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作者：Doraszelski, Ulrich; Seim, Katja; Sinkinson, Michael; Wang, Peichun
作者单位：University of Pennsylvania; Yale University; Yale University; Northwestern University; University of Hong Kong
摘要：We explore the implications of ownership concentration for the recently concluded incentive auction that repurposed spectrum from broadcast TV to mobile broadband usage in the United States. We document significant multilicense ownership of TV stations. We show that in the reverse auction, in which TV stations bid to relinquish their licenses, multilicense owners have an incentive to withhold some TV stations to drive up prices for their remaining TV stations. Using a large-scale valuation and...
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作者：Buchmann, Nina; Dupas, Pascaline; Ziparo, Roberta
作者单位：Yale University; Princeton University; National Bureau of Economic Research; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite
摘要：We study reputation dynamics within the household in a setting where women regularly receive transfers from their husbands for household purchases. We propose a signaling model in which wives try to maintain a good reputation in the eyes of their husbands to receive high transfers. This leads them to (i) avoid risky purchases (goods with unknown returns) and (ii) knowingly overuse low-return goods to hide bad purchase decisions-we call this the intrahousehold sunk cost effect. We present suppo...
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作者：Gomez-cram, Roberto; Lawrence, Alastair
作者单位：University of London; London Business School
摘要：Software is one of the most important assets that needs to be priced in the digital economy. It has emerged as a disruptive technology, with companies primarily valued for their software offerings growing from 2 percent to 13 percent of market share between 1996 and 2023. We document persistent anomalies in growth forecasts and stock returns for software companies, indicating significant deviations from rational expectations over multiple decades. Our findings are consistent with Bayesian inve...
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作者：Brunnermeier, Markus; Correia, Sergio; Luck, Stephan; Verner, Emil; Zimmermann, Tom
作者单位：Princeton University; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - New York; Massachusetts Institute of Technology (MIT); University of Cologne
摘要：This paper studies how a large increase in the price level is transmitted to the real economy through firm balance sheets. Using newly digitized macro-and micro-level data from the German inflation of 1919-1923, we show inflation led to a large reduction in real debt burdens and bankruptcies. Firms with higher nominal liabilities at the onset of inflation experienced a larger decline in interest expenses, a relative increase in their equity values, and higher employment during the inflation. T...
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作者：Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine
摘要：How quickly does a fiat money become valueless? I study the speculative hyperinflation equilibria of continuous-time economies with decentralized markets where money is essential. I establish necessary and sufficient conditions under which money dies in finite time. A necessary condition is that the liquidity return of money grows unbounded as the value of money approaches zero. Under CRRA preferences, the longevity of money shrinks with the money growth rate and the frequency of liquidity nee...
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作者：Andrabi, Tahir; Bau, Natalie; Das, Jishnu; Khwaja, Asim i.
作者单位：Claremont Colleges; Pomona College; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of California System; University of California Los Angeles; Georgetown University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Harvard University; National Bureau of Economic Research
摘要：We estimate and validate test score-based measures of school quality ( school value added, or SVA) in Pakistan. We document substantial variation in SVA within villages and within the public and private sectors, leading to a wide range of possible estimates of the private premium. We also show that parents value SVA. Heterogeneity in parental demand for quality helps explain both the evolution of the market over time and cross-market variation in school quality. The supply side responds to par...
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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; National Bureau of Economic Research; Columbia University
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)
