176 research outputs found
Replication Code for: Echo Chambers
No full textThis file directory produces replication code for "Echo chambers." Because we cannot share the underlying data from StockTwits and other subscription data sources, we have included several of the first lines of code to show how the data are formatted. Other researchers can go through a similar approval and subscription process to obtain the underlying data
Law and Finance Matter: Lessons from Externally Imposed Courts
No full textThis paper provides novel evidence on the real and financial market effects of legal institutions. Our analysis exploits persistent and externally imposed differences in court enforcement that arose when the U.S. Congress assigned state courts to adjudicate contracts on a subset of Native American reservations. Using area-specific data on small business lending, we find that reservations assigned to state courts, which enforce contracts more predictably than tribal courts, have stronger credit markets. Moreover, the law-driven component of credit market development is associated with significantly higher per capita income, with stronger effects in sectors that depend more on external financing.This is a pre-copyedited, author-produced version of an article accepted for publication in The Review of Financial Studies, following peer review. The version of record Law and Finance Matter: Lessons from Externally Imposed Courts James R. Brown J. Anthony Cookson Rawley Z. Heimer; Volume 30, Issue 3, 1 March 2017, Pages 1019–1051. is available online at: DOI: 10.1093/rfs/hhw030. Posted with permission.</p
Code and Data from "The Social Signal"
No full textThis project includes the data and code disclosure for "The Social Signal," by J. Anthony Cookson, Runjing Lu, Marina Niessner and William Mullins. As this project is based on a set of proprietary databases from social media and databases that require subscriptions to access, we have created stand-in datasets without disclosing the underlying files so that users of this package can run our code. The README file contains more information on the directory structure, which identifies the data sources as well as which data are proprietary.THIS DATASET IS ARCHIVED AT DANS/EASY, BUT NOT ACCESSIBLE HERE. TO VIEW A LIST OF FILES AND ACCESS THE FILES IN THIS DATASET CLICK ON THE DOI-LINK ABOV
Future challenges
No full textIn this chapter we discuss some of the challenges facing the field of distributional cost-effectiveness analysis (DCEA). We cover four methodological challenges for researchers: (i) modelling complexities such as economies of scale, spillovers and behavioural responses, (ii) ex post DCEA based on distributions of realised outcomes rather than expected outcomes, (iii) cross-sectoral DCEA combining information about health and non-health dimensions of well-being, and (iv) fair shares DCEA based on distributing in proportion to strength of claim rather than maximising value. We also discuss the practical challenge of making DCEA more useful to decision makers
Courting Economic Development
No full textWe show that court enforcement uncertainty hinders economic development using sharp variation in judiciaries across Native American reservations in the United States. Congressional legislation passed in 1953 assigned state courts the authority to resolve civil disputes on a subset of reservations, while tribal courts retained authority on unaffected reservations. Although affected and unaffected reservations had similar economic conditions when the law passed, reservations under state courts experienced significantly greater long-run growth. When we examine the distribution of incomes across reservations, the average difference in development is due to the lower incomes of the most impoverished reservations with tribal courts. We show that the relative under-development of reservations with tribal courts is driven by reservations with the most uncertainty in court enforcement.This is a pre-copyedited, author-produced PDF of an article accepted for publication in The World Bank Economic Review following peer review. The version of record Courting Economic Development (with T. Cookson and R. Heimer). 2017. World Bank Economic Review, Papers and Proceedings of the 26th Annual Bank Conference on Development Economics, 30 (Supplement_1), S176-S187. is available online at: DOI: 10.1093/wber/lhw027. Posted with permission.</p
Growing up without finance
No full textEarly life exposure to local financial institutions increases household financial inclusion and leads to long-term improvements in consumer credit outcomes. We identify the effect of local financial markets using Congressional legislation that led to unintended differences in financial market development across Native American reservations. Individuals from financially underdeveloped reservations enter consumer credit markets later, and upon reaching adulthood, have ten point lower credit scores and four percentage point more delinquent accounts. These effects are long-lived and depreciate slowly after individuals move to more developed areas. Formative exposures to local banking improve consumer credit behavior by increasing financial literacy and financial trust.This accepted article is published as Brown, J.R., Cookson, J.A., Heimer, R.Z., Growing Up Without Finance. Journal of Financial Economics, Dec 2019, 134(3);591-616. Doi: 10.1016/j.jfineco.2019.05.006. Posted with permission. </p
Institutions and Casinos on American Indian Reservations: An Empirical Analysis of the Location of Indian Casinos
No full textThis paper empirically investigates the institutional determinants of whether a tribal government invests in a casino. I find that the presence of Indian casinos is strongly related to plausibly exogenous variation in reservations’ legal and political institutions. Tribal governments that can negotiate gaming compacts with multiple state governments, because tribal lands span state borders, had more than twice the estimated probability (.77 versus .32) of operating an Indian casino in 1999. Tribal governments of reservations where contracts are adjudicated in state courts, rather than tribal courts, have more than twice the estimated probability (.76 versus .34) of investing in an Indian casino, ceteris paribus. These findings suggest that states’ political pressures and predictable judiciaries affect incentives to invest in casinos. This study contributes, more generally, to the empirical literature on the effects of institutions by providing new evidence that low-cost contracting is important for taking advantage of substantial investment opportunities.
