In this paper we present several proofs on the extension of M. Riesz fractional integration and di¤erentiation to the contexts of spaces of homogeneous type and measure metric spaces with non-doubling measures. 1. Introduction, some de…nitions, and a basic lemma Professor M. Ash asked me to write a survey article on some of the results that Stephen Vági and I obtained in the nineties on fractio...

Mispricing of international trade in natural resources contributes to significant tax base erosion from developing countries but is difficult measure using aggregate statistics. In this paper, we apply a novel approach motivated by legal rules for and transfer mispricing estimate abnormal pricing gold cocoa exports Ghana, i.e., valued outside an assumed arm's length price range that indicates f...

Abstract We find that countries able to borrow at spreads seem low given fundamentals (e.g., because investors are bullish regarding the country’s future) more likely develop medium-term difficulties. establish this by regressing on fundamentals. Subsequently deploying first-stage residuals in a second-stage regression suggests an optimistic sentiment reduces growth medium term while increasing...

The paper shows that controlling for the aggregate volatility risk factor eliminates the puzzling negative relation between variability of trading activity and future abnormal returns. I find that variability of other measures of liquidity and liquidity risk is largely unrelated to expected returns. Lastly, I show that the low returns to firms with high variability of trading activity are not e...

As the number of systems which offer annotations on digital documents increases, robust anchoring of annotations is a key challenge. It is especially important if the annotator lacks write-access to the document being annotated. For example, if someone makes an annotation on a web page today and the web page changes tomorrow, what happens to the annotation? One approach is simply to “orphan” th...