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作者：Boehm, Johannes; Dhingra, Swati; Morrow, John
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; King's College London
摘要：Resource-based theories propose that firms grow by diversifying into products that use common capabilities. We provide evidence for common-input capabilities, using a policy that removed entry barriers in input markets to show that the similarity of a firm's and an industry's input mix determines firm production choices. We model industry choice and economies of scope from input capabilities. When the model is estimated for Indian manufacturing, input complementarities make firms 5% more likel...
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作者：Barr, Andrew; Gibbs, Chloe R. R.
作者单位：Texas A&M University System; Texas A&M University College Station; University of Notre Dame
摘要：Despite substantial evidence that resources and outcomes are transmitted across generations, there has been limited inquiry into the extent to which antipoverty programs actually disrupt the cycle of bad outcomes. We leverage the rollout of the United States's largest early-childhood program, Head Start, to estimate the effect of early-childhood exposure among mothers on their children's long-term outcomes. We find evidence of intergenerational transmission of effects in the form of increased ...
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作者：Buffa, Andrea M.; Vayanos, Dimitri; Woolley, Paul
作者单位：University of Colorado System; University of Colorado Boulder; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：We model asset management as a continuum between active and passive: managers can deviate from benchmark indices to exploit noise trader-induced distortions, but agency frictions constrain these deviations. Because constraints force managers to buy assets that they underweight when these assets appreciate, overvalued assets have high volatility, and the risk-return relationship becomes inverted. Distortions are more severe for overvalued assets than for undervalued ones because trading against...
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作者：Hristakeva, Sylvia
作者单位：University of California System; University of California Los Angeles
摘要：Producers frequently provide retailers with financial incentives to secure product distribution. These payments often take the form of vendor allowances: lump-sum transfers to retailers that do not directly depend on quantity sold. I introduce an estimation strategy that uses observed product selections to inform unobserved allowances. I use retailers' replacement threats, which may allow them to capture both vendor transfers and lower wholesale prices. A counterfactual restricts firms to cont...
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作者：Broccardo, Eleonora; Hart, Oliver; Zingales, Luigi
作者单位：University of Trento; Harvard University; University of Chicago
摘要：We study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in a world where companies generate externalities and some agents care about the social impact of their decisions. We show that if the majority of investors are even slightly socially responsible, voice achieves the socially optimal outcome. In contrast, exit does not unless everybody is significantly socially responsible. If the majority of investors are purely selfish, exit is a more effect...
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作者：Foerster, Andrew T.; Hornstein, Andreas; Sarte, Pierre-Daniel G.; Watson, Mark W.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Princeton University; National Bureau of Economic Research
摘要：We describe how capital accumulation and the network structure of US production interact to amplify the effects of sectoral trend growth rates in total factor productivity and labor on trend GDP (gross domestic product) growth. We derive expressions that conveniently summarize this long-run amplification effect by way of sectoral multipliers. We estimate that sector-specific factors have historically accounted for approximately three-fourths of long-run changes in GDP growth. Trend GDP growth ...
