作者：Gorton, G
作者单位：National Bureau of Economic Research
摘要：Two hypotheses concerning firms issuing debt for the first time are tested. The first is that new firms' debt will be discounted more heavily by lenders, compared to firms that have credit histories (but are otherwise identical), and that this excess discount declines over time as lenders observe defaults. The declining interest rate corresponds to the formation of a ''reputation,'' a valuable asset that provides an incentive for firms not to choose risky projects. The second hypothesis is tha...
作者：Subramanian, S; Deaton, A
作者单位：Princeton University
摘要：We investigate nutrition and expenditure in rural Maharashtra in India. We estimate that the elasticity of calorie consumption with respect to total expenditure is 0.3-0.5, a range that is in accord with conventional wisdom. The elasticity declines only slowly with levels of living and is far from the value of zero suggested by a recent revisionist literature. In these Indian data, the calories necessary for a day's activity cost less than 5 percent of the daily wage, which makes it implausibl...
