This paper analyzes the return migration of foreign-born persons in the United States. We argue that return migration may have been planned as part of an optimal life-cycle residential location sequence. Return migration also occurs because immigrants based their initial migration decision on erroneous information about opportunities in the United States. The study uses the 1980 Census and admi...

This paper provides empirical study on the behavior of the Shanghai and the Shenzhen stock exchanges after the Chinese government announced to increase the securities transaction tax from 0.3% to 0.5% in May 9, 1997. We examine the impact of the increased transaction tax on the volatility of stock returns and tax revenue. We find that the return volatility significantly increased. We also find ...

Mutation testing is a technique for testing software units that has great potential for improving the quality of testing, and thereby increasing our ability to assure the high reliability of critical software. It will be shown that recent advances in mutation research have brought a practical mutation testing system closer to reality. One recent advance is a partial solution to the problem of a...

W a firm allows the return of previously purchased merchandise, it provides customers with an option that has measurable value. Whereas the option to return merchandise leads to an increase in gross revenue, it also creates additional costs. Selecting an optimal return policy requires balancing both demand and cost implications. In this paper, we develop a structural model of a consumer’s decis...

I study a simple market microstructure model in a competitive setting where rational risk neutral investors anticipate becoming liquidity sellers (they are forced to sell with a certain probability) and paying transaction costs (adverse selection costs as well as fixed and/or proportional cost) at some future date. To buy stocks in the IPO they must be compensated for expected future trading lo...

P returns cost U.S. companies more than $100 billion annually. The cost and scale of returns management issues necessitate a deeper understanding of how to deal with product returns. We develop an analytical model that describes how consumer purchase and return decisions are affected by a seller’s pricing and restocking fee policy. Taking into account the consumers’ strategic behavior, we deriv...