A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 541 resources
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The matching with contracts model (Hatfield and Milgrom 2005) is widely considered to be one of the most important advances of the last two decades in matching theory. One of their main messages is that the set of stable allocations is non-empty under a substitutes condition. We show that an additional irrelevance of rejected contracts (IRC) condition is implicitly assumed throughout their analysis, and in the absence of IRC several of their results, including the guaranteed existence of a stable allocation, fail to hold.
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We consider an economy populated by institutional investors alongsidestandard retail investors. Institutions care about their performancerelative to a certain index. Our framework is tractable, admittingexact closed-form expressions, and produces the following analyticalresults. We find that institutions tilt their portfolios towards stocks thatcompose their benchmark index. The resulting price pressure boostsindex stocks. By demanding more risky stocks than retail investors,institutions amplify the index stock volatilities and aggregate stockmarket volatility and give rise to countercyclical Sharpe ratios. Tradesby institutions induce excess correlations among stocks that belong totheir benchmark, generating an asset-class effect.
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This paper studies the effect of improved early life health care onmortality and long-run academic achievement in school. We use theidea that medical treatments often follow rules of thumb for assigningcare to patients, such as the classification of Very Low BirthWeight (VLBW), which assigns infants special care at a specific birthweight cutoff. Using detailed administrative data on schooling andbirth records from Chile and Norway, we establish that children whoreceive extra medical care at birth have lower mortality rates andhigher test scores and grades in school. These gains are in the orderof 0.15-0.22 standard deviations.
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This paper studies the effect of additional government revenueson political corruption and on the quality of politicians, both withtheory and data. The theory is based on a political agency modelwith career concerns and endogenous entry of candidates. The datarefer to Brazil, where federal transfers to municipal governmentschange exogenously at given population thresholds, allowing us toimplement a regression discontinuity design. The empirical evidenceshows that larger transfers increase observed corruption and reducethe average education of candidates for mayor. These and othermore specific empirical results are in line with the predictions of thetheory.
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We investigate the hypothesis that macroeconomic fluctuations are primitively the results of many microeconomic shocks. We define fundamental volatility as the volatility that would arise from an economy made entirely of idiosyncratic sectoral or firm-level shocks. Fundamental volatility accounts for the swings in macroeconomic volatility in the major world economies in the past half-century. It accounts for the "great moderation" and its undoing. The initial great moderation is due to a decreasing share of manufacturing between 1975 and 1985. The recent rise of macroeconomic volatilityis chiefly due to the growth of the financial sector.
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Human capital theory predicts that life expectancy will impact human capital attainment. We estimate this relationship using variation in life expectancy driven by Huntington disease, an inherited neurological disorder. We compare investments for individuals who have ex-ante identical risks of HD but differ in disease realization. Individuals with the HD mutation complete less education and job training. The elasticity of demand for college attendance with respect to life expectancy is around 1.0. We relate this to cross-country and over-time differences in education. We use smoking and cancer screening data to test the corollary that health capital responds to life expectancy.
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This paper develops a structural model of newspaper marketsto analyze the effects of ownership consolidation, taking intoaccount not only firms' price adjustments but also the adjustmentsin newspaper characteristics. A new dataset on newspaper pricesand characteristics is used to estimate the model. The paper thensimulates the effect of a merger in the Minneapolis newspapermarket and studies how welfare effects of mergers vary with marketcharacteristics. It finds that ignoring adjustments of productcharacteristics causes substantial differences in estimated effects ofmergers.
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We respond to several criticisms by Avery Guest and Michael Hout (2013) and Yu Xie and Alexandra Killewald (2013) to Jason Long and Joseph Ferrie (2013). We do not dispute Guest and Hout's characterization of the importance of total mobility in addition to relative mobility. We find much in their additional analyses that supports our original findings. In response to Xie and Killewald, we discuss the limitations of our data and the conceptualization of mobility.
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We reanalyze Long and Ferrie's data. We find that the association of occupational status across generations was quite similar over time and place. Two significant differences were: (i) American farms in 1880 were far more open to men who had nonfarm backgrounds than were American farms in 1973 or British farms in either century; (ii) of the four cases, the intergenerational correlation was strongest in Britain in 1881. Structural mobility related to, among other things, economic growth and occupational differentiation, affected mobility most in 1970s America.
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Using historical census and survey data, Long and Ferrie (2013) found a significant decline in social mobility in the United States from 1880 to 1973. We present two critiques of the Long-Ferrie study. First, the data quality of the Long-Ferrie study is more limiting than the authors acknowledge. Second, and more critically, they applied a method ill-suited for measuring social mobility of farmers in a comparative study between 1880 and 1973, a period in which the proportion of farmers dramatically declined in the United States. We show that Long and Ferrie's main conclusion is all driven by this misleading result for farmers.
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Journals
- American Economic Review (237)
- Journal of Finance (67)
- Journal of Financial Economics (153)
- Review of Financial Studies (84)
Topic
- CEO (24)
- Bond (16)
- Mergers and Acquisitions (13)
- Capital Structure (11)
- Director (7)
Resource type
- Journal Article (541)