-
作者：Carpenter, RE; Petersen, BC
作者单位：University System of Maryland; University of Maryland Baltimore County; Washington University (WUSTL)
摘要：Highly variable returns, asymmetric information and a lack of collateral should cause small high-tech firms to have poor access to debt. New equity financing has several advantages over debt, but may be costly compared to internal finance. We examine an unbalanced panel of over 2,400 publicly traded US high-tech companies over the period 1981-98. Most small high-tech firms obtain little debt financing. New equity financing, in the form of the initial public offering, is very important and perm...
-
作者：Kaser, MK
作者单位：University of Birmingham; University of Oxford
-
作者：Angrist, J; Lavy, V
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Hebrew University of Jerusalem
摘要：How technology affects learning has been at the centre of recent debates over educational inputs. In 1994, the Israeli State Lottery sponsored the installation of computers in many elementary and middle schools. This programme provides an opportunity to estimate the impact of computerisation on both the instructional rise of computers and pupil achievement. Results from a Survey of Israeli school-teachers show that the influx of new computers increased teachers' use of computer-aided instructi...
-
作者：Barros, PP; Garoupa, N
作者单位：Universidade Nova de Lisboa
摘要：This paper introduces spatial-location models into the economics of religion. We offer a new explanation for the observed tendency of state (monopoly) churches to locate toward the 'low-tension' end of the 'strictness continuum'; obtained through the conjunction of 'benevolent preferences' (denominations care about the aggregate utility of members) and asymmetric costs of going to a more or less strict church than one prefers. We derive implications regarding the relationship between religious...
-
作者：Castello, A; Doménech, R
作者单位：Universitat Jaume I; University of Valencia
摘要：This paper provides new measures of human capital inequality for a broad Panel of countries. Taking attainment levels from Barro and Lee (2001), we compute Gini coefficients and the distribution of education by quintiles for 108 countries over five-year intervals from 1960 to 2000. Using this new cross-country data on human capital inequality two main conclusions are obtained. First, most countries in the world have tended to reduce the inequality in human capital distribution. Second, human c...
-
作者：Schankerman, M
作者单位：University of London; London School Economics & Political Science
摘要：We show how microeconomic data on investment plans can be used to study the structure of risk firms face. Revisions of investment plans form a martingale and reveal the underlying shocks driving investment. We decompose revisions in investment plans into micro, sector and aggregate shocks, and exploit stock market data to distinguish between structural (value-related) shocks and measurement error in investment revisions. Using panel data for US firms, we find that micro shocks are not the domi...
-
作者：Marin, D; Schnitzer, M
作者单位：University of Munich
摘要：Starting with the international debt crisis in the 1980s, international barter increased substantially. More recently, barter has emerged in Russia and South East Asia. This paper examines how barter can help highly indebted countries to finance imports if they cannot use standard credit arrangements. We argue that payment in goods is easier to enforce than payment in money. However, debtors may pay with inferior quality products. We rank goods with respect to these incentive properties and de...
-
作者：Gregory, M; Jukes, R
作者单位：University of Oxford; University of London; Queen Mary University London
摘要：This paper estimates the impact of unemployment on earnings following re-employment for a large and representative sample of British men, 1984-94. Unemployment incidence is found to have only a temporary effect, an average earnings setback of 10% on initial re-engagement largely eroding over two years. The effect of unemployment duration, by contrast, is permanent, a one-year spell adding a further penalty of 10 percentage points. These wage penalties are least for Young men and the low paid -...
-
作者：Krueger, AB; Whitmore, DM
作者单位：Princeton University
摘要：This paper provides a long-term follow-up analysis of students who participated in the Tennessee STAR experiment. In this experiment, students and, their teachers were randomly assigned to small, regular-size, or regular size classes with a teacher aide in the first four) ears of school. We analyse the effect of past attendance in small classes on student test scores and whether they took the ACT or SAT college entrance exam. Attending a small class in the early grades is associated with an in...
-
作者：Mafs, I
