2001

最新文章

• A theory of political transitions AI翻译
  作者：Acemoglu, D; Robinson, JA
  作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
  摘要：We develop a theory of political transitions inspired by, the experiences of Western Europe and Latin America. Nondemocratic societies are controlled by a rich elite. The initially, disenfranchised poor can contest power by threatening revolution, especially when the opportunity, cost is low, for example, during recessions. The threat of revolution may force the elite to democratize. Democracy may, not consolidate because it is redistributive, and so gives the elite an incentive to mount a cou...
• State-owned and privately owned firms: An empirical analysis of profitability, leverage, and labor intensity AI翻译
  作者：Dewenter, KL; Malatesta, PH
  作者单位：University of Washington; University of Washington Seattle
• The market evaluation of criminality: Evidence from the auction of British convict labor in America, 1767-1775 AI翻译
  作者：Grubb, F
  作者单位：University of Delaware
• The role of international fragmentation in the development process AI翻译
  作者：Jones, RW; Marjit, S
  作者单位：University of Rochester
• Habit persistence, asset returns, and the business cycle AI翻译
  作者：Boldrin, M; Christiano, LJ; Fisher, JDM
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; Northwestern University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
  摘要：Two modifications are introduced into the standard real-business-cycle model: habit preferences and a two-sector technology with limited intersectoral factor mobility. The model is consistent with the observed mean risk-free rate, equity premium, and Sharpe ratio on equity. In addition, its business-cycle implications represent a substantial improvement over the standard model. It accounts for persistence in output, comovement of employment across different sectors over the business cycle, the...
• Why regulate insider trading? Evidence from the first great merger wave (1897-1903) AI翻译
  作者：Banerjee, A; Eckard, EW
  作者单位：University of Colorado System; University of Colorado Denver
  摘要：We use event-time methodology to study legal insider trading associated with mergers circa 1900. For mergers with prospective disclosures similar to today's, we find substantial value gains at announcement, implying participation by outside shareholders despite the absence of insider constraints. Furthermore, preannouncement stock-price runups, relative to total value gain, are no more than those observed for modern mergers. Insider regulation apparently has produced little benefit for outside...
• Estimating the effect of unearned income on labor earnings, savings, and consumption: Evidence from a survey of lottery players AI翻译
  作者：Imbens, GW; Rubin, DB; Sacerdote, BI
  作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Harvard University; Dartmouth College
  摘要：This paper provides empirical evidence about the effect of unearned income oil earnings, consumption, and savings. Using an original survey of people playing the lottery, in Massachusetts in the mid-1980's, we analyze the effects of the magnitude of lottery prizes on economic behavior. Vie critical assumption is that among lottery, winners the magnitude of the prize is randomly, assigned. Ve find that unearned income reduces labor earnings, with a marginal propensity to consume leisure of appr...