This paper employs a new global panel data set on innovation related variables to examine patterns of R&D investment across the development process. We find that R&D effort measured as a share of GDP rises with development at an increasing rate, but that several countries have experienced...

This paper examines the portability of star security analysts’ performance. Analysis from a panel data set of research analysts in investment banks over 1988-1996 reveals that star analysts who switch employers show an immediate decline in performance, which persists for at least five years....

In this paper we assess the determinants of care quality in a health maintenance organization. Our research relies on a novel source of information on care quality, the “errors” detected by an artificial intelligence program that scans a patient’s medical records for deviations from best...

What determines the internal organization of law firms? Using previously unused census data, we study the production function of law and the way partnerships structure this production. This paper reports findings on the leverage ratios, on the extent of individual specialization, and on the...

In this paper, we use quantile regression methods to analyze the gender gap in the Netherlands. Specifically, we use data from the 1992 wave of the OSA Labour Survey Panel to decompose the difference between the distributions of wages for males and females who are employed full-time. The...

In employment agreements, alternatives arise over time for either party that threaten the survival of the particular match between the worker and the firm. This paper focuses on one side of this issue, namely the optimal response by an employer to a threatened unilateral termination of an...

In this paper, I study the welfare properties of growth models with endogenous innovation, knowledge externalities, and monopoly pricing of new goods. Since useful policy prescriptions cannot be inferred from a balanced growth analysis, welfare is analyzed for transition paths. I provide a...

Trade and growth theories predict a mutual causation of innovation and exports. We test empirically whether innovation causes exports using a uniquely rich German micro dataset. To overcome the potential endogeneity, we need to identify variations in innovations that are exogenous to export...

Empirical evidences tell us that in the recent years the expansion period is increased with reduction of the contraction period in the U.S. business cycles. Moreover, the business cycles in the United States also show the trend to be moderated with recent economic growth induced and supported by...

This paper develops a theory of outside ownership where such an ownership arrangement mitigates an external finance problem. Part of the gains from outside ownership accrue to asset owners which determines the asset value. The theory provides a context to analyze asset ownership and asset values...