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作者：Bekaert, Geert; Engstrom, Eric C.; Xu, Nancy R.
作者单位：Columbia University; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve System Board of Governors; Boston College
摘要：We formulate a dynamic no-arbitrage asset pricing model for equities and corporate bonds, featuring time variation in both risk aversion and economic uncertainty. The joint dynamics among cash flows, macroeconomic fundamentals, and risk aversion accommodate both heteroskedasticity and non-Gaussianity. The model delivers measures of risk aversion and uncertainty at the daily frequency. We verify that equity variance risk premiums are very informative about risk aversion, whereas credit spreads ...
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作者：Lipsitz, Michael; Starr, Evan
作者单位：University System of Maryland; University of Maryland College Park
摘要：We exploit the 2008 Oregon ban on noncompete agreements (NCAs) for hourly paid workers to provide the first evidence on the impact of NCAs on low-wage workers. We find that banning NCAs for hourly workers increased hourly wages by 2%-3% on average. Since only a subset of workers sign NCAs, scaling this estimate by the prevalence of NCA use in the hourly-paid population suggests that the effect on employees actually bound by NCAs may be as great as 14%-21%, though the true effect is likely lowe...
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作者：Bai, John (Jianqiu); Jin, Wang; Serfling, Matthew
作者单位：Northeastern University; Massachusetts Institute of Technology (MIT); University of Tennessee System; University of Tennessee Knoxville
摘要：Using a novel data set of establishment-level management practices from the U.S. Census Bureau, we show that firms with more specific, formal, frequent, or explicit (i.e., structured) management practices tend to acquire establishments with less structured management practices and, following the acquisition, adopt more structured practices at the target establishments. These changes are larger when acquirers have a greater incentive and ability to make changes and are also associated with impr...
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作者：de Matos, Miguel Godinho; Adjerid, Idris
作者单位：Universidade Catolica Portuguesa; Virginia Polytechnic Institute & State University
摘要：The general data protection regulation (GDPR) represents a dramatic shift in global privacy regulation. We focus on GDPR???s enhanced consumer consent requirements that aim to provide transparent and active elicitation of data allowances. We evaluate the effect of enhanced consent on consumer opt-in behavior and on firm behavior and outcomes after consent is solicited. Utilizing an experiment at a large telecommunications provider with operations in Europe, we find that opt-in for different da...
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作者：Fairlie, Robert; Robb, Alicia; Robinson, David T.
作者单位：University of California System; University of California Santa Cruz; National Bureau of Economic Research; University of Colorado System; University of Colorado Boulder; Duke University
摘要：We used confidential and restricted-access data from the Kauffman Firm Survey and matched administrative data on credit scores to explore racial disparities in access to capital for new business ventures. The novel results on racial inequality in start-up financing indicate that Black-owned start-ups start smaller and stay smaller over the entire first eight years of their existence. Black start-ups face more difficulty in raising external capital, especially external debt. We find that dispar...
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作者：Keppler, Samantha M.; Li, Jun; Wu, Di (Andrew)
作者单位：University of Michigan System; University of Michigan
摘要：The U.S. K-12 public education system has been notoriously hard to improve. Some argue new education technologies (EdTech) can help transform schools for the better. Yet, as large-scale policy reforms have had only limited success, it seems unlikely that small changes from EdTech could have any measurable impact. In this paper, we study DonorsChoose, a nonprofit that operates a teacher crowdfunding platform. We ask whether DonorsChoose improves educational outcomes, specifically at low-income ...
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作者：Ardestani-Jaafari, Amir; Kucukyazici, Beste
作者单位：University of British Columbia; Michigan State University; Michigan State University's Broad College of Business
摘要：Currently, stroke patients are transported to the nearest stroke center, following specific protocols. Yet, these protocols do not consider many factors, including the spatial variation in population density, the stroke's severity, the time since stroke onset, and the congestion level at the receiving stroke center. We develop an analytical framework that enriches the stroke transport decision-making process by incorporating these factors. Our research contributes to the literature of stroke c...
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作者：Lix, Katharina; Goldberg, Amir; Srivastava, Sameer B.; Valentine, Melissa A.
作者单位：Stanford University; University of California System; University of California Berkeley
摘要：How does cognitive diversity in a group affect its performance? Prior research suggests that group cognitive diversity poses a performance tradeoff: Diverse groups excel at creativity and innovation, but struggle to take coordinated action. Building on the insight that group cognition is not static, but is instead dynamically and interactively produced, we introduce the construct of discursive diversity, a manifestation of group cognitive diversity, which reflects the degree to which the meani...
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作者：Arora, Ashish; Belenzon, Sharon; Suh, Jungkyu
作者单位：Duke University; National Bureau of Economic Research
摘要：Well-functioning markets for technology (MFT) allow inventors to sell their inventions to others that may derive more value from them. We argue that the growing use of science in inventions enhances MFT. Science-based inventions have higher gains from trade and lower transaction costs. This relationship is amplified in equilibrium because science-based inventions are also likely to feature smaller inventors with a greater propensity to trade. Using large-scale data, we show that patents citing...
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作者：Ulku, Sezer; Hydock, Chris; Cui, Shiliang
作者单位：Georgetown University; California State University System; California Polytechnic State University San Luis Obispo
摘要：The traditional queueing literature assumes that service time is largely independent of social influences. However, queues are social systems; and social considerations are therefore likely to impact customers' service time decision to the extent they have control. Through a series of experiments, we show that when others are waiting in line, customers tend to accelerate their own service time, and in doing so, sacrifice their own consumption utility. This behavior is driven by concern for oth...
