Research
Publications
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.
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.