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The Reporter Fall 2004

A free quarterly publication featuring program updates, several summaries of affiliates' research, and news about the NBER
Author(s): Raghuram G. Rajan
The NBER's Program on Corporate Finance has a strong and dedicated core group and, in its brief existence (since 1991), has initiated some very promising avenues of research. Narrowly interpreted, corporate finance is the study of the investment and financing policies of corporations. But, since firms are at the center of economic activity, and because almost any topic of concern to economists --from microeconomic issues like incentives and risk sharing to macroeconomic...

Research Summaries

Author(s): David Autor
Two developments - one institutional, one technological - are changing how employers identify, evaluate, and select job candidates. The institutional change is the rapid diffusion of "non-standard" work relationships in the United States and the OECD - particularly temporary help employment - through which firms employ workers at arms length and frequently audition them for direct hire positions. The technological change is the deployment of electronic candidate assessment...
Author(s): Kenneth Rogoff
My research over the past couple of years has focused on rethinking international debt and exchange rates, particularly, but not exclusively, for developing countries. A Revised History of Exchange Rates The choice of exchange rate regime remains one of the most controversial issues in international macroeconomic policy today and -- in the eyes of most policymakers and policy economists -- one of the most critical. Yet, curiously, much academic work, pioneered by NBER...
Author(s): Andrew Rose
Introduction Much research on international trade patterns focuses on deep primitive causes of trade, such as differences in national factor endowments, preferences, or technologies. In much of my recent research in the area, I examine less traditional causes of trade flows. In particular, I've tended to focus mostly on the macroeconomic determinants and consequences of trade. How much does Monetary Union Stimulate Trade? A number of countries in the Americas and...
Author(s): Douglas Shackelford
The extent to which individual shareholders' taxes affect equity prices is central to valuation and tax policy. Historically, the dividend tax has attracted more scholarly attention than the capital gains tax. Even today the debate between the traditional view and the (now not-so-new) new view continues, and studies of the 2003 reduction in the dividend tax are already emerging.2 Conversely, the appropriate tax on capital gains has long been hotly contested in policy...

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