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作者：Van Nieuwerburgh, Stijn; Veldkamp, Laura
作者单位：New York University
摘要：U.S. investors allocate 30-40% of their financial asset portfolio in the stock of the company they work for. Such a portfolio flies in the face of standard portfolio theory, which prescribes that an investor should hold less of a financial asset that is positively correlated with her undiversified labor income. Nevertheless, we propose a rational explanation that prescribes a long position in own company stock. Precisely because the own company stock is positively correlated with the investor'...
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作者：Acemoglu, D; Aghion, P; Zilibotti, F
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：We analyze an economy where firms undertake both innovation and adoption of technologies from the world technology frontier. The selection of high-skill managers and firms is more important for innovation than for adoption. As the economy approaches the frontier, selection becomes more important. Countries at early stages of development pursue an investment-based strategy, which relies on existing firms and managers to maximize investment but sacrifices selection. Closer to the world technolog...
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作者：Brenkers, R; Verboven, F
作者单位：KU Leuven
摘要：We quantify the competitive effects of liberalizing the selective and exclusive distribution system in the European car market, based on a model of oligopoly pricing with differentiated products. We consider two possible competitive effects from liberalization: (i) the creation of international intrabrand competition (cross-border trade), which will result in a reduction of international price discrimination; and (ii) a possible cumulative effect arising from a strengthening of national intrab...
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作者：Marin, Dalia
作者单位：University of Munich
摘要：Europe is reorganizing its international value chain. I document these changes in Europe's international organization of production with new survey data of Austrian and German firms investing in Eastern Europe. I show estimates of the share of intrafirm trade between Austria or Germany on the one hand and Eastern Europe on the other. Furthermore, I present empirical evidence of the drivers of the new division of labor in Europe. I find among other things that failing trade costs and reduced le...
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作者：Gautier, Pieter A.; Teulings, Coen N.
作者单位：Vrije Universiteit Amsterdam; University of Amsterdam
摘要：This paper shows that we can normalize job and worker characteristics so that, without frictions, there exists a linear relationship between wages on the one hand and worker and job type indices on the other. However, for five European countries and the United States we find strong evidence for a systematic concave relationship. An assignment model with search frictions provides a parsimonious explanation for our findings. This model yields two restrictions on the coefficients that fit the dat...
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作者：Hau, Harald
作者单位：INSEAD Business School
摘要：This paper analyzes the causal linkage between transaction costs and financial volatility under two methodological improvements over the existing literature. First, we use panel data in which exogenous transaction cost differences in the French stock market are induced by price level dependent minimum price variation rules (tick size rules). Unlike in previous studies based on one-time regulatory tick size changes (like the U.S. decimalization), we can separately identify and control for marke...
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作者：Koszegi, Botond
作者单位：University of California System; University of California Berkeley
摘要：This paper models behavior when a decision maker cares about and manages her self-image. In addition to having preferences over material outcomes. the agent derives ego-utility'' from positive views about her ability to do well in a skill-sensitive, ambitious, task. Although she uses Bayes' rule to update beliefs. she tends to become overconfident regarding which task is appropriate for her. If tasks are equally informative about ability. her task choice is also overconfident. If the ambitious...
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作者：Christiano, Lawrence J.; Eichenbaum, Martin; Vigfusson, Robert
作者单位：Northwestern University
摘要：We show that the standard procedure for estimating long-run identified vector autoregressions uses a particular estimator of the zero-frequency spectral density matrix of the data. We develop alternatives to the standard procedure and evaluate the properties of these alternative procedures using Monte Carlo experiments in which data are generated from estimated real business cycle models. We focus on the properties of estimated impulse response functions. In our examples, the alternative proce...
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作者：Chiappori, Pierre-Andre; Weiss, Yoram
作者单位：Columbia University; Tel Aviv University
摘要：Modem marriage markets display increasing turnover, with less marriage but more divorce and remarriage. As a consequence, a large number of children live in single-parent and step-parent households. We summarize here a general equilibrium approach that allows welfare evaluations. In the absence of children, we show that higher aggregate divorce may raise welfare, because it facilitates remarriage. Even children may be better off in a high divorce-remarriage environment, because of stronger inc...
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作者：Garicano, Luis; Rossi-Hansberg, Esteban
作者单位：University of Chicago; Princeton University
摘要：We use a simplified version of Garicano and Rossi-Hansberg (2005) to understand the impact of improvements in communications technology at the turn of the twentieth century on wages and organization. Improvements in communication technology allow individuals of different skills to abandon self-employment and form teams with each other. In particular, they allow high-skill agents to leverage their knowledge by specializing in the hardest tasks and hiring low-skill agents to do the routine tasks...
