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Institution

National Bureau of Economic Research

NonprofitCambridge, Massachusetts, United States
About: National Bureau of Economic Research is a nonprofit organization based out in Cambridge, Massachusetts, United States. It is known for research contribution in the topics: Monetary policy & Population. The organization has 2626 authors who have published 34177 publications receiving 2818124 citations. The organization is also known as: NBER & The National Bureau of Economic Research.


Papers
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Journal ArticleDOI
TL;DR: This article found that the efficiency of capital allocation is negatively correlated with the extent of state ownership in the economy, and positively associated with the degree of firm-specific movement in domestic stock returns and the legal protection of investors.
Abstract: Financial markets appear to improve the allocation of capital--across 65 countries, those with developed financial markets increase investment more in growing industries, and decrease investment more in declining industries, than financially undeveloped countries The efficiency of capital allocation is also negatively correlated with the extent of state ownership in the economy, and positively correlated with the degree of firm-specific movement in domestic stock returns and the legal protection of investors (which appears to be particularly useful for limiting investment in declining industries)

735 citations

Journal ArticleDOI
TL;DR: This article used three longitudinal data sets of high school graduates in 1957, 1972, and 1992 to understand the narrowing of the gender gap in college and its reversal, finding that from 1972 to 1992 high school girls narrowed the gap with boys in math and science course taking and in achievement test scores.
Abstract: Women are currently the majority of U.S. college students and of those receiving a bachelor's degree, but were 39 percent of undergraduates in 1960. We use three longitudinal data sets of high school graduates in 1957, 1972, and 1992 to understand the narrowing of the gender gap in college and its reversal. From 1972 to 1992 high school girls narrowed the gap with boys in math and science course taking and in achievement test scores. These variables, which we term the proximate determinants, can account for 30 to 60 percent of the relative increase in women's college completion rate. Behind these changes were several others: the future work expectations of young women increased greatly between 1968 and 1979 and the age at first marriage for college graduate women rose by 2.5 years in the 1970s, allowing them to be more serious students. The reversal of the college gender gap, rather than just its elimination, was due in part to the persistence of behavioral and developmental differences between males and females.

735 citations

Journal ArticleDOI
TL;DR: The authors found that firms that face higher repatriation tax burdens hold higher levels of cash, hold this cash abroad, and hold this money in affiliates that trigger high tax costs when repatriating earnings.
Abstract: U.S. corporations hold significant amounts of cash on their balance sheets, and these cash holdings have been justified in the existing empirical literature by transaction costs and precautionary motives. An additional explanation, considered in this study, is that U.S. multinational firms hold cash in their foreign subsidiaries because of the tax costs associated with repatriating foreign income. Consistent with this hypothesis, firms that face higher repatriation tax burdens hold higher levels of cash, hold this cash abroad, and hold this cash in affiliates that trigger high tax costs when repatriating earnings. Estimates indicate that a one standard deviation increase in the tax burden from repatriating foreign income is associated with a 7.9% increase in the ratio of cash to net assets. In addition, certain firms, specifically those that are less financially constrained domestically and those that are more technology intensive, exhibit a higher sensitivity of affiliate cash holdings to repatriation tax burdens.

734 citations

Journal ArticleDOI
TL;DR: This paper found that ideological segregation of online news consumption is low in absolute terms, higher than the segregation of most offline news consumption, and significan tly lower than face-to-face interactions with neighbors, co-workers, or family members.
Abstract: We use individual and aggregate data to ask how the Internet is changing the ideological segregation of the American electorate. Focusing on online news consumption, offline news consumption, and face-to-face social interactions, we define ideological segregation in each domain using standard indices from the literature on racial segregation. We find that ideological segregation of online news consumption is low in absolute terms, higher than the segregation of most offline news consumption, and significan tly lower than the segregation of face-to-face interactions with neighbors, co-workers, or family members. We find no evidence that the Internet is becoming more segregated over time.

734 citations

Journal ArticleDOI
TL;DR: In this paper, a simple partial adjustment model with a uniform rate of mean reversion misses rich non-linear patterns in the behavior of profitability and produces predictable variation in earnings, and the authors provide corroborating evidence.
Abstract: There is a strong presumption in economics that, in a competitive environment, profitability is mean reverting. We provide corroborating evidence. In a simple partial adjustment model, the estimated rate of mean reversion is about 40 percent per year. But a simple partial adjustment model with a uniform rate of mean reversion misses rich non-linear patterns in the behavior of profitability. Specifically, we find that mean reversion is faster when profitability is below its mean and when it is further from its mean in either direction. We also show that the mean reversion in profitability produces predictable variation in earnings.

733 citations


Authors

Showing all 2855 results

NameH-indexPapersCitations
James J. Heckman175766156816
Andrei Shleifer171514271880
Joseph E. Stiglitz1641142152469
Daron Acemoglu154734110678
Gordon H. Hanson1521434119422
Edward L. Glaeser13755083601
Alberto Alesina13549893388
Martin B. Keller13154165069
Jeffrey D. Sachs13069286589
John Y. Campbell12840098963
Robert J. Barro124519121046
René M. Stulz12447081342
Paul Krugman123347102312
Ross Levine122398108067
Philippe Aghion12250773438
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
202379
2022253
2021661
2020997
2019767
2018780