In this paper, we demonstrate substantial heterogeneity in wage growth across firms within industry, and across workers within firm in Belgium. This variation does not appear to be consistent with simple measurement error stories, but rather seems to be evidence of a more complex labor market....

Using longitudinal matched employer-employee data, we show that a standard wage equation ignoring firm and individual effects yields a baseline explaining 36 percent of wage variation. Firm specific wage components, including common firm-wide omitted human capital, accounts for an additional 22...

In this paper, we document the importance of individual variations in wage outcomes of displacement, as opposed to the change in the wage distribution itself. Most of the research on displaced workers has focused on analyzing changes in the wage distribution. We show that, while the changes in...

This paper studies the implications for international portfolio diversification of a simple OLG model of the world economy with transaction costs. Our main result shows that the introduction of very small transaction costs is sufficient to reproduce the large home bias observed in the...

Current accounting rules relating to the issuance of employee stock options (ESOs) treat ESOs as a corporate expense. Prior to 2005, accounting rules required corporations that issued ESOs to treat at-the-money options differently from in-the-money options for financial reporting purposes. A...

Not all Standard Essential Patents (SEPs) are actually essential – a phenomenon called over-declaration. IPR policies of standard-setting organizations require patent holders to declare any patents as SEPs that might be essential, without further SSO review or detailed compulsory declaration...

Potential competition restrains the prices of an incumbent seller when the incumbent can alter the environment perceived by an entrant in a way that both discourages entry and lowers prices. When the product has network effects, the incumbent can make its product ubiquitous and place the...

Background: The increased availability of claims data allows one to build high dimensional datasets, rich in covariates, for accurately estimating treatment effects in medical and epidemiological cohort studies. This paper shows the full potential of machine learning for the estimation of...