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作者：Andersen, Jorgen Juel; Johannesen, Niels; Lassen, David Dreyer; Paltseva, Elena
作者单位：BI Norwegian Business School; University of Copenhagen; Stockholm School of Economics
摘要：Do political institutions limit rent seeking by politicians? We study the transformation of petroleum rents, almost universally under direct government control, into hidden wealth using unique data on bank deposits in offshore financial centers that specialize in secrecy and asset protection. Our main finding is that plausibly exogenous shocks to petroleum income are associated with significant increases in hidden wealth, but only when institutional checks and balances are weak. The results su...
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作者：Dow, James; Goldstein, Itay; Guembel, Alexander
作者单位：University of London; London Business School; University of Pennsylvania; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse
摘要：We analyze information production incentives for traders in financial markets, when firms condition investment decisions on information revealed through stock prices. We show that traders' private value of information about a firm's investment project increases with the ex ante likelihood the project will be undertaken. This generates an informational amplification effect of shocks to firm value. Information production by traders may exhibit strategic complementarities for projects that would ...
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作者：Gerko, Elena; Rey, Helene
作者单位：University of London; London Business School
摘要：The importance of financial markets and international capital flows has increased greatly since the 1990s. How does this affect the effectiveness of monetary policy? We analyse the transmission of monetary policy in two important financial centres, the United States and the United Kingdom. Studying the responses of mortgage and corporate spreads, we find evidence in favour of an important financial channel in both countries. Our identification strategy allows us to study the effect of movement...
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作者：Gibbons, Stephen; Silva, Olmo; Weinhardt, Felix
作者单位：University of London; London School Economics & Political Science; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：Theories about neighbours' influence on children's education that are based on social capital, cohesion, and disorganisation stress the importance of neighbourhood stability. This is because stability is regarded as necessary for building strong ties and friendships, which in turn affect educational outcomes. However, amongst the vast number of studies on the effect of neighbours on a child's education, none has tested whether neighbourhood stability matters. We fill this gap by estimating the...
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作者：Barrett, Scott; Dannenberg, Astrid
作者单位：Columbia University; Universitat Kassel; University of Gothenburg
摘要：In some important multiplayer situations, such as efforts to supply a global public good, players can choose the game they want to play. In this paper we conduct an experimental test of the decision by a group with fixed membership, playing over a finite number of periods, to choose between a tipping game, in which every player wants to contribute to the public good provided enough other players contribute, and a prisoners' dilemma, the classic cooperation game. In the prisoners' dilemma, the ...
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作者：Gneezy, Uri; Goette, Lorenz; Sprenger, Charles; Zimmermann, Florian
作者单位：University of California System; University of California San Diego; University of Bonn; University of Zurich
摘要：Theories of expectations-based reference-dependent preferences have provided a critical modeling innovation, incorporating a structured theory of the formation of reference points. An important prediction of these models is a monotone response in behavior to changes in expectations. To test such models we conduct a real-effort experiment manipulating expectations and examining consequences on effort provision. In contrast to the theory, we document substantial nonmonotonicities in the effort r...
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作者：Choi, Syngjoo; Galeotti, Andrea; Goyal, Sanjeev
作者单位：Seoul National University (SNU); European University Institute; University of Essex; University of Cambridge; University of Cambridge
摘要：We propose a model of posted prices in networks. The model maps traditional concepts of market power, competition, and double marginalization into networks, allowing for the study of pricing in complex structures of intermediation, such as supply chains, transportation and communication networks, and financial brokerage. We provide a complete characterization of equilibrium prices. Our experiments complement our theoretical work and point to node criticality as an organizing principle for unde...
