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作者：Foster, Dean P.; Young, H. Peyton
作者单位：University of Pennsylvania; University of Oxford; Brookings Institution
摘要：We show that it is very difficult to devise performance-based compensation contracts that reward portfolio managers who generate excess returns while screening out managers who cannot generate such returns. Theoretical bounds are derived on the amount of fee manipulation that is possible under various performance contracts. We show that recent proposals to reform compensation practices, such as postponing bonuses and instituting clawback provisions, will not eliminate opportunities to game the...
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作者：Goldberg, Pinelopi Koujianou; Khandelwal, Amit Kumar; Pavcnik, Nina; Topalova, Petia
摘要：New goods play a central role in many trade and growth models. We use detailed trade and firm-level data from India to investigate the relationship between declines in trade costs, imports of intermediate inputs, and domestic firm product scope. We estimate substantial gains from trade through access to new imported inputs. Moreover, we find that lower input tariffs account on average for 31% of the new products introduced by domestic firms. This effect is driven to a large extent by increased...
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作者：Acemoglu, Daron; Egorov, Georgy; Sonin, Konstantin
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University; New Economic School
摘要：We study dynamic selection of governments under different political institutions, with a special focus on institutional flexibility. A government consists of a subset of the individuals in the society. The competence level of the government in office determines collective utilities (e.g., by determining the amount and quality of public goods), and each individual derives additional utility from being part of the government (e.g., rents from holding office). We characterize the dynamic evolutio...
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作者：Gould, Eric D.; Klor, Esteban F.
作者单位：Hebrew University of Jerusalem
摘要：This paper examines whether terrorism is an effective tool for achieving political goals. By exploiting geographic variation in terror attacks in Israel from 1988 to 2006, we show that local terror attacks cause Israelis to be more willing to grant territorial concessions to the Palestinians. These effects are stronger for demographic groups that are traditionally right-wing in their political views. However, terror attacks beyond a certain threshold cause Israelis to adopt a less accommodatin...
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作者：Hong, Harrison; Kacperczyk, Marcin
作者单位：Princeton University; National Bureau of Economic Research; New York University
摘要：We attempt to measure the effect of competition on bias in the context of analyst earnings forecasts, which are known to be excessively optimistic because of conflicts of interest. Our natural experiment for competition is mergers of brokerage houses, which result in the firing of analysts because of redundancy (e.g., one of the two oil stock analysts is let go) and other reasons such as culture clash. We use this decrease in analyst coverage for stocks covered by both merging houses before th...
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作者：Chen, Shaohua; Ravallion, Martin
作者单位：The World Bank
摘要：A new data set on national poverty lines is combined with new price data and almost 700 household surveys to estimate absolute poverty measures for the developing world. We find that 25% of the population lived in poverty in 2005, as judged by what poverty typically means in the world's poorest countries. This is higher than past estimates. Substantial overall progress is still indicated-the corresponding poverty rate was 52% in 1981-but progress was very uneven across regions. The trends over...
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作者：Price, Joseph; Wolfers, Justin
作者单位：Brigham Young University; University of Pennsylvania; National Bureau of Economic Research
摘要：The NBA provides an intriguing place to assess discrimination: referees and players are involved in repeated interactions in a high-pressure setting, with referees making split-second decisions that might allow implicit racial biases to become evident. We find that more personal fouls are awarded against players when they are officiated by an opposite-race officiating crew than when they are officiated by an own-race refereeing crew. These biases are sufficiently large so that they affect the ...
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作者：Putterman, Louis; Weil, David N.
作者单位：Brown University; National Bureau of Economic Research
摘要：We construct a matrix showing the share of the year 2000 population in every country that is descended from people in different source countries in the year 1500. Using the matrix to adjust indicators of early development so that they reflect the history of a population's ancestors rather than the history of the place they live today greatly improves the ability of those indicators to predict current GDP. The variance of the early development history of a country's inhabitants is a good predic...
