We develop and implement a methodology to disentangle various sources of capital misallocation, i.e., dispersion in static marginal products. Our strategy uses readily observable moments in firm-level data, e.g., capital and revenues, to measure the contributions of technological and...

We provide a theoretical model linking firm characteristics and expected returns. The key ingredient of our model is technological shocks embodied in new capital (IST shocks), which affect the profitability of new investments. Firms' exposure to IST shocks is endogenously determined by the...

The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of...

During the last two decades, median instructional spending per full-time equivalent (FTE) student at American 4-year colleges and universities has grown at a slower rate than median spending per FTE student in a number of other expenditure categories including academic support, student services...

We present results from a randomized study of a well-defined use of computers in schools: a popular instructional computer program for pre-algebra and algebra. We assess the program using a test designed to target pre-algebra and algebra skills. Students randomly assigned to computer-aided...

This paper compares retrospective and prospective analyses of the effect of flip charts on test scores in rural Kenyan schools. Retrospective estimates that focus on subjects for which flip charts are used suggest that flip charts raise test scores by up to 20 percent of a standard deviation....

Information and communication technologies, such as laptops, can be used for educational purposes as they provide users with computational tools, information storage and communication opportunities, but these devices may also pose as distractors that may tamper with the learning process. This...

We study the causal effect of school curricula on students' stated beliefs and attitudes. We exploit a major textbook reform in China that was rolled out between 2004 and 2010 with the explicit intention of shaping youths' ideology. To measure its effect, we present evidence from a novel survey...