Light-dark changes in cytosolic nitrate pools depend on nitrate reductase activity in Arabidopsis leaf cells
No full textSeveral different cellular processes determine the size of the metabolically available nitrate pool in the cytoplasm. These processes include not only ion fluxes across the plasma membrane and tonoplast but also assimilation by the activity of nitrate reductase (NR). In roots, the maintenance of cytosolic nitrate activity during periods of nitrate starvation and resupply (M. van der Leij, S.J. Smith, A.J. Miller [1998] Planta 205: 64–72; R.-G. Zhen, H.-W. Koyro, R.A. Leigh, A.D. Tomos, A.J. Miller [1991] Planta 185: 356–361) suggests that this pool is regulated. Under nitrate-replete conditions vacuolar nitrate is a membrane-bound store that can release nitrate to the cytoplasm; after depletion of cytosolic nitrate, tonoplast transporters would serve to restore this pool. To study the role of assimilation, specifically the activity of NR in regulating the size of the cytosolic nitrate pool, we have compared wild-type and mutant plants. In leaf mesophyll cells, light-to-dark transitions increase cytosolic nitrate activity (1.5–2.8 mM), and these changes were reversed by dark-to-light transitions. Such changes were not observed in nia1nia2 NR-deficient plants indicating that this change in cytosolic nitrate activity was dependent on the presence of functional NR. Furthermore, in the dark, the steady-state cytosolic nitrate activities were not statistically different between the two types of plant, indicating that NR has little role in determining resting levels of nitrate. Epidermal cells of both wild type and NR mutants had cytosolic nitrate activities that were not significantly different from mesophyll cells in the dark and were unaltered by dark-to-light transitions. We propose that the NR-dependent changes in cytosolic nitrate provide a cellular mechanism for the diurnal changes in vacuolar nitrate storage, and the results are discussed in terms of the possible signaling role of cytosolic nitrate
Talking About Regulation in 10-K Annual Reports; Uniformity in a Naive Sample.
No full textThis project seeks to highlight the difficulties of employing required annual reports in analyses attempting to tie left-hand side outcomes, whether past or future, through the use of Natural Language Processing techniques to analyze firm discussion of regulators, regulation, laws, and other regulatory regimes in the context of required 10-K annual disclosures under U.S. public company reporting regimes governed by the U.S. Securities and Exchange Commission (SEC). While Natural Language Processing (NLP) techniques have gained popularity in turning text into data facilitating a multitude of varied new analytical projects in the fields of academic corporate research, using NLP mechanisms particularly for regulation-oriented corporate speech analysis presents relative uniformity across filers and industries which this small project seeks to highlight as a possible burden for NLP usage in this particular extension of the legal and financial reporting analyses. The small sample, simple word lists, and naive comparison employed here seeks to highlight, through simple methodology, that even an industry-by-industry analysis method may be less than meaningful in addressing regulatory, industry standard, and legal practice nuances defining regulatory discussion due, at least in part, to uniform reporting summaries (relative uniformity) across firms, not only those participating in a single industry, but across SEC annual filers generally. This project will conclude with a brief summary of possible causal factors in the highlighted report uniformities while refraining from any implication that regulatory or legal comparison is or should be among the comparative factors for which design and response uniformity guidelines for 10-K reports are generated or sought by the SEC for use by potential or current investors as an indicative factor of firm performance or future performance
Talking About Regulation in 10-K Annual Reports; Uniformity in a Naive Sample.
No full textThis project seeks to highlight the difficulties of employing required annual reports in analyses attempting to tie left-hand side outcomes, whether past or future, through the use of Natural Language Processing techniques to analyze firm discussion of regulators, regulation, laws, and other regulatory regimes in the context of required 10-K annual disclosures under U.S. public company reporting regimes governed by the U.S. Securities and Exchange Commission (SEC). While Natural Language Processing (NLP) techniques have gained popularity in turning text into data facilitating a multitude of varied new analytical projects in the fields of academic corporate research, using NLP mechanisms particularly for regulation-oriented corporate speech analysis presents relative uniformity across filers and industries which this small project seeks to highlight as a possible burden for NLP usage in this particular extension of the legal and financial reporting analyses. The small sample, simple word lists, and naive comparison employed here seeks to highlight, through simple methodology, that even an industry-by-industry analysis method may be less than meaningful in addressing regulatory, industry standard, and legal practice nuances defining regulatory discussion due, at least in part, to uniform reporting summaries (relative uniformity) across firms, not only those participating in a single industry, but across SEC annual filers generally. This project will conclude with a brief summary of possible causal factors in the highlighted report uniformities while refraining from any implication that regulatory or legal comparison is or should be among the comparative factors for which design and response uniformity guidelines for 10-K reports are generated or sought by the SEC for use by potential or current investors as an indicative factor of firm performance or future performance
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