NBER Working Papers

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11509: Futures Prices in a Production Economy with Investment Constraints

Leonid Kogan, Dmitry Livdan and Amir Yaron

11508: Contractionary Currency Crashes in Developing Countries

Jeffrey Frankel

11507: Separate When Equal? Racial Inequality and Residential Segregation

Patrick Bayer, Hanming Fang and Robert McMillan

11506: Matching and Price Competition

Jeremy Bulow and Jonathan Levin

11505: Why Do Firms Become Widely Held? An Analysis of the ynamics of Corporate Ownership

Jean Helwege, Christo Pirinsky and René Stulz

11504: The Changing Role of Auditors in Corporate Tax Planning

Edward L. Maydew and Douglas Shackelford

11503: A Theory of Growth and Volatility at the Aggregate and Firm Level

Diego Comin and Sunil Mulani

11502: Law, Endowments, and Property Rights

Ross Levine

11501: Toward Abstraction: Ranking European Painters of the Early Twentieth Century

David Galenson

11500: Bank Concentration and Fragility: Impact and Mechanics

Thorsten Beck, Asli Demirguc-Kunt and Ross Levine

11499: Is There a Diversification Discount in Financial Conglomerates?

Luc Laeven and Ross Levine

11498: Bank Supervision and Corruption in Lending

Thorsten Beck, Asli Demirguc-Kunt and Ross Levine

11497: Are There Real Effects of Licensing on Academic Research? A Life Cycle View

Marie Thursby, Jerry Thursby and Swasti Gupta-Mukherjee

11496: The "News" View of Economic Fluctuations: Evidence from Aggregate Japanese Data and Sectoral U.S. Data

Paul Beaudry and Franck Portier

11495: Inefficiency in Legislative Policy-Making: A Dynamic Analysis

Marco Battaglini and Stephen Coate

11494: What Do Parents Value in Education? An Empirical Investigation of Parents' Revealed Preferences for Teachers

Brian A. Jacob and Lars Lefgren

11493: Global Business Cycles and Credit Risk

Mohammad Pesaran, Til Schuermann and Björn-Jakob Treutler

11492: Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects

Guillermo Calvo, Alejandro Izquierdo and Rudy Loo-Kung

11491: Crime, Punishment, and Myopia

David S. Lee and Justin McCrary

11490: Efficient Fiscal Policy and Amplification

Mark Aguiar, Manuel Amador and Gita Gopinath

11489: The Sensitivity of Homeowner Leverage to the Deductibility of Home Mortgage Interest

Patric Hendershott and Gwilym Pryce

11488: The Only Game in Town: Stock-Price Consequences of Local Bias

Harrison Hong, Jeffrey D. Kubik and Jeremy Stein

11487: Nonrenewable Resource Prices: Deterministic or Stochastic Trends?

Junsoo Lee, John List and Mark Strazicich

11486: Filming Images or Filming Reality: The Life Cycles of Movie Directors from D.W. Griffith to Federico Fellini

David Galenson and Joshua Kotin

11485: Denial of Death and Economic Behavior

Wojciech Kopczuk and Joel Slemrod

11484: Political Competition and Economic Performance: Theory and Evidence from the United States

Timothy Besley, Torsten Persson and Daniel Sturm

11483: Does Falling Smoking Lead to Rising Obesity?

Jonathan Gruber and Michael Frakes

11482: Reexamining the Distribution of Wealth in 1870

Joshua Rosenbloom and Gregory W. Stutes

11481: Layoffs, Lemons, Race, and Gender

Luojia Hu and Christopher Taber

11480: Momentum Profits and Macroeconomic Risk

Laura X.L. Liu, Jerold B. Warner and Lu Zhang

11479: Global Engagement and the Innovation Activities of Firms

Chiara Criscuolo, Jonathan Haskel and Matthew J. Slaughter

11478: Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments

Michael Greenstone, Paul Oyer and Annette Vissing-Jorgensen

11477: The Empirical Risk-Return Relation: A Factor Analysis Approach

Sydney Ludvigson and Serena Ng

11476: Consumption Strikes Back?: Measuring Long-Run Risk

Lars Hansen, John Heaton and Nan Li

11475: University Invention, Entrepreneurship, and Start-Ups

Celestine Chukumba and Richard Jensen

11474: Do Women Shy Away From Competition? Do Men Compete Too Much?

