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作者：Bernstein, Shai; Townsend, Richard R.; Xu, Ting
作者单位：Harvard University; National Bureau of Economic Research; University of California System; University of California San Diego; University of Toronto
摘要：Using proprietary data from AngelList Talent, we study how startup job seekers' search and application behavior changed during the COVID-19 downturn. We find that workers shifted their searches and applications away from less-established startups and toward more-established ones, even within the same individual over time. At the firm level, this shift was not offset by an influx of new job seekers. Less-established startups experienced a relative decline in the quantity and quality of applicat...
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作者：Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav
作者单位：George Washington University; University System of Maryland; University of Maryland College Park
摘要：The large divergence in the returns of top-performing star firms and the rest of the economy is substantially reduced when we account for the mismeasurement of intangible capital. Star firms produce and invest more per dollar in invested capital, have more valuable innovations as measured by the market value of patents, and are as exposed to competitive shocks as nonstars. Star firms have higher markups that are predicted early in their life cycle at a time when they are small. Overall, after ...
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作者：van Straelen, Eileen
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I identify the effect of financial constraints on product prices using granular data on home-builder housing developments from the 2006-2009 housing crisis. Builders who experience losses in one area subsequently sell homes in unaffected areas at a discount to raise cash quickly. When builders cut prices, they sell homes faster and builders cut prices more in areas in which price cuts produce larger declines in time-to-sale. Financially constrained firms are more likely to cut prices of homes ...
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作者：Freyberger, Joachim; Hoeppner, Bjoern; Neuhierl, Andreas; Weber, Michael
作者单位：University of Bonn; Washington University (WUSTL); University of Chicago
摘要：We propose a simple and computationally attractive method to deal with missing data in in cross-sectional asset pricing using conditional mean imputations and weighted least squares, cast in a generalized method of moments (GMM) framework. This method allows us to use all observations with observed returns; it results in valid inference; and it can be applied in nonlinear and high-dimensional settings. In simulations, we find it performs almost as well as the efficient but computationally cost...
