New NBER Research
25 July 2014
Alex Edmans, Lucius Li, and Chendi Zhang find that high employee satisfaction is correlated with positive abnormal stock market returns in countries with flexible labor markets, such as the United States, but not in countries with low labor market flexibility, such as Germany. The study compares companies in 14 countries with heterogeneous labor markets.
24 July 2014
Kevin Haninger, Lala Ma, and Christopher Timmins study the effect of the U.S. Environmental Protection Agency's Brownfields Program that develops once-contaminated sites. Using non-public EPA administrative records and detailed property price data, they estimate that a brownfields cleanup raises house prices nearby by between 5 and 11%.
23 July 2014
Bart Bronnenberg, Jean-Pierre Dubé, Matthew Gentzkow, and Jesse Shapiro find that more informed consumers, measured in various ways, are less likely to pay extra to buy national brands. For example, pharmacists choose national brands of headache remedies only 9 percent of the time, compared to 26 percent of the time for the average consumer. For pantry staples such as salt and sugar, chefs devote 12 percentage points less of their purchases to national brands than demographically similar non-chefs.
22 July 2014
Karthik Muralidharan, Jishnu Das, Alaka Holla, and Aakash Mohpal study the determinants of teacher absence in a panel data set comprising schools in 1297 Indian villages. They find that 24 percent of teachers in public schools are absent during unannounced visits. More frequent inspections are strongly correlated with teacher attendance; hiring more inspectors may be ten times more cost-effective in raising teacher-student contact time than hiring more teachers.
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21 July 2014
Juan Carlos Suárez Serrato and Owen Zidar use variation in state corporate income tax rates and apportionment rules to estimate who bears these taxes. Their results suggest that the owners of firms bear about 40% of the tax burden in reduced after-tax profits, owners of land in the taxing state bear about 25% in reduced rents, and workers bear about 35% of the corporate tax as a result of lower wages.
18 July 2014
Soren Anderson, Ryan Kellogg, and Stephen Salant analyze oil production and exploration in Texas, and find that while production from existing wells is not responsive to price incentives, drilling activity increases strongly when prices rise. Their analysis helps to explain why production is typically constrained.
17 July 2014
Kory Kroft, Fabian Lange, Matthew Notowidigdo, and Lawrence Katz find that shifts in demographics, occupation, industry, region, and the reason for unemployment jointly account for very little of the observed increase in long term unemployment during and after the Great Recession. Allowing for duration-dependence in the job-finding rate and in the rate of transitions from unemployment to non-participation, in contrast, contributes significantly to explaining the post-2008 pattern.
16 July 2014
Efraim Benmelech, Nittai Bergman, Anna Milanez, and Vladimir Mukharlyamov find that the bankruptcy and liquidation of a retail chain reduces the attractiveness of retail centers for other stores that operate in locations such as malls in which the chain had a presence. These externalities are more important for small, and financially weak, non-bankrupt peers.
15 July 2014
Ashish Arora, Wesley Cohen, and John Walsh analyze a survey of over 6000 American manufacturing and service sector firms that collected data on the extent to which innovators rely upon external sources of invention. Between 2007 and 2009, 18% of manufacturing firms introduced a product that was new to the market, and 49% of these firms report that their most important new product had originated from an outside source, such as customers, suppliers and technology specialists.
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