Muriel Niederle and Lise Vesterlund

11473: Long-Run Determinants of Inflation Differentials in a Monetary Union

Filippo Altissimo, Pierpaolo Benigno and Diego Rodriguez Palenzuela

11472: Supersanctions and Sovereign Debt Repayment

Kris James Mitchener and Marc Weidenmier

11471: Heterogeneous Firms and Trade: Testable and Untestable Properties of the Melitz Model

Richard Baldwin

11470: Early Academic Science and the Birth of Industrial Research Laboratories in the U.S. Pharmaceutical Industry

Megan MacGarvie and Jeffrey L. Furman

11469: Taxation and the Evolution of Aggregate Corporate Ownership Concentration

Mihir A. Desai, Dhammika Dharmapala and Winnie Fung

11468: Predicting the Equity Premium Out of Sample: Can Anything Beat the Historical Average?

John Campbell and Samuel B. Thompson

11467: Implications of Dynamic Factor Models for VAR Analysis

James Stock and Mark Watson

11466: Spacey Parents: Spatial Autoregressive Patterns in Inbound FDI

Bruce Blonigen, Ronald Davies, Helen Naughton and Glen Waddell

11465: Do Formal Intellectual Property Rights Hinder the Free Flow of Scientific Knowledge? An Empirical Test of the Anti-Commons Hypothesis

Fiona Murray and Scott Stern

11464: Affirmative Action and Its Mythology

Roland Fryer and Glenn Loury

11463: Principals as Agents: Subjective Performance Measurement in Education

Brian A. Jacob and Lars Lefgren

11462: Socially Optimal Districting

Stephen Coate and Brian Knight

11461: Estimating Risk Preferences from Deductible Choice

Alma Cohen and Liran Einav

11460: The Role of Patents for Bridging the Science to Market Gap

Thomas Hellmann

11459: Investment-Based Underperformance Following Seasoned Equity Offerings

Evgeny Lyandres, Le Sun and Lu Zhang

11458: Organization and Inequality in a Knowledge Economy

Luis Garicano and Esteban Rossi-Hansberg

11457: Does Globalization of the Scientific/Engineering Workforce Threaten U.S. Economic Leadership?

Richard Freeman

11456: Mexican Immigration and Self-Selection: New Evidence from the 2000 Mexican Census

Pablo Ibarraran and Darren Lubotsky

11455: Accounting for the Effect of Health on Economic Growth

David Weil

11454: Labor Supply Effects of the Earned Income Tax Credit: Evidence from Wisconsin Supplemental Benefit for Families with Three Children

Maria Cancian and Arik Levinson

11453: The Value of Peripatetic Economists: A Sesqui-Difference Evaluation of Bob Gregory

Daniel Hamermesh

11452: The Effects of Taxes on Market Responses to Dividend Announcements and Payments: What Can we Learn from the 2003 Dividend Tax Cut?

Raj Chetty, Joseph Rosenberg and Emmanuel Saez

11451: Managerial Skill Acquisition and the Theory of Economic Development

Paul Beaudry and Patrick Francois

11450: Biomedical Academic Entrepreneurship Through the SBIR Program

Andrew A. Toole and Dirk Czarnitzki

11449: The 2003 Dividend Tax Cuts and the Value of the Firm: An Event Study

Alan Auerbach and Kevin Hassett

11448: A Note on the Empirical Implementation of the Lens Condition

Andrew Bernard, Raymond Robertson and Peter Schott

11447: The Influence of University Research on Industrial Innovation

Jinyoung Kim, Sangjoon John Lee and Gerald Marschke

11446: Health Insurance Reform and HMO Penetration in the Small Group Market

Thomas Buchmueller

11445: Race, Income, and College in 25 Years: The Continuing Legacy of Segregation and Discrimination

