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作者：Mariuzzo, Franco; Walsh, Patrick Paul
作者单位：University of East Anglia; University College Dublin
摘要：Using weekly spot and future commodity prices in Chicago and New York, we construct expected transportation rates for grain between these two cities, expected inventory levels in New York, and realized errors in the expectations of such variables. We incorporate these exogenous commodity market dynamics into Porter's (1983) structural modeling of the Joint Executive Committee Railroad Cartel. As in Porter, we model marginal cost as a parametric function of (instrumented) output, among other fa...
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作者：Didier, Tatiana; Rigobon, Roberto; Schmukler, Sergio L.
作者单位：The World Bank; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Using unique data on mutual fund portfolios with different investment scopes, we study the extent of international diversification. Mutual funds invest in a surprisingly limited number of stocks-about 100. The number of holdings from a given region declines as the investment scope broadens. Moreover, unexploited gains exist from international diversification. Funds that invest globally could achieve better risk-adjusted returns by adding stocks held by more specialized funds within the same fa...
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作者：Stroebel, Johannes; van Benthem, Arthur
作者单位：New York University; University of Pennsylvania
摘要：We use fiscal data on 2,468 oil extraction agreements in 38 countries to study tax contracts between resource-rich countries and independent oil companies. We analyze why expropriations occur and what determines the degree of oil price exposure of host countries. With asymmetric information about a country's expropriation cost, even optimal contracts feature expropriations. Near linearity in the oil price of real-world hydrocarbon contracts also helps to explain expropriations. We show theoret...
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作者：Bond, Timothy N.; Lang, Kevin
作者单位：Purdue University System; Purdue University; Boston University
摘要：Although both economists and psychometricians typically treat them as interval scales, test scores are reported using ordinal scales. Using the Early Childhood Longitudinal Study (ECLS-K) and the Children of the National Longitudinal Survey of Youth (CNLSY), we examine how order-preserving scale transformations affect the evolution of the black-white reading test score gap from kindergarten entry through third grade. Plausible transformations reverse the growth of the gap in the CNLSY and grea...
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作者：Hallward-Driemeier, Mary; Rijkers, Bob
作者单位：The World Bank
摘要：Using Indonesian manufacturing census data (1991-2001), this paper rejects the hypothesis that the East Asian crisis unequivocally improved the reallocative process. The correlation between productivity and employment growth did not strengthen, and the crisis induced the exit of relatively productive firms. The attenuation of the relationship between productivity and survival was stronger in provinces with comparatively lower reductions in minimum wages, but not due to reduced entry, changing ...
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作者：Cavallo, Eduardo; Galiani, Sebastian; Noy, Ilan; Pantano, Juan
作者单位：Inter-American Development Bank; University System of Maryland; University of Maryland College Park; University of Hawaii System; Victoria University Wellington; Washington University (WUSTL)
摘要：We examine the average causal impact of catastrophic natural disasters on economic growth by combining information from comparative case studies. For each country affected by a large disaster, we compute the counterfactual by constructing synthetic controls. We find that only extremely large disasters have a negative effect on output in both the short and the long runs. However, we also show that this results from two events where radical political revolutions followed the disasters. Once we c...
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作者：Fowlie, Meredith; Perloff, Jeffrey M.
作者单位：University of California System; University of California Berkeley
摘要：Standard economic theory predicts that if property rights to pollute are clearly established, equilibrium outcomes in an efficient emissions permit market will be independent of how the emissions permits are initially distributed. This so-called independence property has important implications for policy design and implementation. Past studies document a strong positive correlation between the initial permit allocation and firm-level emissions, raising concerns that the independence property i...
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作者：Flores, Carlos A.; Mitnik, Oscar A.
作者单位：California State University System; California Polytechnic State University San Luis Obispo
摘要：We study the effectiveness of nonexperimental strategies in adjusting for comparison group differences when using data from several programs, each implemented at a different location, to compare their effect if implemented at alternative locations. First, we adjust for individual characteristics differences simultaneously across all groups using unconfoundedness-based and conditional difference-in-difference methods for multiple treatments. Second, we adjust for differences in local economic c...
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作者：Yoeruek, Baris K.
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：The literature documents that charitable giving is responsive to tax subsidies but often ignores the spillover effects of such policies. This paper investigates the spillover effects of charitable subsidies on religious participation using individual-level panel data. The results show that religious giving and participation are complements. The implied cross-price elasticity of religious participation with respect to the after-tax price of giving is -0.27. Furthermore, a 1% increase in the amo...
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作者：Bourles, Renaud; Cette, Gilbert; Lopez, Jimmy; Mairesse, Jacques; Nicoletti, Giuseppe
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Universite Bourgogne Europe; Institut Polytechnique de Paris; ENSAE Paris; Maastricht University; National Bureau of Economic Research
摘要：We identify the impact of intermediate goods markets imperfections on productivity downstream. Our empirical specification is based on a model of multifactor productivity (MFP) growth in which the effects of upstream competition can vary with distance to frontier. This model is estimated on a panel of fifteen OECD countries and twenty industries over 1985 to 2007. Competitive pressures are proxied with industry product market regulation data. We find evidence that anticompetitive upstream regu...
