作者：Frydman, Carola; Hilt, Eric
作者单位：Northwestern University; National Bureau of Economic Research; Wellesley College
摘要：We study the effect of financial relationships on firms' investment decisions and access to external finance. In the early twentieth century, securities underwriters commonly held directorships with American corporations. Section 10 of the Clayton Antitrust Act prohibited bankers from serving on the boards of railroads for which they underwrote securities. We find that following the implementation of Section 10, railroads with strong preexisting relationships with underwriters saw declines in ...
作者：Mueller, Andreas I.
作者单位：Columbia University; National Bureau of Economic Research; IZA Institute Labor Economics
摘要：This paper establishes a new fact about the compositional changes in the pool of unemployed over the US business cycle. Using micro-data from the Current Population Survey for the years 1962-2012, it documents that in recessions the pool of unemployed shifts toward workers with high wages in their previous job and that these shifts are driven by the high cyclicality of separations for high-wage workers. The paper finds that standard theories of wage setting and unemployment have difficulty in ...
