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作者：Hanushek, EA; Rivkin, SG; Taylor, LL
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：This paper helps reconcile the contradictory findings about school resources and school effectiveness by developing the implications of data aggregation. With model misspecification, the theoretical impact of aggregation is generally ambiguous. When important state differences in school policy are omitted, however, aggregation implies clear upward bias of estimated school resource effects. Review of past studies and new empirical analysis provide strong evidence that aggregation inflates the c...
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作者：Ai, CR; Cassou, SP
作者单位：State University of New York (SUNY) System; Stony Brook University
摘要：Ophem (1993) employed a switching regression model with earnings entering the choice equation to investigate earnings differentials between the public and private sectors. Ophem also described a ''modified switching regression model'' in which only the equation for unknown earnings is substituted into the choice equation. He argued the coefficients in the choice equation can be identified in the modified switching regression model without exclusion restrictions and estimates from the modified ...
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作者：Lerner, J
摘要：This paper empirically examines the ''long purse'' hypothesis (formalized by Bolton and Scharfstein (1990)) that incumbents may drive out entrants through aggressive pricing. I analyze the pricing of 733 disk drives between 1980 and 1988. Drives that are adjacent to those manufactured by thinly capitalized undiversified rivals are priced lower than other drives during the later years in the sample, when little equity financing was available to these firms. The results are robust to controls fo...
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作者：ANTEL, JJ; OHSFELDT, RL; BECKER, ER
作者单位：University of Alabama System; University of Alabama Birmingham; Harvard University
摘要：The effects of various regulations on hospital costs are estimated using a two decade long panel data set which spans the initiation, and in some instances the repeal, of various forms of hospital regulation. The long panel fosters two improvements over previous research. First, as state hospital cost levels may affect states' incentive to regulate, fixed effect estimators alleviate omitted variable bias derived from the states' regulatory discretion. Second, the long panel permits the estimat...
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作者：Gilley, OW; Pace, RK
作者单位：University of Alaska System; University of Alaska Fairbanks
摘要：Economists commonly estimate the value of characteristics not traded in explicit markets by hedonic pricing. Unfortunately, these non-explicitly traded characteristics often display a lack of independent Variation or multicollinearity. Often some prior information on the value of these characteristics is available from submarkets. This paper utilizes this type of prior information to circumvent multicollinearity problems in hedonic pricing models using an inequality restricted Bayesian (IRB) e...
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作者：LEE, LF
作者单位：Hong Kong University of Science & Technology
摘要：This article provides general formulas for the computation of opportunity costs (or forgone earnings) of unchosen alternatives in sample selection models with polychotomous choices. With observed choice probabilities and outcomes of alternatives chosen by some individuals, the opportunity costs for individuals who do not choose those alternatives can be evaluated. For the probability indexed sample selection models with legit choice probabilities, which include the polychotomous choice model o...
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作者：BETTS, JR
摘要：The paper searches for links between school quality and subsequent earnings of students. Using data for white males from the NLSY, the paper rejects the hypothesis that workers' earnings are independent of which high school they attended. However, traditional measures of school ''quality'' such as class size, teachers' salaries and teachers' level of education fail to capture these differences. This result is robust to changes in specification and subsample. The paper contrasts the results wit...
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作者：THOMAS, LA
摘要：In many advertising-intensive industries one observes market share persistence, i.e., firms maintaining lead market shares over long periods of time. I hypothesize that firms that have the largest stack of well-established brands, a stock that I term brand capital, are most likely to introduce new products in response to new market information about consumer preferences. Firms with less brand capital delay their introductions until the uncertainty concerning the market size is reduced. I prese...
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作者：Stavins, J
摘要：Entry and exit literature focuses almost exclusively on firm-level decisions, leaving out an important aspect of firm behavior: whether to introduce new models while the firm produces similar goods, and where to locate them in the existing product space, taking into account own models and the possibility of new entry. This paper analyzes model entry and exit decisions in the case of the personal computer market. Differences in new model spatial location between incumbents and entrants are foun...
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作者：SAKELLARIS, P
摘要：This paper studies the responsiveness of firm investment to shocks in the input factor and output prices (the market conditions) by using stock market information on excess returns. The q theory of investment is modified to allow for heterogeneous capital, ex post inflexible technology, and irreversible investment. A structural model linking the excess returns to a firm's equity to the firm's investment history and the evolution of the market conditions is estimated using a panel of U.S. manuf...
