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作者：Fridolfsson, SO; Stennek, J
作者单位：Research Institute of Industrial Economics (IFN)
摘要：We provide a possible explanation for the empirical puzzle that mergers often reduce profits, but raise share prices. If being,in insider is better than being an Outsider, firms may merge to preempt their partner merging with a rival. The insiders' stock market value is increased, since the risk of becoming an outsider is eliminated. These results are derived in an endogenous-merger model, predicting the conditions under which mergers occur, when they occur, and how the surplus is shared.
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作者：Cuñat, V; Guadalupe, M
作者单位：Pompeu Fabra University; Columbia University
摘要：This paper studies the effect of product market competition on the explicit compensation packages that firms offer to their CEOs, executives and workers. We use a large sample of both traded and nontraded UK firms and exploit a quasi-natural experiment associated to an increase in competition. The sudden appreciation of the pound in 1996 implied different changes in competition for sectors with different degrees of openness. Our difference in differences estimates show that a higher level of p...
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作者：Hornstein, A; Violante, GL; Krusell, P
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; New York University; Princeton University
摘要：We examine how technological change affects wage inequality and unemployment in a calibrated model of matching frictions in the labor market. We distinguish between two polar cases studied in the literature: a creative destruction economy, where new machines enter chiefly through new matches and an upgrading economy, where machines ill existing matches are replaced by new machines. Our main results are: (i) these two economies produce very similar quantitative Outcomes, and (it) the total amou...
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作者：Gilboa, Y; Justman, M
作者单位：Ben-Gurion University of the Negev
摘要：We examine the trade-offs implicit in academic admissions standards when students are charged cost-based tuition and offered loans that remove liquidity constraints. Lowering entry requirements while holding graduation requirements fixed increases aggregate output and promotes a more equal distribution of wages, but reduces relative income mobility and diminishes the scope for affirmative action. Lowering admissions standards while raising graduation requirements, so that the number of graduat...
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作者：Jürges, H; Büchel, F; Schneider, K
作者单位：University of Mannheim; Max Planck Society; University of Wuppertal
摘要：This paper makes use of the regional variation in schooling legislation within the German secondary education system to estimate the causal effect of central exit examinations on student performance. We propose a difference-in-differences framework that exploits the quasi-experimental nature of the German TIMSS middle school sample and discuss its identifying assumptions. The estimates show that students in federal states with central exit examinations clearly outperform students in federal st...
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作者：Yuan, K
作者单位：University of Michigan System; University of Michigan
摘要：We demonstrate that benchmark securities allow heterogeneously informed investors to create trading strategies that are perfectly aligned with their signals. Investors who are informed about security-specific risks but uninformed about systematic risks can take an offsetting position in benchmark securities to eliminate exposure to adverse selection in systematic risks, while investors who are informed about systematic risks but uninformed about security-specific risks can trade systematic ris...
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作者：Stock, JH; Watson, MW
作者单位：Harvard University; Princeton University
摘要：The volatility of economic activity inmost G7 economies has moderated over the past 40 years. Also, despite large increases in trade and openness, G7 business cycles have not become more synchronized. After documenting these facts, we interpret G7 output data using a structural VAR that separately identifies common international shocks, the domestic effects of spillovers from foreign idiosyncratic shocks, and the effects of domestic idiosyncratic shocks. This analysis suggests that, with the e...
