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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: In this article, the authors study the effect of media coverage on corporate governance by focusing on Russia in the period 1999-2002 and find that Hermitage's lobbying is effective in increasing the coverage of corporate governance violations in the Anglo-American press.
Abstract: We study the effect of media coverage on corporate governance by focusing on Russia in the period 1999-2002. This setting offers us three ideal conditions for such a study: plenty of corporate governance violations, no alternative mechanisms to address them, and the presence of an investment fund (the Hermitage) that actively lobbies the international press to shame companies perpetrating those violations. We find that Hermitage's lobbying is effective in increasing the coverage of corporate governance violations in the Anglo-American press. We also find that coverage in the Anglo-American press increases the probability that a corporate governance violation is reversed. This effect is present even when we instrument coverage with an exogenous determinant, i.e. the Hermitage's portfolio composition at the beginning of the period. The Hermitage's strategy seems to work in part by impacting Russian companies' reputation abroad and in part by forcing regulators into action.

660 citations

ReportDOI
TL;DR: This paper found that prices of non-energy commodity futures in the United States have become increasingly expensive with the rapidly growing index investment in commodity markets since the early 2000s, concurrent with the rapid growth of commodity markets.
Abstract: The authors found that, concurrent with the rapidly growing index investment in commodity markets since the early 2000s, prices of non-energy commodity futures in the United States have become incr...

659 citations

Posted Content
TL;DR: This degree of geographic concentration of individual manufacturing industries in the US has declined only slightly in the last twenty years at the same time, new plant births, expansions, contractions, and closures have shifted large quantities of employment across plants, firms and locations as mentioned in this paper.
Abstract: This degree of geographic concentration of individual manufacturing industries in the US has declined only slightly in the last twenty years At the same time, new plant births, plant expansions, contractions and closures have shifted large quantities of employment across plants, firms and locations This paper uses data from the Census Bureau's Longitudinal Research Database to examine how relatively stable levels of geographic concentration emerge from this dynamic process While industries agglomeration levels tend to remain fairly constant we find that there is a greater variation in the locations of these agglomerations We then decompose aggregate concentration changes into portions attributable to plant births, expansions, contractions, and closures, and find that the location choices of new firms and differences in growth rates have played the most significant role in reducing levels of geographic concentration, while plant closures have tended to reinforce agglomeration Finally, we look at coagglomeration patterns to test three of Marshall's theories of industry agglomeration: (1) agglomeration saves transport costs by proximity to input suppliers or final consumers, (2) agglomeration allows for labor market pooling, and (3) agglomeration facilitates intellectual spillovers While there is some truth behind all three theories, we find that industrial location is far more driven by labor mix than by any of the other explanatory variables

659 citations

Posted Content
TL;DR: In this article, the authors examined the relationship between age and portfolio choice, focusing on the observed relationship between the age and the fraction of wealth held in the stock market, and found that equity ownership has a hump-shape pattern with age, while equity shares conditional on ownership are nearly constant across age groups.
Abstract: Using pooled cross-sectional data from the Surveys of Consumer Finances, and new panel data from TIAA-CREF, we examine the empirical relationship between age and portfolio choice, focusing on the observed relationship between age and the fraction of wealth held in the stock market. We illustrate and discuss the importance of the well-known identification problem that prevents unrestricted estimation of age, time and cohort effects in longitudinal data. We also document three important features of household portfolio behavior: significant non-stockownership, wide-ranging heterogeneity in allocation choices, and the infrequency of active portfolio allocation changes. Based on a specification including age effects and time effects (excluding cohort effects) we find that equity ownership has a hump-shape pattern with age, while equity shares conditional on ownership are nearly constant across age groups. Based on a specification that includes age effects and cohort effects (excluding time effects), we find that equity portfolio shares increase strongly with age. Following the same individuals over time, we find that almost half of the sample members made no active changes to their portfolio allocations over our nine-year sample period, while the vast majority of those who did make changes increased their allocations to equity as they aged.

659 citations

Posted Content
TL;DR: In this article, the authors investigated the optimal income transfer problem at the low end of the income distribution and derived optimal tax formulas as a function of the behavioral elasticities, the shape of income distribution, and the redistribution tastes of the government.
Abstract: This paper investigates the optimal income transfer problem at the low end of the income distribution. The government maximizes a social welfare function and faces the traditional equity-efficiency trade-off. The paper models labor supply behavioral responses along the intensive margin (hours or intensity of work on the job) and along the extensive margin (participation in the labor force). Optimal tax formulas are derived as a function of the behavioral elasticities, the shape of the income distribution and the redistribution tastes of the government. When behavioral responses are concentrated along the intensive margin, the optimal transfer program is a classical Negative Income Tax program with a substantial guaranteed income support that is taxed away at high rates. However, when behavioral responses are concentrated along the extensive margin, the optimal transfer program is an Earned Income Credit program with negative marginal tax rates at low income levels and a small guaranteed income. Numerical simulations calibrated with the actual empirical earnings distribution are presented for a range of behavioral elasticities and redistributive tastes of the government. For realistic elasticities, the optimal program provides a moderate guaranteed income, imposes low tax rates on very low annual earnings levels, and then starts phasing out benefits at substantial rates.

659 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