作者：Peralta-Alva, Adrian
作者单位：University of Miami
摘要：The market value of U.S. corporations declined by 50% during 1973-74 and stagnated for the following 15 years. This abrupt decline in market valuations coincided with two technology shocks: (1) the start of the information technology revolution and (2) a sudden slowdown in productivity growth. I use general equilibrium theory to quantify the macroeconomic and asset price implications of these two shocks. ne information technology revolution and the productivity slowdown make the theory consist...
作者：Brusco, Sandro; Lopomo, Giuseppe; Robinson, David T.; Viswanathan, S.
作者单位：Duke University; State University of New York (SUNY) System; Stony Brook University; Universidad Carlos III de Madrid
摘要：We characterize incentive-efficient merger outcomes when payments can be made both in cash and stock. Each firm has private information about both its stand-alone value and a component of the (possibly negative) potential synergies. We study two cases: when transfers can, and cannot, be made contingent on the value of any new firm. When they can, we show that redistributing shares of any nonmerging firm generates information rents and provides necessary and sufficient conditions for the implem...
作者：Lee, Sanghoon
作者单位：University of British Columbia
摘要：American students study harder in college than in high school, whereas East Asian students study harder in high school than in college. This article proposes a signaling explanation. Signaling may occur over time both in high school and in college, and societies may differ in the timing of signaling. Students work harder in the signaling stage determined by the society as a whole. A testable implication is that high ability workers in East Asia are more concentrated among a few colleges than t...
