Market Return Around the Clock: A Puzzle – Dmitriy Muravyev; Michigan Stat (with Oleg Bondarenko)
Abstract: We study how the excess market return depends on the time of the day using E-mini S&P 500 futures that are actively traded for almost 24 hours. Strikingly, four hours around European open account for the entire average market
Institutions Shape Culture: The Civic Imprint of Democracy <http://mipp.cl/es/events/tba-72/> – Nicolas Ajzenman (FGV); coautores Daron Acemoglu (MIT); Cevat Giray Aksoy (King’s College); Martin Fiszbein (Boston University); Carlos Molina (MIT).
Abstract: We show that democracy shapes civic culture using large-scale data with global coverage and exploiting variation across cohorts in democratic exposure during early adulthood. Exposure