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    <link>https://hdl.handle.net/10419/66975</link>
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        <rdf:li rdf:resource="https://hdl.handle.net/10419/311814" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/322398" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/322397" />
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    <dc:date>2026-04-28T11:39:23Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/311814">
    <title>Auctions vs negotiations under corruption: Evidence from land sales in China</title>
    <link>https://hdl.handle.net/10419/311814</link>
    <description>Title: Auctions vs negotiations under corruption: Evidence from land sales in China
Authors: Arslan, Hayri Alper; Clark, Robert; Hu, Qidi
Abstract: This study investigates whether corruption differentially affects contracting through auctions and negotiations. Using data on Chinese land-market transactions, where corruption is known to be present, we first show that, on average, it exerts similar effects on transactions carried out via auctions and negotiation. However, this finding masks important heterogeneity - auctions featuring healthy competition are less affected by corruption, and significantly less so than negotiation. We then develop a simple model of bidding under the possibility of corruption that rationalizes our findings.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/322398">
    <title>Norm constrained empirical portfolio optimization with stochastic dominance: Robust optimization non-asymptotics</title>
    <link>https://hdl.handle.net/10419/322398</link>
    <description>Title: Norm constrained empirical portfolio optimization with stochastic dominance: Robust optimization non-asymptotics
Authors: Arvanitis, Stelios
Abstract: The present note provides an initial theoretical explanation of the way norm regularizations may provide a means of controlling the non-asymptotic probability of False Dominance classification for empirically optimal portfolios satisfying empirical Stochastic Dominance restrictions in an iid setting. It does so via a dual characterization of the norm-constrained problem, as a problem of Distributional Robust Optimization. This enables the use of concentration inequalities involving the Wasserstein distance from the empirical distribution, to obtain an upper bound for the non-asymptotic probability of False Dominance classification. This leads to information about the minimal sample size required for this probability to be dominated by a predetermined significance level.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/322397">
    <title>Sparse spanning portfolios and under-diversification with second-order stochastic dominance</title>
    <link>https://hdl.handle.net/10419/322397</link>
    <description>Title: Sparse spanning portfolios and under-diversification with second-order stochastic dominance
Authors: Arvanitis, Stelios
Abstract: We develop and implement methods for determining whether relaxing sparsity constraints on portfolios improves the investment opportunity set for risk-averse investors. We formulate a new estimation procedure for sparse second-order stochastic spanning based on a greedy algorithm and Linear Programming. We show the optimal recovery of the sparse solution asymptotically whether spanning holds or not. From large equity datasets, we estimate the expected utility loss due to possible under-diversification, and find that there is no benefit from expanding a sparse opportunity set beyond 45 assets. The optimal sparse portfolio invests in 10 industry sectors and cuts tail risk when compared to a sparse mean-variance portfolio. On a rolling-window basis, the number of assets shrinks to 25 assets in crisis periods, while standard factor models cannot explain the performance of the sparse portfolios.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/322396">
    <title>Markups, pass-through, and firm heterogeneity with sequentially mixed search</title>
    <link>https://hdl.handle.net/10419/322396</link>
    <description>Title: Markups, pass-through, and firm heterogeneity with sequentially mixed search
Authors: Chernoff, Alex; Head, Allen; Lapham, Beverly J.
Abstract: We study the determination of market power at the firm and industry levels when heterogeneous firms compete for sales to ex ante homogeneous buyers in a market with both directed and random search and free entry of firms that differ in productivity. Search and the distribution of productivity across active firms generate distributions of equilibrium prices and markups that we relate to variation in the elasticity of demand at the firm level. With directed search at the outset, a shock that raises the matching rate for buyers improves conditions for them and tends to lower markups. Random matching follows sequentially, and the same shock can lower the productivity threshold for operation, pushing up prices and markups for all firms. The net effect on market power can be ambiguous depending on the forces driving matching rates. The distributions of prices and markups respond in equilibrium to changes in common and firm-specific costs, consumption utility, and fixed costs of both entry and operation. We characterize the differential pass-through of these changes to prices and markups at both the firm and market levels.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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