27 April 2015

Do Foreign Firm Betas Change During Cross-listing?

The betas of foreign stocks that are cross-listed on U.S. stock exchanges have been shown to change over time. Most of the change arises from greater integration between their home markets and the U.S., not from the event of cross-listing, according to Karen K. Lewis. Among those companies for which this explanation does not apply, the betas change significantly after, not during, the cross-listing event.

24 April 2015

Spatial Variation in Higher Education Financing and the Supply of College Graduates

Exploring differences in state and local subsidies of college education and variations in education levels across the United States, John Kennan finds that generous subsidies have significant effects on college enrollments, especially at community colleges. Effects on the educational level of the local labor force are long-lasting, and are only slightly dissipated through cross-state migration.

23 April 2015

The Effect of Community Traumatic Events on Student Achievement: Evidence from the Beltway Sniper Attacks

Probing the effects of the 2002 “Beltway Sniper” attacks on student achievement in Virginia’s public schools, Seth Gershenson and Erdal Tekin find that the attacks significantly reduced proficiency rates in schools within five miles of an attack. Evidence of a causal effect is most robust for third grade reading and third and fifth grade math proficiency. Supplementary analyses suggest that these deleterious effects faded out in subsequent years.
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Conference on Macroeconomics hears reports on China, networks, monetary crises

Andrei Shleifer of Harvard University and the NBER led off the 30th Annual NBER Conference on Macroeconomics, held in Cambridge April 17-18, with a presentation of work by himself and his colleagues on the effect of individuals' expectations on corporate investments. Other presentations at the conference focus on the Chinese economy and housing boom, Americans' declining desire to work, public debt crises in the United States and Europe, and effects of economic shocks on business networks. Full videos of presentations and brief interviews with some of the authors will be posted here over the coming weeks.

New in the NBER Digest

Effects of NYC's Summer Youth Employment Program
Researchers find that participation decreases the probability of incarceration and mortality. The findings are featured in the April issue of the NBER Digest, as are recent working papers on federal tax credits for higher education, effects of climate change on behavior and productivity, secular stagnation, the gender gap in earnings, and limited provider networks.

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NBER Reporter 2015:1
Effects of Monetary and Fiscal Policy

An article in the NBER’s quarterly summary of affiliates’ research focuses on effects of monetary and fiscal policy. Other articles examine prospects for slower U.S. growth, offer new perspectives on the first wave of globalization, and review financial services dynamics in developing countries. The lead article examines health and economic impacts of recession, pollution, unhealthy behaviors and health care insurance.

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