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作者：University of Antwerp; Monash University
摘要：With two news-based measures on war, I document that managers mitigated war risk through dividend cuts, arguably to establish a war chest. Moreover, I find that companies postponed their initial public offerings and that foreign companies were more likely to delist after the onset of wars. Investors reacted negatively to the increase in war news coverage. There is evidence of mean-reversion after a threat of war and a negative drift following the start of war. Finally, I highlight the importan...
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作者：Washington & Lee University
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作者：Hitotsubashi University; Yale University
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作者：University of Reading; University of Reading
摘要：We examine shifts in British income inequality and their causes from 1911-1949. Using newly rediscovered Inland Revenue income distribution estimates, we show that Britain had an unusually high concentration of personal incomes in 1911 compared to other industrial nations. We also find that Britain's substantial inequality reduction over the next four decades was largely driven by a collapse in top capital incomes. This parallels findings for France, the United States, and other western countr...
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作者：Boston University; National University of Singapore
摘要：What was the return to education in the United States at mid-century? In 1940, the correlation between years of schooling and earnings was relatively low. In this article, we estimate the causal return to schooling in 1940, constructing a large linked sample of twin brothers to account for differences in unobserved ability and family background. We find that each additional year of schooling increased labor earnings by approximately 4 percent, about half the return found for more recent cohort...
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作者：Brandeis University
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作者：Vanderbilt University; National Bureau of Economic Research
摘要：I study the impact of transportation on health in the rural United States, 1820-1847. Measuring health by average stature, I find that greater transportation linkage, as measured by market access, in a cohort's county-year of birth had an adverse impact on its health. A one-standard-deviation increase in market access reduced average stature by 0.14 inches, and rising market access over the study period can explain 37 percent of the contemporaneous decline in average stature, known as theAnteb...
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作者：Vanderbilt University; Boston University; University of Michigan System; University of Michigan
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作者：University of Arizona; National Bureau of Economic Research
摘要：The growth of American governments in the twentieth century included large increases in funds for social insurance and public assistance. Social insurance has increased far more than public assistance, so rise in the social insurance state is a far better description of the century than rise in the welfare state. The United States has increased total spending in these areas as much or more as have European countries, but the U.S. spending has relied less heavily on government programs. In the ...
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作者：University of California System; University of California Irvine
