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作者：Branstetter, Lee; Lima, Francisco; Taylor, Lowell J.; Venancio, Ana
作者单位：Carnegie Mellon University; Universidade de Lisboa; Universidade de Lisboa
摘要：We evaluate the consequences of a recent regulatory reform in Portugal, which substantially reduced the cost of firm entry. Our analysis uses matched employer-employee data, which provide unusually rich information on the characteristics of founders and employees associated with new firms before and after the reform. We find that the short-term consequences of the reform were as one would predict with a standard economic model of entrepreneurship: the reform resulted in increased firm formatio...
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作者：Herweg, Fabian; Mueller, Daniel
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Bonn
摘要：We consider a monopolistic supplier's optimal choice of wholesale tariffs when downstream firms are privately informedabout their retail costs. Under discriminatory pricing, downstream firms that differ in their ex ante distribution of retail costs are offered different tariffs. Under uniform pricing, the same wholesale tariff is offered to all downstream firms. In contrast to the extant literature on price discrimination with non-linear wholesale tariffs, we find that banning discriminatory w...
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作者：Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel
作者单位：University of Mannheim; European Central Bank
摘要：Central banks regularly communicate about financial stability issues. This article asks how such communications affect financial markets, based on a unique dataset covering more than 1,000 releases of Financial Stability Reports (FSRs) and speeches by 37 central banks over the past 14 years. The findings suggest that optimistic FSRs lead to significant and potentially long-lasting positive abnormal stock market returns, whereas no such effect is found for pessimistic FSRs. Speeches and intervi...
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作者：Hahn, Franz R.
作者单位：Johannes Kepler University Linz
摘要：In this article, I explore one of the channels through which culture may directly affect economic activities. I find evidence that common cultural heritage has a statistically and economically significant effect on cross-border bank loans (even after geographical closeness and institutional convergence have been taken into account) flowing from Austria's local and regional banks to clients residing in one of the neighbouring Eastern European EU member states. To compile formal statistical evid...
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作者：Cherchye, Laurens; Demuynck, Thomas; De Rock, Bram; De Witte, Kristof
作者单位：KU Leuven; Universite Libre de Bruxelles; Maastricht University
摘要：We focus on analysing cost minimising production behaviour in multi-output settings. We distinguish between two approaches for modelling the use of joint inputs. The cooperative approach assumes cost minimisation at the aggregate firm level, while the non-cooperative approach assumes cost minimisation at the level of the individual output division. Our framework extends the existing non-parametric framework for analysing single output production. An empirical application to the English and Wel...
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作者：Bengtsson, Niklas; Engstrom, Per
作者单位：Uppsala University
摘要：Results in behavioural economics suggest that material incentives can crowd out motivation if agents are mission-oriented rather than self-interested. We test this prediction on a sample of non-profit organisations in Sweden. Traditionally, contracts with the main principal (the Swedish foreign aid agency) have been based on trust and self-regulation. We designed a randomised policy experiment, effectively replacing the trust-based contract with an increased level of monitoring from the princi...
