Estimating the Division Kernel of a Size-Structured Population

We consider a size-structured population describing the cell divisions. The cell population is described by an empirical measure and we observe the divisions in the continuous time interval [0, T ]. We address here the problem of estimating the division kernel h (or fragmentation kernel) in case of complete data. An adaptive estimator of h is constructed based on a kernel function K with a fully data-driven bandwidth selection method. We obtain an oracle inequality and an exponential convergence rate, for which optimality is considered

OWNERSHIP STRUCTURE AND FIRM CASH HOLDINGS: EVIDENCE FROM THE PUBLIC FLOAT IN IPOS

Department of Management EngineeringI examine the effect of insider ownership on the level of cash holding by measuring the percentage of shares issued to the public, namely public float. Using a sample of 4,402 IPOs between 1990 and 2013, I find that public float has significantly negative relation with the level of firm???s cash holdings. Specifically, the reduced insider ownership by large percentage of shares issued to the public seems to motivate insiders to waste more cash, resulting in decrease in the level of cash holding. This relation persists even after controlling for various firm characteristics. High public float (or small insider ownership) also exacerbate agency problem evidenced by public float being positively associated with discretionary accrual proxy for agency problem. The level of cash holding reduced further when we interact public float with discretionary accrual term. Collectively, this finding suggests that large sales in insider ownership in IPO market worsen the agency problem and consequently motivate insider to squander firm???s cash holding.ope

The NBA, Exit Discrimination, and Career Earnings

The purpose of this paper is threefold. First, it complements the many wage discrimination studies by examining exit discrimination in the NBA using a decade's worth of data (the 1980's). White players have a 36% lower risk of being cut than black players, ceteris paribus, translating into an expected career length of 7.5 seasons for an apparently similar player who is white, and 5.5 seasons for the same player who is black. Second, the career earnings effect of exit discrimination in the 1980's is larger ($808,000) than the career earnings effect of wage discrimination ($329,000). Third, our data are consistent with the hypothesis that customer racial discrimination is the reason for the observed exit discrimination.discrimination; labor economics; career earnings; basketball; survival analysis