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作者：Dhingra, Swati; Morrow, John
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; Birkbeck University London
摘要：Empirical work has drawn attention to the high degree of productivity differences within industries and their role in resource allocation. This paper examines the allocational efficiency of such markets. Productivity differences introduce two new margins of potential inefficiency: selection of the right distribution of firms and allocation of the right quantities across firms. We show that these considerations affect welfare and policy analysis, and market power across firms leads to distortio...
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作者：Koijen, Ralph S. J.; Yogo, Motohiro
作者单位：National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR); Princeton University; National Bureau of Economic Research
摘要：We develop an asset pricing model with flexible heterogeneity in asset demand across investors, designed to match institutional and household holdings. A portfolio choice model implies characteristics-based demand when returns have a factor structure and expected returns and factor loadings depend on the assets' own characteristics. We propose an instrumental variables estimator for the characteristics-based demand system to address the endogeneity of demand and asset prices. Using US stock ma...
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作者：Chassang, Sylvain; Ortner, Juan
作者单位：New York University; Boston University
摘要：We study the mechanics of cartel enforcement and its interaction with bidding constraints in the context of repeated procurement auctions. Under collusion, bidding constraints weaken cartels by limiting the scope of punishment. This yields a test of collusive behavior exploiting the counterintuitive prediction that introducing minimum prices can lower the winning-bid distribution. The model's predictions are borne out in Japanese procurement data, where we find evidence that minimum prices wea...
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作者：Lopez, Angel L.; Vives, Xavier
作者单位：Autonomous University of Barcelona; University of Navarra; IESE Business School
摘要：This paper considers cost-reducing R&D investment with spillovers in a Cournot oligopoly with overlapping ownership. We show that overlapping ownership leads to internalization of rivals' profits by firms and find that, for demand not too convex, increases in overlapping ownership increase (decrease) R&D and output for high (low) enough spillovers while they increase R&D but decrease output for intermediate levels of spillovers. There is scope for overlapping ownership to improve welfare and c...
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作者：Eugster, Beatrix; Parchet, Raphael
作者单位：University of St Gallen; Centre for Economic Policy Research - UK; Universita della Svizzera Italiana
摘要：We propose a difference-in-differences strategy to identify the existence of interjurisdictional tax competition. Our strategy rests on differences between desired tax levels determined by culture-specific preferences and equilibrium tax levels determined by fiscal externalities and by preferences. While preferences differ systematically between French-speaking and German-speaking Swiss municipalities, local income tax burdens exhibit smooth spatial gradients. To qualify the empirical evidence...
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作者：Abbott, Brant; Gallipoli, Giovanni; Meghir, Costas; Violante, Giovanni L.
作者单位：Queens University - Canada; University of British Columbia; Yale University; National Bureau of Economic Research; Princeton University
摘要：We examine the equilibrium effects of college financial aid policies building an overlapping-generations life cycle model with education, labor supply, and saving decisions. Cognitive and noncognitive skills of children depend on parental education and skills and affect education and labor market outcomes. Education is funded by parental transfers that supplement grants, loans, and student labor supply. Crowding out of parental transfers by government programs is sizable and cannot be ignored....
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作者：Bursztyn, Leonardo; Fiorin, Stefano; Gottlieb, Daniel; Kanz, Martin
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California San Diego; Washington University (WUSTL); The World Bank; Center for Economic & Policy Research (CEPR)
摘要：We study the role of morality in debt repayment, using an experiment with the credit card customers of a large Islamic bank in Indonesia. In our main treatment, clients receive a text message stating that non-repayment of debts by someone who is able to repay is an injustice. This moral appeal decreases delinquency by 4.4 percentage points from a baseline of 66 percent and reduces default among customers with the highest ex ante credit risk. Additional treatments help benchmark the effects aga...
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作者：Dur, Umut Mert; Unver, M. Utku
作者单位：North Carolina State University; Boston College; Deakin University
摘要：We introduce a new matching model to mimic two-sided exchange programs such as tuition and worker exchanges, in which export-import balances are required for longevity of programs. These exchanges use decentralized markets, making it difficult to achieve this goal. We introduce the two-sided top trading cycles, the unique mechanism that is balanced-efficient, worker-strategy-proof, acceptable, individually rational, and respecting priority bylaws regarding worker eligibility. Moreover, it enco...
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作者：Coles, Melvyn G.; Francesconi, Marco
作者单位：University of Essex
摘要：This paper considers equilibrium two-sided search with ex ante heterogeneous agents, vectors of attributes, and idiosyncratic match draws. The analysis applies to a large class of models, from the nontransferable utility case to the collective household model with bargaining, for which transferable utility is a special case. The approach is powerful for it identifies a simple algorithm that, in our numerical application, is found to rapidly converge to equilibrium. Our application explores the...
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作者：Egan, Mark; Matvos, Gregor; Seru, Amit
作者单位：Harvard University; University of Texas System; University of Texas Austin; Stanford University
摘要：We document the economywide extent of misconduct among financial advisers and the associated labor market consequences. Seven percent of advisers have misconduct records, and this share reaches more than 15 percent at some of the largest firms. Roughly one-third of advisers with misconduct are repeat offenders. Approximately half of advisers lose their jobs after misconduct. The labor market partially undoes firm-level discipline by rehiring such advisers. Firms that persistently engage in mis...
