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作者：Li, Geng
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using the Panel Study of Income Dynamics, we document that controlling for observable characteristics, household investors' likelihood of entering the stock market within the ensuing five years is about 20% to 30% higher if their parents or children had entered the stock market during the previous five years. By eliminating competing hypotheses such as preference similarity and herding, we argue that these findings highlight the significance of information sharing regarding household financial...
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作者：Fruehwirth, Jane Cooley
作者单位：University of Cambridge
摘要：Empirical studies of peer effects rely on the assumption that peer spillovers can be measured through observables. However, in the education context, many theories of peer spillovers center around unobservables, such as ability, effort, or motivation. I show that when peer effects arise from unobservables, the typical empirical specifications will not measure these effects accurately, which may help explain differences in the magnitude and even sign of peer effect estimates across studies. I a...
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作者：Ang, James S.; Cheng, Yingmei; Wu, Chaopeng
作者单位：State University System of Florida; Florida State University; Xiamen University
摘要：Using a unique and rich database of high-technology firms in China, we show that effective enforcement of intellectual property rights at the provincial level is critical in encouraging financing and investing in R&D. Better enforcement of intellectual property (IP) rights positively affects firms' ability to acquire new external debt and allows firms to invest in more R&D, generate more innovation patents, and produce more sales from new products. Our results suggest that facilitating financi...
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作者：Ferracci, Marc; Jolivet, Gregory; van den Berg, Gerard J.
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Nantes Universite; University of Bristol; University of Mannheim; Vrije Universiteit Amsterdam
摘要：This paper provides a method to infer the presence of treatment spillovers within markets where a fraction of agents is treated. We model individual outcomes as functions of the assigned treatment status and the distribution of assigned treatments in a market. We develop a two-step identification and estimation method, focusing first on the treatment distribution among individuals within markets and then on the treatment distribution across markets. We apply our approach to training programs f...
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作者：Ebenstein, Avraham; Harrison, Ann; McMillan, Margaret; Phillips, Shannon
作者单位：Hebrew University of Jerusalem; University of Pennsylvania; National Bureau of Economic Research; Tufts University; Boston College
摘要：We link industry-level data on trade and offshoring with individual-level worker data from the Current Population Surveys from 1984 to 2002. We find that occupational exposure to globalization is associated with significant wage effects, while industry exposure has no significant impact. We present evidence that globalization has put downward pressure on worker wages through the reallocation of workers away from higher-wage manufacturing jobs into other sectors and other occupations. Using a p...
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作者：Bohn, Sarah; Lofstrom, Magnus; Raphael, Steven
作者单位：University of California System; University of California Berkeley
摘要：We test for an effect of Arizona's 2007 Legal Arizona Workers Act (LAWA) on the proportion of the state's population characterized as noncitizen Hispanic. We use the synthetic control method to select a group of states against which Arizona's population trends can be compared. We document a notable and statistically significant reduction in the proportion of the Hispanic noncitizen population in Arizona. The decline observed matches the timing of LAWA's implementation, deviates from the time s...
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作者：Duso, Tomaso; Roeller, Lars-Hendrik; Seldeslachts, Jo
作者单位：Heinrich Heine University Dusseldorf; European School of Management & Technology; University of Amsterdam; KU Leuven
摘要：This paper tests whether upstream R&D cooperation leads to downstream collusion. We show that a sufficient condition for identifying collusive behavior is a decline in the market share of firms participating in research joint ventures (RJVs). Using information from the U. S. National Cooperation Research Act, we estimate a market share equation correcting for the endogeneity of RJV participation and R&D expenditures. We find robust evidence that large networks between direct competitors, creat...
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作者：Griffith, Rachel; Macartney, Gareth
作者单位：University of London; London School Economics & Political Science; University of Manchester
摘要：The theoretical effects of labor regulations, such as employment protection legislation (EPL), on innovation is ambiguous. EPL increases job security, and the greater enforceability of job contracts may increase worker investment in innovative activity. But EPL increases firms' adjustment costs, which may lead to underinvestment in activities that are likely to require adjustment, including technologically advanced innovation. In this paper, we find empirical evidence that these effects are at...
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作者：Baum-Snow, Nathaniel; Pavan, Ronni
作者单位：Brown University; National Bureau of Economic Research; University of London
摘要：A strong positive monotonic relationship between wage inequality and city size developed between 1979 and 2007 in the United States. After accounting for differences in skill composition across cities of different sizes, we find that at least 23% of the nationwide increase in the variance of log hourly wages is explained by the more rapid growth in wage inequality in larger locations than in smaller locations. This influence occurred throughout the wage distribution, was most prevalent during ...
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作者：Buckles, Kasey S.; Hungerman, Daniel M.
作者单位：University of Notre Dame; National Bureau of Economic Research
摘要：Season of birth is associated with later outcomes; what drives this association remains unclear. We consider a new explanation: variation in maternal characteristics. We document large changes in maternal characteristics for births throughout the year; winter births are dispropor-tionally realized by teenagers and the unmarried. Family background controls explain nearly half of season-of-birth's relation to adult outcomes. Seasonality in maternal characteristics is driven by women trying to co...
