A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 10,442 resources
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This paper develops a model in which managers voluntarily choose debt to credibly constrain their own future empire-building. Dynamically consistent capital structure is derived as the optimal response in each period of partially entrenched managers trading off empire-building ambitions with the need to ensure sufficient efficiency to prevent control challenges. A policy of capital structure coordinated with dividends follows naturally, as do implications for the level, frequency, and maturity structure of debt as a function of outside investment opportunities. Additionally, the model yields new testable implications for security design, and changes in debt and empire-building over managerial careers. Copyright 1996 by American Economic Association.
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Intermittent monitoring of environmental standards may induce strategic changes in polluting activities. This paper documents local strategic responses to a cyclical, once-every-six-day air quality monitoring schedule under the federal Clean Air Act. Using satellite data of monitored areas, I show that air quality is significantly worse on unmonitored days. This effect is explained by short-term suppression of pollution on monitored days, especially during high-pollution periods when the city's noncompliance risk is high. Cities' use of air quality warnings increases on monitored days, which suggests local governments' role in coordinating emission reductions.
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A key question in the literature on motivated reasoning and self-deception is how motivated beliefs are sustained in the presence of feedback. In this paper, we explore dynamic motivated belief patterns after feedback. We establish that positive feedback has a persistent effect on beliefs. Negative feedback, instead, influences beliefs in the short run, but this effect fades over time. We investigate the mechanisms of this dynamic pattern, and provide evidence for an asymmetry in the recall of feedback. Finally, we establish that, in line with theoretical accounts, incentives for belief accuracy mitigate the role of motivated reasoning.
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This paper asks whether elite colleges help students outside of historically advantaged groups reach top positions in the economy. I combine administrative data on income and leadership teams at publicly traded firms with a regression discontinuity design based on admissions rules at elite business-focused degree programs in Chile. The 1.8% of college students admitted to these programs account for 41% of leadership positions and 39% of top 0.1% incomes. Admission raises the number of leadership positions students hold by 44% and their probability of attaining a top 0.1% income by 51%. However, these gains are driven by male applicants from high-tuition private high schools, with zero effects for female students or students from other school types with similar admissions test scores. Admissions effects are equal to 38% of the gap in rates of top attainment by gender and 54% of the gap by high school background for male students. A difference-in-differences analysis of the rates at which pairs of students lead the same firms suggests that peer ties formed between college classmates from similar backgrounds may play an important role in driving the observed effects.
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This paper provides estimates of the correlation in lifetime earnings between fathers and sons. Intergenerational data from the National Longitudinal Survey are used. Earlier studies, conducted for the United States, report elasticities of children's earnings with respect to parent's earnings of 0.2 or less, suggesting extensive intergenerational mobility. These estimates, however, are biased.downward by error-contaminated measures of lifetime economic status. Estimates presented in this paper correct for the problem of measurement error and find the intergenerational correlation in income to be on the order of 0.4. This suggests considerably less intergenerational mobility than previously believed. Copyright 1992 by American Economic Association.
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Journals
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- Journal Article (10,442)
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Between 1900 and 1999
(5,825)
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Between 1960 and 1969
(215)
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Between 2000 and 2024
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