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作者：Cunningham, Colleen; Ederer, Florian; Ma, Song
作者单位：University of London; London Business School; Yale University
摘要：This paper argues that incumbent firms may acquire innovative targets solely to discontinue the target's innovation projects and preempt future competition. We call such acquisitions killer acquisitions. We develop a model illustrating this phenomenon. Using pharmaceutical industry data, we show that acquired drug projects are less likely to be developed when they overlap with the acquirer's existing product portfolio, especially when the acquirer's market power is large because of weak compet...
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作者：Carneiro, Pedro; Garcia, Italo Lopez; Salvanes, Kjell G.; Tominey, Emma
作者单位：University of London; London School Economics & Political Science; University College London; Norwegian School of Economics (NHH); RAND Corporation; IZA Institute Labor Economics; Norwegian School of Economics (NHH); University of York - UK
摘要：We extend the standard intergenerational mobility literature by examining the relationship between adult outcomes of children and the timing of parental income during their childhood years, using data from Norway. We find first that, conditional on permanent household income, the child's human capital is higher in households where income is balanced between the early childhood and late childhood years than in households with a more imbalanced income profile. Second, compared to that in the ear...
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作者：Gola, Pawel
作者单位：BI Norwegian Business School
摘要：I examine the distributional consequences of technological change in a framework that nests Roy's (1951) and Becker's (1973) classical models: workers self-select into two sectors and then match with heterogeneous firms within each sector. In this model, technological change can be decomposed into changes in (i) the degree to which sectors covet the same skill sets and (ii) the extent to which output varies with skill in each sector. By deriving monotone comparative statics results for each of...
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作者：Cason, Timothy N.; Friedman, Daniel; Hopkins, Ed
作者单位：Purdue University System; Purdue University; University of Essex; University of California System; University of California Santa Cruz; University of Edinburgh
摘要：We report a continuous-time experiment studying the Burdett-Judd model, whose unique Nash equilibrium (NE) features dispersed prices. Adaptive dynamics predict that the NE is stable for one of our parameter sets and unstable for another. The empirical price distribution is close to the NE distribution for the stable parameter set, but for the unstable parameter set it skews toward higher prices in its NE support interval. We offer an empirical definition of price cycles in terms of changes ove...
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作者：Gaubert, Cecile; Itskhoki, Oleg
作者单位：University of California System; University of California Berkeley; University of California System; University of California Los Angeles
摘要：Large firms play a pivotal role in international trade. We develop a multisector granular model of trade where sectors host a finite number of firms. Both aggregate and granular firm-level forces shape comparative advantage. The model is estimated using French microdata on firm domestic and export sales. We find that granularity accounts for about 20% of the sectoral variation in export intensity and is more pronounced in highly export-intensive sectors. An extension to a dynamic environment w...
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作者：Chernozhukov, Victor; Galichon, Alfred; Henry, Marc; Pass, Brendan
作者单位：Massachusetts Institute of Technology (MIT); New York University; Institut d'Etudes Politiques Paris (Sciences Po); Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Alberta
摘要：This paper derives conditions under which preferences and technology are nonparametrically identified in hedonic equilibrium models. With products differentiated along a quality index and agents characterized by scalar unobserved heterogeneity, single-crossing conditions on preferences and technology provide identifying restrictions in previous work. We develop similar shape restrictions in the multiattribute case. These shape restrictions, based on optimal transport theory and generalized con...
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作者：Fagereng, Andreas; Mogstad, Magne; Ronning, Marte
作者单位：BI Norwegian Business School; University of Chicago; Statistics Norway
摘要：We show that family background matters significantly for children's accumulation of wealth and investor behavior as adults, even when removing the genetic connection between children and the parents raising them. The analysis is made possible by linking Korean-born children who were adopted at infancy by Norwegian parents to a population panel data set with detailed information on wealth and socioeconomic characteristics. The mechanism by which these Korean-Norwegian adoptees were assigned to ...
