Institution
National Bureau of Economic Research
Nonprofit•Cambridge, 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.
Topics: Monetary policy, Population, Exchange rate, Interest rate, Wage
Papers published on a yearly basis
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TL;DR: In this paper, the authors build a model that helps to explain why increases in liquidity, such as lower bid-ask spreads, lower price impact of trade, or higher turnover, can predict lower subsequent returns in both firm-level and aggregate data.
729 citations
TL;DR: The most familiar interpretation for the large and unpredictable swings that characterize common stock price indices is that price changes represent the efficient discounting of "new information" as discussed by the authors. But it is remarkable given the popularity of this interpretation that it has never been established what this information is about.
Abstract: The most familiar interpretation for the large and unpredictable swings that characterize common stock price indices is that price changes represent the efficient discounting of "new information." It is remarkable given the popularity of this interpretation that it has never been established what this information is about. Recent work by Shiller, and Stephen LeRoy and Richard Porter, has shown evidence that the variability of stock price indices cannot be accounted for by information regarding future dividends since dividends just do not seem to vary enough to justify the price
729 citations
Posted Content•
TL;DR: In this article, the effect of foreign direct investment on economic growth in a cross-country regression framework, utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades.
Abstract: We test the effect of foreign direct investment (FDI) on economic growth in a cross-country regression framework, utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. Our results suggest that FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. However, the higher productivity of FDI holds only when the host country has a minimum threshold stock of human capital. In addition, FDI has the effect of increasing total investment in the economy more than one for one, which suggests the predominance of complementarity effects with domestic firms.
729 citations
TL;DR: In this paper, the authors propose a new method of testing asset pricing models that relies on using quantities rather than prices or returns, and derive a simple test statistic that allows them to infer, from a set of candidate models, the model that is closest to the true risk model.
727 citations
TL;DR: The authors empirically examined the effect of price informativeness on the sensitivity of investment to stock price and found that price non-synchronicity and PIN measures are correlated with sensitivity to stock prices.
Abstract: Stock prices and real investments are highly correlated. Previous literature has offered two main explanations for this high correlation. The first explanation relies on price being informative about investment opportunities, the second one is based on financing constraints. In this paper we empirically examine the effect of price informativeness on the sensitivity of investment to stock price. Using price non-synchronicity and PIN as measures of price informativeness, we find that the degree of informativeness is positively correlated with the sensitivity of investment to stock price. Since, according to previous literature, these measures reflect private information, the result suggests that prices perform an active role, i.e., that managers learn from stock price when making investment decisions. This result is robust to the inclusion of various control variables (such as controls for managerial information) and to changes in specification.
725 citations
Authors
Showing all 2855 results
| Name | H-index | Papers | Citations |
|---|---|---|---|
| James J. Heckman | 175 | 766 | 156816 |
| Andrei Shleifer | 171 | 514 | 271880 |
| Joseph E. Stiglitz | 164 | 1142 | 152469 |
| Daron Acemoglu | 154 | 734 | 110678 |
| Gordon H. Hanson | 152 | 1434 | 119422 |
| Edward L. Glaeser | 137 | 550 | 83601 |
| Alberto Alesina | 135 | 498 | 93388 |
| Martin B. Keller | 131 | 541 | 65069 |
| Jeffrey D. Sachs | 130 | 692 | 86589 |
| John Y. Campbell | 128 | 400 | 98963 |
| Robert J. Barro | 124 | 519 | 121046 |
| René M. Stulz | 124 | 470 | 81342 |
| Paul Krugman | 123 | 347 | 102312 |
| Ross Levine | 122 | 398 | 108067 |
| Philippe Aghion | 122 | 507 | 73438 |