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作者：Chatterjee, Satyajit; Eyigungor, Burcu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：A sovereign's inability to commit to a course of action regarding future borrowing and default behavior makes long-term debt costly (the problem of debt dilution). One mechanism to mitigate this problem is the inclusion of a seniority clause in debt contracts. In the event of default, creditors are to be paid off in the order in which they lent (the absolute priority or first-in-time rule). In this paper, we propose a modification of the absolute priority rule suited to sovereign debts contrac...
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作者：Halpern, Laszlo; Koren, Miklos; Szeidl, Adam
作者单位：Hungarian Academy of Sciences; HUN-REN; HUN-REN Centre for Economic & Regional Studies; Institute of Economics - HAS; Center for Economic & Policy Research (CEPR); Central European University
摘要：We estimate a model of importers in Hungarian microdata and conduct counterfactual analysis to investigate the effect of imported inputs on productivity. We find that importing all input varieties would increase a firm's revenue productivity by 22 percent, about one-half of which is due to imperfect substitution between foreign and domestic inputs. Foreign firms use imports more effectively and pay lower fixed import costs. We attribute one-quarter of Hungarian productivity growth during the 1...
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作者：Boler, Esther Ann; Moxnes, Andreas; Ulltveit-Moe, Karen Helene
作者单位：University of Oslo; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：This paper studies the impact of an R&D cost shock on R&D investments, imported inputs, and their joint impact on firm performance. We introduce imported inputs into a model of R&D and endogenous productivity, and show that R&D and international sourcing are complementary activities. Exploiting the introduction of an R&D tax credit in Norway in 2002, we find that cheaper R&D stimulated not only R&D investments but also imports of intermediates, quantitatively consistent with the model. An impl...
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作者：Edmans, Alex; Goldstein, Itay; Jiang, Wei
作者单位：University of London; London Business School; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of London; London Business School; University of Pennsylvania; Columbia University
摘要：We analyze strategic speculators' incentives to trade on information in a model where firm value is endogenous to trading, due to feedback from the financial market to corporate decisions. Trading reveals private information to managers and improves their real decisions, enhancing fundamental value. This feedback effect has an asymmetric effect on trading behavior: it increases (reduces) the profitability of buying (selling) on good (bad) news. This gives rise to an endogenous limit to arbitra...
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作者：Muehlenbachs, Lucija; Spiller, Elisheba; Timmins, Christopher
作者单位：University of Calgary; Resources for the Future; Environmental Defense Fund; Duke University
摘要：Using data from Pennsylvania and an array of empirical techniques to control for confounding factors, we recover hedonic estimates of property value impacts from nearby shale gas development that vary with water source, well productivity, and visibility. Results indicate large negative impacts on nearby groundwater-dependent homes, while piped-water-dependent homes exhibit smaller positive impacts, suggesting benefits from lease payments. Results have implications for the debate over regulatio...
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作者：Kearney, Melissa S.; Levine, Phillip B.
作者单位：University System of Maryland; University of Maryland College Park; Wellesley College
摘要：This paper explores the impact of the introduction of the widely viewed MTV reality show 16 and Pregnant on teen childbearing. Our main analysis relates geographic variation in changes in teen - childbearing rates to viewership of the show. We implement an instrumental variables (IV) strategy using local area MTV ratings data from a pre-period to predict local area 16 and Pregnant ratings. The results imply that this show led to a 4.3 percent reduction in teen births. An examination of Google ...
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作者：Lalive, Rafael; Landais, Camille; Zweimuller, Josef
作者单位：University of Lausanne; University of Zurich; University of London; London School Economics & Political Science; University of Zurich; IZA Institute Labor Economics
摘要：We provide evidence that unemployment insurance affects equilibrium conditions in the labor market, which creates significant market externalities. We provide a framework for identification of such equilibrium effects and implement it using the Regional Extension Benefit Program (REBP) in Austria which extended the duration of UI benefits for a large group of eligible workers in selected regions of Austria. We show that non-eligible workers in REBP regions have higher job finding rates, lower ...
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作者：Yagan, Danny
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper tests whether the 2003 dividend tax cut-one of the largest reforms ever to a US capital tax rate-stimulated corporate investment and increased labor earnings, using a quasi-experimental design and US corporate tax returns from years 1996-2008. I estimate that the tax cut caused zero change in corporate investment and employee compensation. Economically, the statistical precision challenges leading estimates of the cost-of-capital elasticity of investment, or undermines models in whi...
