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 419 resources
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This paper exploits the variation in the legal minimum working age across states in 1920 America in order to identify households' labor supply responses to exogenous changes in children's labor force participation. Using micro data on urban households from the U.S. Census, I find evidence that as a child moves to the labor market his siblings are less likely to work and more likely to attend school. I find no significant effect on parents' labor supply. (JEL J13, J22, K31, N32)
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We analyze the effects of financial and trade globalization on the likelihood offinancial crashes in emerging markets. While trade globalization always makescrashes less likely, financial globalization may make them more likely, especiallywhen trade costs are high. Pessimistic expectations can be self-fulfilling and lead toa collapse in demand for goods and assets. Such a crash comes with a currentaccount reversal and drops in income and investment. Lower-income countries aremore prone to such demand-based financial crises. A quantitative evaluation showsour model is consistent with the main stylized facts of financial crashes in emergingmarkets. (JEL F12, F32, F37, F41, O16)
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I use data from chief executive officer (CEO) successions to examine the impact ofinherited control on firms? performance. I find that firms where incoming CEOs arerelated to the departing CEO, to a founder, or to a large shareholder by either bloodor marriage underperform in terms of operating profitability and market-to-bookratios, relative to firms that promote unrelated CEOs. Consistent with wastefulnepotism, lower performance is prominent in firms that appoint family CEOs whodid not attend ?selective? undergraduate institutions. Overall, the evidence indicatesthat nepotism hurts performance by limiting the scope of labor marketcompetition. (JEL G32, G34, L25, M13)
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Dramatic changes in the volatility of output occurred in the U.S. auto industry in the early 1980s. Namely, output volatility declined, the covariance of inventory investment and sales grew more negative, and adjustments to production schedules, which in earlier decades stemmed primarily from plants hiring and laying off workers, were more often accomplished with changes in average hours per worker after the mid- 1980s. Using a linear quadratic inventory model with intensive and extensive labor adjustments, we show how all of these changes could have stemmed from one underlying factor?a decline in the persistence of motor vehicle sales. (JEL G31, L25, L62, M11)
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This paper uses data from a randomized social experiment in Mexico to estimateand validate a dynamic behavioral model of parental decisions about fertility andchild schooling, to evaluate the effects of the PROGRESA school subsidy program,and to perform a variety of counterfactual experiments of policy alternatives. Ourmethod of validation estimates the model without using post-program data and thencompares the model?s predictions about program impacts to the experimentalimpact estimates. The results show that the model?s predicted program impactstrack the experimental results. Our analysis of counterfactual policies reveals analternative subsidy schedule that would induce a greater impact on average schoolattainment at similar cost to the existing program.
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Applying the Coase Theorem to marital bargaining suggests that shifting from consent to unilateral divorce laws will not affect divorce rates. I show that existing evidence suggesting large effects of divorce laws on divorce rates reflect a failure to explicitly model the dynamic response of divorce rates to a shock to the legal regime. When accounting for these dynamics, I find that unilateral divorce spiked following the adoption of unilateral divorce laws, but that this rise largely reversed itself within a decade. Overall, these changes in family law explain very little of the rise in divorce over the past half-century. (JEL C78, J12)
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This paper analyses the compensatory behavior of smokers. Exploiting data oncotinine concentration?a metabolite of nicotine?measured in a large populationof smokers over time, we show that smokers compensate for tax hikes by extractingmore nicotine per cigarette. Our study makes two important contributions. First, assmoking a given cigarette more intensively is detrimental to health, our resultsquestion the usefulness of tax increases. Second, we develop a model of rationaladdiction where agents can also adjust their intensity of smoking, and we show thatthe previous empirical results suffer from estimation biases. (JEL D12, H25, I12)
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We argue that ?narrow framing,? whereby an agent who is offered a new gambleevaluates that gamble in isolation, may be a more important feature of decisionmakingthan previously realized. Our starting point is the evidence that people areoften averse to a small, independent gamble, even when the gamble is actuariallyfavorable. We find that a surprisingly wide range of utility functions, including manynonexpected utility specifications, have trouble explaining this evidence, but thatthis difficulty can be overcome by allowing for narrow framing. Our analysis makespredictions as to what kinds of preferences can most easily address the stock marketparticipation puzzle. (JEL D81, G11)
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Journals
Topic
- Bond (11)
- CEO (8)
- Capital Structure (4)
- Mergers and Acquisitions (4)
- Director (3)
Resource type
- Journal Article (419)