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作者：Lee, David S.; Mas, Alexandre
作者单位：Princeton University; National Bureau of Economic Research
摘要：We estimate the effect of new private-sector unionization on publicly traded firms' equity value in the United States over the 1961-1999 period using a newly assembled sample of National Labor Relations Board (NLRB) representation elections matched to stock market data. Event-study estimates show an average union effect on the equity value of the firm equivalent to $40,500 per unionized worker, an effect that takes 15 to 18 months after unionization to fully materialize, and one that could not...
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作者：Ahern, Kenneth R.; Dittmar, Amy K.
作者单位：University of Michigan System; University of Michigan
摘要：In 2003, a new law required that 40% of Norwegian firms' directors be women-at the time only 9% of directors were women. We use the prequota cross-sectional variation in female board representation to instrument for exogenous changes to corporate boards following the quota. We find that the constraint imposed by the quota caused a significant drop in the stock price at the announcement of the law and a large decline in Tobin's Q over the following years, consistent with the idea that firms cho...
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作者：Besley, Timothy J.; Burchardi, Konrad B.; Ghatak, Maitreesh
作者单位：University of London; London School Economics & Political Science
摘要：This paper explores the consequences of improving property rights to facilitate the use of fixed assets as collateral, popularly attributed to the influential policy advocate Hernando de Soto. We use an equilibrium model of a credit market with moral hazard to characterize the theoretical effects and also develop a quantitative analysis using data from Sri Lanka. We show that the effects are likely to be nonlinear and heterogeneous by wealth group. They also depend on the extent of competition...
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作者：Piccione, Michele; Spiegler, Ran
作者单位：University of London; London School Economics & Political Science; Tel Aviv University; University of London; University College London
摘要：This article studies market competition when firms can influence consumers' ability to compare market alternatives through their choice of price formats. In our model, the ability of a consumer to make a comparison depends on the firms' format choices. Our main results concern the interaction between firms' equilibrium price and format decisions and its implications for industry profits and consumer switching rates. In particular, market forces drive down the firms' profits to a constrained co...
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作者：Kling, Jeffrey R.; Mullainathan, Sendhil; Shafir, Eldar; Vermeulen, Lee C.; Wrobel, Marian V.
作者单位：National Bureau of Economic Research; Harvard University; Princeton University; University of Wisconsin System; University of Wisconsin Madison
摘要：Consumers need information to compare alternatives for markets to function efficiently. Recognizing this, public policies often pair competition with easy access to comparative information. The implicit assumption is that comparison friction-the wedge between the availability of comparative information and consumers' use of it-is inconsequential because when information is readily available, consumers will access this information and make effective choices. We examine the extent of comparison ...
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作者：Acemoglu, Daron; Golosov, Mikhail; Tsyvinski, Aleh; Yared, Pierre
作者单位：Massachusetts Institute of Technology (MIT); Yale University; Columbia University
摘要：We develop a dynamic theory of resource wars and study the conditions under which such wars can be prevented. Our focus is on the interaction between the scarcity of resources and the incentives for war in the presence of limited commitment. We show that a key parameter determining the incentives for war is the elasticity of demand. Our first result identifies a novel externality that can precipitate war: price-taking firms fail to internalize the impact of their extraction on military action....
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作者：DellaVigna, Stefano; List, John A.; Malmendier, Ulrike
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Chicago
摘要：Every year, 90% of Americans give money to charities. Is such generosity necessarily welfare enhancing for the giver? We present a theoretical framework that distinguishes two types of motivation: individuals like to give, for example, due to altruism or warm glow, and individuals would rather not give but dislike saying no, for example, due to social pressure. We design a door-to-door fund-raiser in which some households are informed about the exact time of solicitation with a flyer on their ...
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作者：Stein, Jeremy C.
作者单位：Harvard University; National Bureau of Economic Research
摘要：This article develops a model that speaks to the goals and methods of financial stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely, that unregulated private money creation can lead to an externality in which intermediaries issue too much short-term debt and leave the system excessively vulnerable to costly financial crises. Second, it shows how in a simple economy where commercial banks ...
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作者：Saez, Emmanuel; Matsaganis, Manos; Tsakloglou, Panos
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Athens University of Economics & Business
摘要：This article analyzes the response of earnings to payroll tax rates using a cohort-based reform in Greece. Individuals who started working on or after 1993 face permanently a much higher earnings cap for payroll taxes, creating a large and permanent discontinuity in marginal payroll tax rates by date of entry in the labor force for upper earnings workers. Using full-population administrative social security data and a regression discontinuity design, we estimate the long-term labor supply effe...
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作者：Manova, Kalina; Zhang, Zhiwei
作者单位：Stanford University; National Bureau of Economic Research
摘要：This article establishes six stylized facts about firms' export prices using detailed customs data on the universe of Chinese trade flows. First, across firms selling a given product, exporters that charge higher prices earn greater revenues in each destination, have bigger worldwide sales, and enter more markets. Second, firms that export more, enter more markets, and charge higher export prices import more expensive inputs. Third, across destinations within a firm-product, firms set higher p...
