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作者：Reuter, J; Zitzewitz, E
作者单位：University of Oregon; Stanford University
摘要：The independence of editorial content from advertisers' influence is a cornerstone of journalistic ethics. We test whether this independence is observed in practice. We find that mutual fund recommendations are correlated with past advertising in three personal finance publications but not in two national newspapers. Our tests control for numerous fund characteristics, total advertising expenditures, and past mentions. While positive mentions significantly increase fund inflows, they do not su...
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作者：Lakdawalla, Darius; Sood, Neeraj; Goldman, Dana
作者单位：RAND Corporation; National Bureau of Economic Research
摘要：Recent HIV treatment breakthroughs have lowered HIV mortality in the United States, but have also coincided with increased HIV incidence. We argue that these trends are causally linked, because new treatments have improved health and survival for the HIV+, increased their sexual activity, and thus facilitated HIV's spread. Using variation in state-level Medicaid eligibility rules as an instrument for HIV treatment, we find that treating HIV+ individuals more than doubles their number of sex pa...
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作者：Primiceri, Giorgio E.
作者单位：Northwestern University; National Bureau of Economic Research
摘要：This paper provides an explanation for the run-up of U. S. inflation in the 1960s and 1970s and the sharp disinflation in the early 1980s, which standard macroeconomic models have difficulties in addressing. I present a model in which rational policy-makers learn about the behavior of the economy in real time and set stabilization policy optimally, conditional on their current beliefs. The steady state associated with the self-confirming equilibrium of the model is characterized by low inflati...
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作者：Greenstone, Michael; Oyer, Paul; Vissing-Jorgensen, Annette
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Stanford University; Northwestern University
摘要：The 1964 Securities Acts Amendments extended the mandatory disclosure requirements that had applied to listed firms since 1934 to large firms traded Over-the-Counter (OTC). We find several pieces of evidence indicating that investors valued these disclosure requirements, two of which are particularly striking. First, a firm-level event study reveals that the OTC firms most affected by. the 1964 Amendments had abnormal excess returns of about 3.5 percent in the weeks immediately surrounding the...
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作者：Glaeser, EL; Ponzetto, GAM; Shapiro, JM
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago
摘要：Party platforms differ sharply from one another, especially on issues with religious content, such as abortion or gay marriage. Given the high return to attracting the median voter, why do vote-maximizing politicians take extreme positions? In this paper we find that strategic extremism depends on an intensive margin where politicians want to induce their core constituents to vote (or make donations) and the ability to target political messages toward those core constituents. Our model predict...
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作者：Khwaja, AI; Mian, A
作者单位：Harvard University; University of Chicago
摘要：Corruption by the politically connected is often blamed for economic ills, particularly in less developed economies. Using a loan-level data set of more than 90,000 firms that represents the universe of corporate lending in Pakistan between 1996 and 2002, we investigate rents to politically connected firms in banking. Classifying a firm as political if its director participates in an election, we examine the extent, nature, and economic costs of political rent provision. We find that political...
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作者：Feenstra, RC; Hanson, GH
作者单位：University of California System; University of California San Diego; University of California System; University of California Davis; National Bureau of Economic Research
摘要：We develop a simple model of international outsourcing and apply it to processing trade in China. Export processing involves a foreign firm contracting with a Chinese factory manager to assemble intermediate inputs into a final product. Whether the same or different parties should have ownership of the processing factory and control over input purchases depends on parameters of the model, which we estimate. We find that multinational firms engaged in export processing in China tend to split fa...
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作者：Harstad, B
作者单位：Northwestern University
摘要：A club's majority rule defines the number of members that must approve a policy proposed to replace the status quo. Since the majority rule thus dictates the extent to which winners must compensate losers, it also determines the incentives to invest in order to become a winner of anticipated projects. If the required majority is large, members invest too little because of a holdup problem; if it is small, members invest too much in order to become a member of the majority coalition. To balance...
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作者：Kling, JR; Ludwig, J; Katz, LF
作者单位：Princeton University; National Bureau of Economic Research; Georgetown University; Harvard University
摘要：The Moving to Opportunity (MTO) demonstration assigned housing vouchers via random lottery to public housing residents in five cities. We use the exogenous variation in residential locations generated by MTO to estimate neighborhood effects on youth crime and delinquency. The offer to relocate to lower-poverty areas reduces arrests among female youth for violent and property crimes, relative to a control group. For males the offer to relocate reduces arrests for violent crime, at least in the ...
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作者：Lerner, J; Schoar, A
作者单位：Harvard University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Analyzing 210 developing country private equity investments, we find that transactions vary with nations' legal enforcement, whether measured directly or through legal origin. Investments in high enforcement and common law nations often use convertible preferred stock with covenants. In low enforcement and civil law nations, private equity groups tend to use common stock and debt, and rely on equity and board control. Transactions in high enforcement countries have higher valuations and return...
