NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The NBER Reporter 2010 Number 2: Books

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Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-Based Stock Options

Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-Based Stock Options, edited by Douglas L. Kruse, Richard B. Freeman, and Joseph R. Blasi, is available from the University of Chicago Press for $99.00.

Shared capitalism is a system in which workers are partial owners of their firms and thus, in effect, both employees and stockholders. Profit-sharing arrangements and gain-sharing bonuses, which tie compensation directly to a firm’s performance, reflect this relatively new attitude toward labor.

In this NBER Conference Report, the contributors discuss the effects of the trend toward shared capitalism on workers and firms. The focus is on four main areas: the fraction of firms participating in shared capitalism programs in the United States and abroad; the factors that enable these firms to overcome classic free-rider and risk problems; how shared capitalism affects firm performance; and, its effect on worker well-being.

Freeman is the former Director of the NBER's Program on Labor Studies, an NBER Research Associate in that Program, and the Herbert Ascherman Professor of Economics at Harvard University. Kruse and Blasi are both NBER Research Associates in the Labor Studies Program and professors of economics in the School of Management and Labor Relations at Rutgers University.

American Universities in a Global Market

American Universities in a Global Market, edited by Charles T. Clotfelter, is available from the University of Chicago Press for $99.00.

In recent years, America’s position as the preeminent global leader in higher education, particularly in the fields of science and technology, has come into question. To help us understand that change, this NBER Conference Report examines the various factors that contributed to America’s success in higher education in the past, including openness to people and ideas, generous governmental support, and a tradition of decentralized competition. It also examines the current state of American higher education in a comparative context, particularly emphasizing how market forces affect universities.

Clotfelter is an NBER Research Associate in the Education Program and the Z. Smith Reynolds Professor of Public Policy Studies and Professor of Economics and Law at Duke University.

International Differences in Entrepreneurship

International Differences in Entrepreneurship, edited by Josh Lerner and Antoinette Schoar, is available from the University of Chicago Press for $99.00.

This NBER Conference Report describes how a country's institutional differences, cultural considerations, and personal characteristics can affect the role of entrepreneurs in its economy. Among the key features of this volume are its discussion of the origins of entrepreneurs, the choices they make, and the complexity of their activities across countries and industries. In addition, the volume's contributors consider how environmental factors of individual economies, including market regulation, government subsidies for banks, and support for entrepreneurial culture, can affect an industry, and how entrepreneurs can affect growth in developing nations.

Lerner and Schoar are Research Associates in the NBER's Program on Corporate Finance. Lerner also co-directs the NBER's Working Groups on Entrepreneurship and on Innovation Policy and the Economy. He is the Jacob H. Schiff Professor of Investment Banking at Harvard Business School. She is the Michael Koerner '49 Professor of Entrepreneurial Finance at Sloan School, MIT.

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The following volume may be ordered directly from the University of Chicago Press Journals Division.

To order by telephone, call Monday through Friday, 8 am to 5 pm Central Time, (773) 753-3347; or toll free in the U.S. and Canada, (877)705-1878. To order by mail, the address is: University of Chicago Distribution Center, 11030 South Langley Avenue, Chicago, IL 60628, (773)702-7000

NBER International Seminar on Macroeconomics 2009

NBER International Seminar on Macroeconomics 2009, edited by Lucrezia Reichlin and Kenneth West, is available from the University of Chicago Press Journals Division. The clothbound volume is $90.00; the paperback edition is $50.00.

NBER's International Seminar on Macroeconomics has met annually in Europe for thirty years. In the conference reported here, the topics discussed included: openness and the fall and rise of stock market correlations between 1890 and 2001; defaults, underwriters, and sovereign bond markets between 1815 and 2007; systemic risk taking and the U.S. financial crisis; and assessing external equilibrium in low income countries.

Reichlin teaches at the London Business School. West is a Research Associate in the NBER's Programs on Monetary Economics and Asset Pricing and the John D. MacArthur and Ragnar Frisch Professor of Economics at the University of Wisconsin.

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