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作者：Gennaioli, Nicola
作者单位：Bocconi University
摘要：I build a model where potentially biased judges verify complex states by interpreting an imperfect signal whose noise captures factual ambiguities. In a sales and a financial transaction I show that judicial biases amplify and distort factual ambiguities, creating enforcement risk. To insure against such risk, parties write simple noncontingent contracts that optimally protect the party that is most vulnerable to judicial error. These results shed light on the empirical association between law...
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作者：Ireland, Peter N.
作者单位：Boston College
摘要：This paper estimates, using data from the United States and the Euro Area, a two-country stochastic growth model in which both neutral and investment-specific technology shocks are nonstationary but cointegrated across economies. The results point to large and persistent swings in productivity, both favorable and adverse, originating in the United States but not transmitted to the Euro Area. More specifically, the results suggest that while the Euro Area missed out on the period of rapid inves...
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作者：Cunat, Alejandro; Fons-Rosen, Christian
作者单位：University of Vienna; Pompeu Fabra University; Barcelona School of Economics
摘要：We present a model of international portfolio choice based on cross-country differences in relative factor abundance. Countries have varying degrees of similarity in their factor endowment ratios, and are subject to aggregate productivity shocks. Risk-averse consumers can insure against these shocks by investing their wealth at home and abroad. In a many-good setup, the change in factor prices after a positive shock in a particular country provides insurance to countries that have dissimilar f...
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作者：Gebhardt, Georg
作者单位：Ulm University
摘要：In this paper, I test the most basic prediction of Grossman and Hart (1986, The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 691719): allocations of asset ownership that expose a party to ex-post expropriation reduce this partys ex-ante relationship-specific investments. In the empirical context of the German housing market, I find that relationship-specific investments, such as bathroom renovations, are more frequent if the occup...
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作者：Lalive, Rafael; Wuellrich, Jean-Philippe; Zweimueller, Josef
作者单位：University of Lausanne; University of Zurich
摘要：A number of OECD countries aim to encourage work integration of disabled persons using quota policies. For instance, Austrian firms must provide at least one job to a disabled worker per 25 nondisabled workers and are subject to a tax if they do not. This threshold design provides causal estimates of the noncompliance tax on disabled employment if firms do not manipulate nondisabled employment; a lower and upper bound on the causal effect can be constructed if they do. Results indicate that fi...
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作者：Bond, Stephen R.; Soederbom, Mans
作者单位：University of Oxford; University of Gothenburg
摘要：We study the sensitivity of investment to cash flow conditional on measures of q in an adjustment costs framework with costly external finance. We present a benchmark model in which this conditional investmentcash flow sensitivity increases monotonically with the cost premium for external finance, for firms in a financially constrained regime. Using simulated data, we show that this pattern is found in linear regressions that relate investment rates to measures of both cash flow and average q....
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作者：Saiz, Albert; Simonsohn, Uri
作者单位：Massachusetts Institute of Technology (MIT); University of Pennsylvania
摘要：The internet contains billions of documents. We show that document frequencies in large decentralized textual databases can capture the cross-sectional variation in the occurrence frequencies of social phenomena. We characterize the econometric conditions under which such proxying is likely. We also propose using recently-introduced internet search volume indexes as proxies for fundamental locational traits, and discuss their advantages and limitations. We then successfully proxy for a number ...
