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作者：Ljungqvist, Lars; Uhlig, Harald
作者单位：Stockholm School of Economics; New York University; University of Chicago
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作者：Herranz, Neus; Krasa, Stefan; Villamil, Anne P.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Iowa
摘要：How do entrepreneurs vary firm size, capital structure, and default to manage risk? We show that more risk-averse entrepreneurs run smaller, more highly leveraged firms and default less, because running a smaller firm with higher debt reduces personal funds at risk in the firm. Optimal default depends on ex ante debt, consumption forgone from firm liquidation, and owner capacity to inject funds. We show that entrepreneurs sacrifice current consumption in the hope of future success that never m...
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作者：Toda, Alexis Akira; Walsh, Kieran
作者单位：University of California System; University of California San Diego; University of Virginia
摘要：We provide evidence suggesting that the cross-sectional distributions of US consumption and its growth rate obey the power law in both the upper and lower tails, with exponents approximately equal to four. Consequently, high-order moments are unlikely to exist, and the generalized method of moments estimation of Euler equations that employs cross-sectional moments may be inconsistent. Through bootstrap studies, we find that the power law appears to generate spurious non-rejection of heterogene...
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作者：Acemoglu, Daron; Egorov, Georgy; Sonin, Konstantin
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University; HSE University (National Research University Higher School of Economics)
摘要：We provide a general framework for the analysis of institutional dynamics in an environment in which payoffs and political powers change stochastically. Assuming that economic and political institutions as well as individual types can be ordered, and preferences and the distribution of political power satisfy natural single-crossing (increasing differences) conditions, we prove existence of a pure-strategy Markov voting equilibrium, provide conditions for its uniqueness, and present a number o...
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作者：Esteban, Joan; Morelli, Massimo; Rohner, Dominic
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Bocconi University; University of Lausanne
摘要：We provide a model of conflict and mass killing decisions to identify the key variables and situations that make mass killings more likely to occur. We predict that mass killings are most likely in countries with large amounts of natural resource rents, polarization, institutional constraints regarding rent sharing, and low productivity of labor. The role of resources such as oil, gas, and diamonds and other key determinants of mass killings is confirmed by our empirical results based on count...
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作者：Campbell, John Y.; Cochrane, John H.
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago
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作者：Dobbie, Will; Fryer, Roland G., Jr.
作者单位：Princeton University; National Bureau of Economic Research; Harvard University
摘要：Using survey data from the Promise Academy in the Harlem Children's Zone, we estimate the effects of high-performing charter schools on human capital, risky behaviors, and health outcomes. Six years after the random admissions lottery, youths offered admission to the Promise Academy middle school score 0.279 (0.073) standard deviations higher on academic achievement outcomes, 0.067 (0.076) standard deviations higher on an index of academic attainment, and 0.313 (0.091) standard deviations high...
