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Institutional Determinants of Emerging Market Returns and Flows

with Ralph Sonenshine

January 24, 2022

in Emerging Markets Review

This paper examines the effects of institutional factors—specifically democracy, transparency and corruption—on emerging market equity returns and flows. We find that institutional quality impacts stock market returns and flows in emerging markets where corruption, transparency, and democracy levels are below average. We also find that government-owned or controlled industries are positively impacted by a deterioration in the corruption and democracy indexes, while highly concentrated sectors, like the financial industry, are negatively impacted by improving transparency.

Image by Maxim Hopman

Spatial Dynamics of Racialized Income Inequality in the Washington, DC, Metropolitan Area

with Daniel E. Esser and Katie L. Turner

October 12, 2020

in The Professional Geographer

This article examines changes in neighborhoods’ racial composition and income inequality in the Washington, DC, metropolitan area. We find racially more homogeneous wards have lower income inequalities than those that are racially heterogeneous. We also show that two alternative measures of neighborhood-level racial diversity—proportion white and an entropy score—account for substantial shares in the variation in household incomes in these wards. In contrast, these patterns in the surrounding counties are less pronounced. We probe into these differences and argue that place stratification theory is helpful to understand changing neighborhood compositions in the entire Washington, DC, metropolitan area.

Works in Progress

"Monarchical Distribution"

"The Crown Prince Problem Revisited"

"Violence, Migration, and State Capacity in the Post-Bellum American South" with Kiela Crabtree

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