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作者：Mueser, Peter R.; Troske, Kenneth R.; Gorislavsky, Alexey
作者单位：University of Missouri System; University of Missouri Columbia; IZA Institute Labor Economics; University of Kentucky
摘要：We use administrative data from Missouri to examine the sensitivity of earnings impact estimates for a job training program based on alternative nonexperimental methods. We consider regression adjustment, Mahalanobis distance matching, and various methods using propensity-score matching, examining both cross-sectional estimates and difference-in-difference estimates. Specification tests suggest that the difference-in-difference estimator may provide a better measure of program impact. We find ...
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作者：Laeven, Luc; Woodruff, Christopher
作者单位：International Monetary Fund; University of California System; University of California San Diego
摘要：We show that firm size is increasing with the quality of the legal system in Mexico. A 1-standard-deviation improvement in the quality of the legal system is associated with a 0.15-0.30 standard deviation increase in firm size. We also show that the legal system affects firm size by reducing the idiosyncratic risk faced by firm owners. The legal system has a smaller impact on partnerships and corporations than on proprietorships, where risk is concentrated in a single owner. All of the finding...
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作者：Card, David; Moretti, Enrico
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Critics argue that electronic voting is vulnerable to fraud. We test whether voting technology affected electoral outcomes in the 2000 and 2004 presidential elections. We find a positive correlation between use of electronic voting and George Bush vote share. The effect could have been large enough to influence the final results in some swing states. While this pattern would appear to be consistent with allegations of voting irregularities, a closer examination suggests this interpretation is ...
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作者：Gugler, Klaus; Siebert, Ralph
作者单位：University of Vienna; Purdue University System; Purdue University
摘要：Merger control authorities may approve a merger based on an efficiency defense. An important aspect in clearing mergers is that the efficiencies need to be merger-specific. Joint ventures, and in particular research joint ventures (RJVs), may achieve comparable efficiencies possibly without the anticompetitive (market power) effects of mergers. We empirically account for the endogenous formation of mergers and RJVs and provide evidence that at the semiconductor level, mergers and RJVs achieve ...
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作者：Dee, Thomas S.
作者单位：Swarthmore College; National Bureau of Economic Research
摘要：Conventional evaluations of voting systems focus on ballots for which no vote can be recorded (that is, residual votes). However, recorded votes that misrepresent voter intent are another potentially important, but less easily measured, source of error. I present evidence that a nontrivial number of voters in the recent California recall election mistakenly voted for one of the four candidates positioned next to the two major candidates on the ballot. I also find that punch-card systems signif...
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作者：Lerner, Josh; Wulf, Julie
作者单位：Harvard University; University of Pennsylvania
摘要：Beginning in the late 1980s, American corporations began increasingly linking the compensation of central research personnel to the economic objectives of the corporation. This paper examines the impact of the shifting compensation of the heads of corporate research and development. Among firms with centralized R&D organizations, a clear relationship emerges: more long-term incentives (such as stock options and restricted stock) are associated with more heavily cited patents. These incentives ...
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作者：Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.
作者单位：Northwestern University; Duke University; University of Pennsylvania
摘要：A growing literature documents important gains in asset return volatility forecasting via use of realized variation measures constructed from high-frequency returns. We progress by using newly developed bipower variation measures and corresponding nonparametric tests for jumps. Our empirical analyses of exchange rates, equity index returns, and bond yields suggest that the volatility jump component is both highly important and distinctly less persistent than the continuous component, and that ...
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作者：Christensen, Bent Jesper; Nielsen, Morten Orregaard
作者单位：Aarhus University; Cornell University
摘要：Recent empirical evidence demonstrates the presence of an important long-memory component in realized asset return volatility. We specify and estimate multivariate models for the joint dynamics of stock returns and volatility that allow for long memory in volatility without imposing this property on returns. Asset pricing theory imposes testable cross-equation restrictions on the system that are not rejected in our preferred specifications, which include a strong financial leverage effect. We ...
