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作者：Giglio, Stefano; Xiu, Dacheng
作者单位：Yale University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Chicago
摘要：Standard estimators of risk premia in linear asset pricing models are biased if some priced factors are omitted. We propose a three-pass method to estimate the risk premium of an observable factor, which is valid even when not all factors in the model are specified or observed. The risk premium of the observable factor can be identified regardless of the rotation of the other control factors if together they span the true factor space. Our approach uses principal components of test asset retur...
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作者：Garratt, Rodney J.; van Oordt, Maarten R. C.
作者单位：University of California System; University of California Santa Barbara; Bank of Canada
摘要：Privacy is a feature inherent to the use of cash. With steadily increasing market shares of digital payment platforms, privacy in payments may no longer be attainable in the future. We explore the potential welfare impacts of reductions in privacy in payments. In our framework, firms may use data collected through payments to price discriminate future consumers. A public good aspect arises because individuals do not internalize the full cost of failing to protect their privacy and reduce socia...
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作者：Huber, Kilian
作者单位：University of Chicago
摘要：The effects of large banks on the real economy are theoretically ambiguous and politically controversial. I identify quasi-exogenous increases in bank size in postwar Germany. I show that firms did not grow faster after their relationship banks became bigger. In fact, opaque borrowers grew more slowly. The enlarged banks did not increase profits or efficiency but worked with riskier borrowers. Bank managers benefited through higher salaries and media attention. The results are based on newly d...
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作者：Brocas, Isabelle; Carrillo, Juan D.
作者单位：University of Southern California; Center for Economic & Policy Research (CEPR)
摘要：We develop a novel graphical paradigm of a strict-dominance-solvable game to study the developmental trajectory of steps of reasoning between 8 years old and adulthood. Most participants play the equilibrium action either always or only when they have a dominant strategy. Although age is a determinant of equilibrium choice, some very young participants display an innate ability to play at equilibrium. Finally, the proportion of equilibrium play increases significantly until fifth grade and sta...
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作者：Bryan, Kevin A.; Lemus, Jorge
作者单位：University of California System; University of California Los Angeles; University of Warwick
摘要：How are resources allocated across different R&D areas (i.e., problems to be solved)? As a result of dynamic congestion externalities, the competitive market allocates excessive resources into those of high return, being those with higher private (and social) payoffs. Good problems are tackled too soon, and as a result the distribution of open research problems in the socially optimal solution stochastically dominates that of the competitive equilibrium. A severe form of rent dissipation occur...
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作者：Michaels, Guy; Nigmatulina, Dzhamilya; Rauch, Ferdinand; Regan, Tanner; Baruah, Neeraj; Dahlstrand, Amanda
作者单位：University of London; London School Economics & Political Science; University of Oxford; University of Graz; University of London; London Business School
摘要：Africa's demand for urban housing is soaring, even as it faces a proliferation of slums. In this setting, can modest infrastructure investments in greenfield areas where people subsequently build their own houses facilitate long-run neighborhood development? We study Sites and Services projects implemented in seven Tanzanian cities during the 1970s and 1980s, and we use a spatial regression discontinuity design to compare greenfield areas that were treated (de novo) with nearby greenfield area...
