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作者：Conlin, M; Emerson, PM
作者单位：Syracuse University; University of Colorado System; University of Colorado Denver
摘要：This paper empirically tests for a multidimensional separating equilibrium in contract negotiations and tests for evidence of the moral hazard inherent in many contracts. Using contract and performance data on players drafted into the National Football League from 1986 through 1991, we find evidence that players use delay to agreement and incentive clauses to reveal their private information during contract negotiations. In addition, our empirical tests of the moral hazard issue indicate that ...
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作者：Brandt, MW
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Minimum-variance hedging of a contingent claim in discrete time is suboptimal when the contingent claim is hedged for multiple periods and the objective is to maximize the expected utility of cumulative hedging errors. This is because the hedging errors are not independent. The difference between a minimum-variance hedge and the optimal multiperiod hedge is called the hedging demand and depends on the hedger's preferences, the characteristics of the contingent claim, the trading frequency and ...
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作者：Servén, L
作者单位：The World Bank
摘要：This paper examines empirically the link between real-exchange-rate uncertainty and private investment in developing countries, using a large cross-country time series data set. The paper builds a GARCH-based measure of real-exchange-rate volatility and finds that it has a strong negative effect on investment, after controlling for other standard investment determinants and taking into account their potential endogeneity. The effect of uncertainty is not uniform, however. There is some evidenc...
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作者：Edwards, S; Susmel, R
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Houston System; University of Houston
摘要：We use high-frequency interest-rate data for a group of Latin American and Asian countries to analyze the behavior of volatility through time. We focus on volatility comovements across countries. Our analysis relies on univariate and bivariate switching volatility models. We compare the results from the switching models with those from rolling-standard-deviation models. We argue that the switching models are superior. Our results indicate that high-volatility episodes are, in general, short-li...
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作者：Keay, I
作者单位：Queens University - Canada
摘要：No significant convergence between Canadian and American income per capita occurred during the first ninety years of the twentieth century. This lack of convergence does not appear to have been due to technological dependence, input price distortions, or diseconomies of scale within the Canadian manufacturing sector. The evidence presented in this paper is based on total factor productivity measurement, statistical testing, and counterfactual experimentation using data from national statistica...
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作者：Adams, JD; Chiang, EP; Jensen, JL
作者单位：Rensselaer Polytechnic Institute; National Bureau of Economic Research; State University System of Florida; Florida Atlantic University; New York University
摘要：This paper studies the influence of R&D in the U.S. federal laboratory system, the world's largest, on firm research. Our results are based on a sample of 220 industrial research laboratories that work with a variety of federal laboratories and agencies and are owned by 115 firms in the chemicals, machinery, electrical equipment, and motor vehicles industries. Using an indicator of their importance to R&D managers, we find that cooperative research and development agreements (CRADAs) dominate ...
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作者：Bollinger, CR
作者单位：University of Kentucky
摘要：Proxy variables are frequently used in economics to control for unavailable variables in a linear regression setting. For example, AFQT scores have been used to control for human capital accumulation in measuring black-white wage differentials. This practice may bias the coefficient estimates for the correctly measured variables as well. This paper models proxy variables as a measurement error process and derives bounds for the coefficients on the correctly measured variables under a variety o...
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作者：Davis, GC
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：Because of common data limitations, the existing testing framework for the generalized composite commodity theorem (Lewbel, 1996) is incomplete. This note clarifies and strengthens the testing procedure by implementing modified Bonferroni procedures. The conditions are established for consistency between the existing and modified Bonferroni tests. In an empirical application, the Bonferroni tests provide more powerful support for the generalized composite commodity theorem than is obtained fro...
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作者：Miron, JA
作者单位：Boston University
摘要：This paper examines the effect of drug prohibition on the black market prices of cocaine and heroin. The paper examines the ratio of retail to farmgate price for cocaine, heroin, and several legal goods, and it compares legal versus black market prices for cocaine and heroin. The results suggest that cocaine and heroin are substantially more expensive than they would be in a legalized market, but to a lesser degree than suggested in previous research.
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作者：Yeaple, SR
作者单位：University of Pennsylvania
摘要：This paper reports the results of an empirical study of the industry and country determinants of U.S. outward foreign direct investment (FDI). These results contribute to the literature in two dimensions. First, they demonstrate that the structure of U.S. FDI reflects an interaction between country skilled-labor abundance and industry skilled-labor intensities that is consistent with comparative advantage. Second, they confirm the results of early studies that market access plays an important ...
