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作者：Koethenbuerger, Marko; Stimmelmayr, Michael E.
摘要：The paper provides a positive and efficiency analysis of dividend taxation in a corporate agency model with a costly managerial effort. Unlike existing (agency) models, this model is consistent with empirical work in corporate finance and able to predict empirically observed investment responses to dividend taxation. In addition, we show that investment changes are not sufficient to infer, first, the efficiency cost of dividend taxation and, second, the financing regime underlying firms' inves...
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作者：Mueller, Hannes; Rohner, Dominic; Schoenholzer, David
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); University of Lausanne; Stockholm University
摘要：Spatial analyses focus to a large extent on the 'bright side of proximity', namely voluntary (positive-sum) interactions such as, e.g., in trade and innovation. In contrast, the violent 'dark side of proximity' has often been overlooked. To address this gap, we study the role of spatial proximity in ethnic conflict, developing a structural model of spatial violence in which ethnic groups recruit fighters strategically across space. The spatial decay of violence determines the equilibrium place...
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作者：De Haas, Ralph; Popov, Alexander
作者单位：European Bank of Reconstructon & Development
摘要：We study how countries' financial structure affects their transition to low-carbon growth. Using global industry-level data, we document that carbon-intensive industries reduce emissions faster in economies with deeper stock markets. The main channel underpinning this stylised fact is that stock markets facilitate green innovation in carbon-intensive sectors, resulting in lower carbon emissions per unit of output. More tentative evidence indicates that stock markets also help to reallocate inv...
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作者：Montalban, Jose
作者单位：Stockholm University
摘要：Using a unique reform in the Spanish financial aid program, I estimate the impact of need-based grants on student achievement and dropout decisions under different intensities of academic requirements. Utilising comprehensive administrative data from a large university, I exploit sharp discontinuities in the grant eligibility formula to identify the effect of aid on student outcomes. I find that aid eligibility has no effect on student outcomes when the academic requirements are comparable wit...
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作者：Gennaro, Gloria; Ash, Elliott
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作者：Guo, Naijia; Xia, Xiaoyu; Zhang, Junsen
作者单位：Chinese University of Hong Kong; University of Essex; Zhejiang University
摘要：We develop a co-residence model between young adults and the elderly as an application of the Shapley-Shubik-Becker bilateral matching framework. This model captures competition between adult children and between parents and parents-in-law. Using microdata from China, we estimate our model by using a network simulation method to fill in partially unobservable marriage links. We find that our model explains the child-side and parent-side competitions observed in the data better than two alterna...
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作者：Kiessling, Lukas; Norris, Jonathan
作者单位：Max Planck Society; University of Strathclyde
摘要：This paper studies how peers in school affect students' mental health. Guided by a theoretical framework, we find that increasing students' relative ranks in their cohorts by one standard deviation improves their mental health by 6% of a standard deviation conditional on own ability. These effects are more pronounced for low-ability students, persistent for at least 14 years and carry over to economic long-run outcomes. Moreover, we document a pronounced asymmetry: Students who receive negativ...
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作者：Hengel, Erin
作者单位：University of London; University College London
摘要：Female authors are under-represented in top economics journals. In this paper, I investigate whether higher writing standards contribute to the problem. I find that (i) female-authored papers are 1%-6% better written than equivalent papers by men; (ii) the gap widens during peer review; (iii) women improve their writing as they publish more papers (but men do not); (iv) female-authored papers take longer under review. Using a subjective expected utility framework, I argue that higher writing s...
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作者：Coviello, Decio; Marino, Immacolata; Nannicini, Tommaso; Persico, Nicola
作者单位：Universite de Montreal; HEC Montreal; University of Naples Federico II; Bocconi University; Northwestern University
摘要：We study the effect of a persistent demand shock on corporate factor utilisation. Our identification strategy leverages a legislative change designed to permanently reduce spending in certain targeted municipalities. This change generates an arguably exogenous drop in the revenue of procurement firms, which differs depending on each firm's reliance for its revenue on procurement in the targeted municipalities. We find that firms responded to the demand shock by cutting capital rather than labo...
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作者：Severnini, Edson
作者单位：Carnegie Mellon University; IZA Institute Labor Economics; National Bureau of Economic Research
摘要：This paper evaluates large-scale hydroelectric dams built in the United States during the twentieth century. Combining panel event-study designs and synthetic control methods, two results stand out. First, dams constructed pre-1950 spurred short-run local growth, in large part thanks to a 'cheap-local-power advantage', and resulted in remarkable long-run growth, more than doubling local population density after 50 years. Second, dams constructed post-1950 had only modest effects on growth. The...