Alan Krueger, Jesse Rothstein and Sarah Turner

11444: Optimal Trading Strategy and Supply/Demand Dynamics

Anna Obizhaeva and Jiang Wang

11443: The Growth of Executive Pay

Lucian Bebchuk and Yaniv Grinstein

11442: The Risks of Financial Institutions

Mark Carey and René Stulz

11441: Multifrequency News and Stock Returns

Laurent Calvet and Adlai Fisher

11440: Wealth Transfers, Contagion, and Portfolio Constraints

Anna Pavlova and Roberto Rigobon

11439: Caught On Tape: Institutional Order Flow and Stock Returns

John Campbell, Tarun Ramadorai and Tuomo O. Vuolteenaho

11438: The Incidence of Pollution Control Policies

Ian Parry, Hilary Sigman, Margaret Walls and Roberton Williams

11437: Crafting A Class: The Trade Off Between Merit Scholarships and Enrolling Lower-Income Students

Ronald Ehrenberg, Liang Zhang and Jared Levin

11436: Firms' Demand for Employment-Based Mental Health Benefits

Judith Shinogle and David Salkever

11435: Age, Women, and Hiring: An Experimental Study

Joanna Lahey

11434: Capital Controls, Exchange Rate Volatility and External Vulnerability

Sebastian Edwards and Roberto Rigobon

11433: Prenatal Drug Use and the Production of Infant Health

Kelly Noonan, Nancy E. Reichman, Hope Corman and Dhaval Dave

11432: Regional Economic Development and Mexican Out-Migration

Kurt Unger

11431: Generic Scrip Share and the Price of Brand-Name Drugs: The Role of the Consumer

John Rizzo and Richard Zeckhauser

11430: Sunk Costs and Real Options in Antitrust

Robert Pindyck

11429: Establishing Credibility: The Role of Foreign Advisors

Sebastian Edwards

11428: Impacts of Policy Reforms on Labor Migration From Rural Mexico to the United States

Susan Richter, J. Edward Taylor and Antonio Naude

11427: Death and the City: Chicago's Mortality Transition, 1850-1925

Joseph P. Ferrie and Werner Troesken

11426: Investor Competence, Trading Frequency, and Home Bias

John R. Graham, Campbell Harvey and Hai Huang

11425: Opportunities for Improving the Drug Development Process: Results from a Survey of Industry and the FDA

Ernst R. Berndt, Adrian H. B. Gottschalk and Matthew W. Strobeck

11424: Determinants of Vertical Integration: Finance, Contracts, and Regulation

Daron Acemoglu, Simon Johnson and Todd Mitton

11423: Ethnic Identification, Intermarriage, and Unmeasured Progress by Mexican Americans

Brian Duncan and Stephen Trejo

11422: Dating Business Cycle Turning Points

Marcelle Chauvet and James Hamilton

11421: Are Durable Goods Consumers Forward Looking? Evidence from College Textbooks

Judith Chevalier and Austan Goolsbee

11420: Do Report Cards Tell Consumers Anything They Don't Already Know? The Case of Medicare HMOs

Leemore Dafny and David Dranove

11419: Can Ranking Hospitals on the Basis of Patients' Travel Distances Improve Quality of Care?

Daniel P. Kessler

11418: International Outsourcing and Incomplete Contracts

Barbara Spencer

11417: Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version

Stephanie Schmitt-Grohe and Martín Uribe

11416: Happiness and the Human Development Index: The Paradox of Australia

David Blanchflower and Andrew Oswald

11415: They Don't Invent Them Like They Used To: An Examination of Energy Patent Citations Over Time

David Popp

11414: Zero Returns to Compulsory Schooling In Germany: Evidence and Interpretation

Jorn-Steffen Pischke and Till von Wachter

11413: Liquidity and Expected Returns: Lessons From Emerging Markets

Geert Bekaert, Campbell Harvey and Christian Lundblad

11412: Emigration, Labor Supply, and Earnings in Mexico

Gordon Hanson

11411: The Impact of State Physical Education Requirements on Youth Physical Activity and Overweight

John Cawley, Chad Meyerhoefer and David Newhouse

11410: What Do Unions Do?: The 2004 M-Brane Stringtwister Edition

Richard Freeman