The failure of the balanced condition in the natural experiment design
An important task in economics and finance studies involves establishing causal inference. Given the obstacles in obtaining reliable instrumental variables, such methodologies as the ordinary least squares (OLS),which is considered natural experimentation, as it takes advantage of exogenous events, have become prominent without questioning the balanced condition hypothesis. One empirical problem with such methodologies is that the treatment assignment is not random and is characterized by...[Show more]
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