of all transactions. We show that the average premium for unprotected oral sex amounts to about 10–14% of the transaction price, and that this premium is higher if a sex worker has agency affiliation. Agency affiliated sex workers are also less likely to engage in unprotected oral sex compared to independent sex workers.

This paper examines the relationship among gender, social capital, and access to finance of micro, small,and medium enterprises in the manufacturing sector in Viet Nam. Our dataset is from the 2011, 2013, and2015 results of the Micro, Small, and Medium Enterprise Survey in Viet Nam. Using the Heckman technique to control for sample selection bias, the estimates do not provide evidence for discriminationagainst female-owned enterprises in the formal lending market. Specifically, female entrepreneurs havea higher probability of getting a loan and they pay lower interest rates in comparison with male entrepreneurs. No discrimination in formal credit markets may arise from the preference for informal loansover formal loans as entrepreneurs tend to borrow informal loans before applying for formal ones.Further analysis shows that social capital could facilitate loan applications: firms that have a closer relationship with government officials and other business people can get loans of longer duration.

This paper examines the relationship between gender, social capital, and access to finance of micro, small, and medium enterprises in the manufacturing sector in Viet Nam. Our dataset is from the 2011, 2013, and 2015 waves of the Micro, Small, and Medium Enterprise Survey in Viet Nam. Using the Heckman technique to control for sample selection bias, the data do not provide evidence for discrimination against female-owned enterprises in the formal lending market. Specifically, female entrepreneurs have a higher probability of getting a loan and they pay lower interest rates in comparison with male entrepreneurs. No discrimination in formal credit markets may arise from the preference for informal loans over formal loans - that is, entrepreneurs tend to borrow informal loans before applying for formal ones. Further analysis shows that social capital could facilitate loan applications: firms that have a closer relationship with government officials and other business people can get loans of longer duration.

We document basic facts about prices in online markets in the United States and Canada, which is a rapidly growing segment of the retail sector. Relative to prices in regular stores, prices in online markets are more flexible and exhibit stronger pass-through (60–75 percent) and faster convergence (half-life less than two months) in response to movements of the nominal exchange rate. Multiple margins of adjustment are active in the process of responding to nominal exchange rate shocks. Properties of goods, sellers, and markets are systematically related to pass-through and the speed of price adjustment for international price differentials. (JEL F31, F41, L11, L81)

AbstractWhen the implementation of regulations requires judgement, there is bound to be noise in the application of the rules, but is there bias in the noise such that policy innovation, in effect, occurs in implementation? We use a recently available large postcode data set on the MOT road safety testing in the UK to answer this question. There is significant bias: the probability of failing varies systematically across postcodes, day of the week and vehicle colour. A national policy is undermined by this variability and we suggest how policy might be adjusted to reduce this unintended policy innovation.

We develop a deep learning model to detect emotions embedded in press conferences after the Federal Open Market Committee meetings and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Federal Reserve's actions and the sentiment in policy texts, a positive tone in the voices of Federal Reserve chairs leads to significant increases in share prices. Other financial variables also respond to vocal cues from the chairs. Hence, how policy messages are communicated can move the financial market. Our results provide implications for improving the effectiveness of central bank communications. (JEL D83, E31, E44, E52, E58, F31, G14)

AbstractIn this article, we examine whether social media information affects the price‐discovery process for cross‐listed companies. Using over 29 million overnight tweets mentioning cross‐listed companies, we examine the role of social media for a link between the last periods of trading in the US markets and the first periods in the UK market. Our estimates suggest that the size and content of information flows on social networks support the price‐discovery process. The interactions between lagged US stock features and overnight tweets significantly affect stock returns and volatility of cross‐listed stocks when the UK market opens. These effects weaken and disappear 1 to 3 hr after the opening of the UK market. We also develop a profitable trading strategy based on overnight social media, and the profits remain economically significant after considering transaction costs.