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作者：Chen, Qiaoyi; Chen, Zhao; Liu, Zhikuo; Serrato, Juan Carlos Suarez; Xu, Daniel Yi
作者单位：Fudan University
摘要：We study a prominent energy regulation affecting large Chinese manufacturers that are part of broader conglomerates. Using detailed firm-level data and difference-in-differences research designs, we show that regulated firms cut output and shifted some production to unregulated firms within their conglomerate instead of improving their energy efficiency. To account for conglomerate and market spillovers, we interpret these results through the lens of an industry equilibrium model featuring con...
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作者：Barr, Andrew; Castleman, Benjamin
作者单位：Texas A&M University System; Texas A&M University College Station; University of Virginia
摘要：A college degree offers a pathway to economic mobility for low-income students. Using a multisite randomized controlled trial combined with administrative and survey data, we demonstrate that intensive advising during high school and college significantly increases bachelor's degree attainment among lower-income students. We leverage unique data on preadvising college preferences and causal forest methods to show that these gains are primarily driven by improvements in initial enrollment quali...
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作者：Colonnelli, Emanuele; Neto, Valdemar Pinho; Teso, Edoardo
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Getulio Vargas Foundation; Bocconi University; Northwestern University; Bocconi University
摘要：We study how individual political views shape firm behavior and labor market outcomes using new microdata from Brazil. We first show that business owners are considerably more likely to employ copartisan workers. This phenomenon is in part driven by the overlapping of political and social networks. Multiple tests-surveys, event studies, analyses of wage premia and promotions within the firm, and afield experiment-further highlight how business owners' political preferences directly influence f...
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作者：Starc, Amanda; Wollmann, Thomas g.
作者单位：Northwestern University; National Bureau of Economic Research; University of Chicago
摘要：Entry represents a fundamental threat to cartels. We study the extent and effect of this behavior in the largest price-fixing case in US history, which involves generic drug manufacturing. We link information on the cartel's internal operations to regulatory filings and market data. There is a substantial increase in entry after cartel formation, but regulatory approvals delay most entrants by two to four years. We estimate a structural model and simulate counterfactual equilibria. Absent entr...
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作者：Pellegrino, Bruno
作者单位：Columbia University; Leibniz Association; Ifo Institut
摘要：I present a new theory of oligopoly and markups in general equilibrium, based on an innovative, scalable hedonic demand system, which I take to the data for the universe of US public firms. In my model, firms compete in a network of product market rivalries that emerge endogenously out of the characteristics of the products they supply. I estimate that consumer surplus is almost three times as large as profits; decompose firm-level markups into metrics of quality-adjusted productivity and mark...
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作者：Clayton, Christopher; Dos Santos, Amanda; Maggiori, Matteo; Schreger, Jesse
作者单位：Yale University; Columbia University; Stanford University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Columbia University; National Bureau of Economic Research
摘要：We empirically characterize how China is internationalizing its bond market by staggering the entry of different types of foreign investors into its domestic market and propose a dynamic reputation model to explain this strategy. Our framework rationalizes China's strategy as trying to build credibility as a safe issuer while reducing the cost of capital flight. We use our framework to shed light on China's response to episodes of capital outflows. (JEL E44, F38, G12, G15, G23, O16, P34)
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作者：Abeler, Johannes; Huffman, David; Raymond, Collin
作者单位：University of Oxford; Leibniz Association; Ifo Institut; Cornell University; Cornell University
摘要：Using field and laboratory experiments, we demonstrate that the complexity of incentive schemes and worker bounded rationality can affect effort provision. This is because some attributes of the incentives become opaque; that is, workers do not take them into account. In our setting, workers overprovide effort relative to a fully rational benchmark, improving efficiency. We identify contract features, and facets of worker cognitive ability, that matter for opacity. We find that even relatively...
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作者：Gourinchas, Pierre-olivier; Ray, Walker; Vayanos, Dimitri
作者单位：University of California System; University of California Berkeley; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of London; London School Economics & Political Science; University of Cambridge
摘要：We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome by arbitrageurs with limited capital. Risk premia in our model are time-varying, connected across markets, and consistent with the empirical violations of uncovered interest parity and expectations hypothesis. Through risk premia, large-scale bond purchases lower domestic and foreign bond yields and depreciate the currency, and short-rate cuts lo...
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作者：Truffa, Francesca; Wong, Ashley
作者单位：University of Michigan System; University of Michigan; Tilburg University
摘要：Can diversity lead to greater research focus on populations underrepresented in science? Between 1960 and 1990, 76 all-male US universities transitioned to coeducation. Using a generalized difference-in-differences design, we find that coeducation led to a 44 percent increase in gender-related research publications. This increase is driven by research focused on female subjects and gender differences. While coeducation led to a compositional shift with more women and researchers interested in ...
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作者：Haddad, Valentin; Huebner, Paul; Loualiche, Erik
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Stockholm School of Economics; University of Minnesota System; University of Minnesota Twin Cities
摘要：The conventional wisdom in finance is that competition is fierce among investors: if a group changes its behavior, others adjust their strategies such that nothing happens to prices. We estimate a demand system with flexible strategic responses for institutional investors in the US stock market. When less aggressive traders surround an investor, she adjusts by trading more aggressively. However, this strategic reaction only counteracts two-thirds of the impact of the initial change in behavior...
