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作者：Kogan, Leonid; Papanikolaou, Dimitris; Stoffman, Noah
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Northwestern University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We develop a general equilibrium model of asset prices in which benefits of technological innovation are distributed asymmetrically. Financial market participants do not capture all economic gains from innovation even when they own shares in innovating firms. Such gains accrue partly to the innovators, who cannot sell claims on proceeds from their future ideas. We show how the resulting inequality among agents can give rise to a high risk premium on the aggregate stock market, return comovemen...
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作者：Fort, Margherita; Ichino, Andrea; Zanella, Giulio
作者单位：University of Bologna; Leibniz Association; Ifo Institut; University of Bologna; European University Institute; University of Adelaide; University of Bologna; IZA Institute Labor Economics
摘要：Exploiting admission thresholds to the Bologna day care system, we show using a regression discontinuity (RD) design that one additional day care month at age 0-2 reduces intelligence quotient by 0.5% (4.7% of a standard deviation) at age 8-14 in a relatively affluent population. The magnitude of this negative effect increases with family income. Similar negative impacts are found for personality traits. These findings are consistent with the hypothesis from psychology that children in day car...
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作者：Doyle, Orla
作者单位：University College Dublin
摘要：Using a randomized experiment, this study investigates the impact of sustained investment in parenting, from pregnancy until age 5, in the context of extensive welfare provision. Providing the Preparing for Life program, incorporating home visiting, group parenting, and baby massage, to disadvantaged Irish families raised children's cognitive and socioemotional/behavioral scores by two-thirds and one-quarter of a standard deviation, respectively. There were few differential effects by gender a...
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作者：Maggiori, Matteo; Neiman, Brent; Schreger, Jesse
作者单位：Harvard University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Chicago; Columbia University
摘要：We establish currency as an important factor shaping global portfolios. Using a new security-level data set, we demonstrate that investor holdings are biased toward their own currencies to such an extent that countries typically hold most of the foreign-debt securities denominated in their currency. While large firms issue in foreign currency and borrow from foreigners, most firms issue only in local currency and do not directly access foreign capital. These patterns hold broadly across countr...
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作者：Bandiera, Oriana; Prat, Andrea; Hansen, Stephen; Sadun, Raffaella
作者单位：University of London; London School Economics & Political Science; Columbia University; Imperial College London; Harvard University
摘要：We develop a new method to measure CEO behavior in large samples via a survey that collects high-frequency, high-dimensional diary data and a machine learning algorithm that estimates behavioral types. Applying this method to 1,114 CEOs in six countries reveals two types: leaders, who do multifunction, high-level meetings, and managers, who do individual meetings with core functions. Firms that hire leaders perform better, and it takes three years for a new CEO to make a difference. Structural...
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作者：Bilir, L. Kamran; Morales, Eduardo
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Princeton University
摘要：How global are the gains from innovation? When firms operate plants in multiple countries, technological improvements developed in one location may be shared with foreign sites for efficiency gain. We develop a model that accounts for such transfer and apply it to measure returns to R&D investment for a panel of US multinationals. Our estimates indicate that innovation increases performance at firm locations beyond the innovating site: the median multinational firm realizes abroad 20% of the r...
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作者：Aizawa, Naoki; Fang, Hanming
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University of Pennsylvania; ShanghaiTech University
摘要：We present and empirically implement an equilibrium labor market search model where risk-averse workers facing medical expenditure shocks are matched with firms making health insurance coverage decisions. We use our estimated model to evaluate the equilibrium impact of many health care reform proposals, including the 2010 Affordable Care Act (ACA). We use the estimates of the early impact of the ACA as a model validation. We find that income-based subsidies for health insurance premiums are cr...
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作者：Karle, Heiko; Peitz, Martin; Reisinger, Markus
作者单位：Frankfurt School Finance & Management; University of Mannheim; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：For many products, platforms enable sellers to transact with buyers. We show that the competitive conditions among sellers shape the market structure in platform industries. If product market competition is tough, sellers avoid competitors by joining different platforms. This allows platforms to sustain high fees and explains why, for example, in some online markets, several homogeneous platforms segment the market. Instead, if product market competition is soft, agglomeration on a single plat...
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作者：Herskovic, Bernard; Kelly, Bryan; Lustig, Hanno; Van Nieuwerburgh, Stijn
作者单位：University of California System; University of California Los Angeles; Yale University; National Bureau of Economic Research; Stanford University; Columbia University; Center for Economic & Policy Research (CEPR)
摘要：Firm volatilities comove strongly over time, and their common factor is the dispersion of the economy-wide firm size distribution. In the cross section, smaller firms and firms with a more concentrated customer base display higher volatility. Network effects are essential to explaining the joint evolution of the empirical firm size and firm volatility distributions. We propose and estimate a simple network model of firm volatility in which shocks to customers influence their suppliers. Larger ...
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作者：Durlauf, Steven N.; Heckman, James J.
作者单位：University of Chicago
