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作者：Boar, Corina; Gorea, Denis; Midrigan, Virgiliu
作者单位：New York University; National Bureau of Economic Research; Bank for International Settlements (BIS)
摘要：We use firm-level data to document that private businesses experience large fluctuations in their profit shares. These are due to large, fat-tailed, and transitory changes in output that are not fully accompanied by changes in their inputs. We interpret this evidence using a model of entrepreneurial dynamics. Because firms can limit their exposure to risk by operating at a smaller scale, our model predicts large macroeconomic losses from uninsurable business risk, much larger than those stemmi...
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作者：Masten, Matthew A.; Poirier, Alexandre
作者单位：Duke University; Georgetown University
摘要：We show that, depending on how the impact of omitted variables is measured, it can be substantially easier for omitted variables to flip coefficient signs than to drive them to zero. This behavior occurs with Oster's delta (Oster 2019a), a widely reported robustness measure. Consequently, any time this measure is large-suggesting omitted variables may be unimportant-a much smaller value reverses the sign of the parameter of interest. We propose a modified measure of robustness to address this ...
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作者：Daysal, N. Meltem; Ding, Hu, I; Rossin-Slater, Maya; Schwandt, Hannes
作者单位：University of Copenhagen; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Fudan University; Shanghai Institute of International Finance & Economics; Stanford Medicine; Stanford University; National Bureau of Economic Research; Northwestern University; Centre for Economic Policy Research - UK
摘要：Preschool-aged children get sick frequently and spread disease to other family members. Despite the universality of this experience, there is limited causal evidence on the magnitudes and consequences of these externalities, especially for infant siblings with developing immune systems and brains. We show in Danish administrative data that during infancy, younger siblings have two to three times higher hospitalization rates for respiratory conditions than older siblings. We combine birth order...
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作者：Cespa, Giovanni; Vives, Xavier
作者单位：Centre for Economic Policy Research - UK; University of Navarra; IESE Business School
摘要：Lack of market transparency can impair the liquidity provision of nonstandard liquidity suppliers and make liquidity demand increasing in illiquidity. This can yield strategic complementarities and induce multiple equilibria. Then an initial dearth of liquidity may degenerate into a liquidity rout (as in a flash crash), and traders faced with the largest cost of trading are those trading more intensely at equilibrium. An increase in order flow transparency and/or in the mass of dealers who are...
