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General purpose technologies (GPTs) such as AI enable and require significant complementary investments, including co-invention of new processes, products, business models and human capital. These complementary investments are often intangible and poorly measured in the national accounts, even...
Persistent link: https://www.econbiz.de/10012480800
We examine the effects of university-based star scientists on three measures of performance for California biotechnology enterprises: the number of products in development, the number of products on the market, and changes in employment. The `star' concept which Zucker, Darby, and Brewer (1994)...
Persistent link: https://www.econbiz.de/10012473953
number of highly productive 'star' scientists actively publishing genetic sequence discoveries. Great universities are likely … to grow and recruit star scientists, but their effect is separable from the universities. When the intellectual capital …
Persistent link: https://www.econbiz.de/10012474283
This essay reviews the theoretical and empirical literature on quality disclosure and certification. After comparing … quality disclosure with other quality assurance mechanisms and describing a brief history of quality disclosure, we address … government mandate disclosure? and (iii) Do certifiers necessarily report unbiased and accurate information? We further review …
Persistent link: https://www.econbiz.de/10012463006
Disclosure policies have the potential to help consumers and make markets more efficient. Yet, the effectiveness of … disclosure policies can be undermined if firms strategically make unfavorable information unnecessarily complicated to understand …. To explore the incentives for using complexity in disclosure, we implement a game of mandatory disclosure where senders …
Persistent link: https://www.econbiz.de/10012453045
as a result of voluntary disclosure and in turn increases firm value. This suggests that managers can causally influence … their cost of capital via voluntary disclosure …
Persistent link: https://www.econbiz.de/10012459678
disclosure policies we estimate a model of college demand. We find that disclosure changes college choice by reducing uncertainty …
Persistent link: https://www.econbiz.de/10012457367
We evaluate the aggregate, distributional and welfare consequences of alternative government education policies to encourage college completion, such as making college free and improving funding for public schooling. To do so, we construct a general equilibrium overlapping generations model with...
Persistent link: https://www.econbiz.de/10014544745
This paper estimates the heterogeneous labor market effects of enrolling in higher education short-cycle (SC) programs. Expanding access to these programs might affect the behavior of some students (compliers) in two margins: the expansion margin (students who would not have enrolled in higher...
Persistent link: https://www.econbiz.de/10013334396
We examine the impact of outside purchase contracts on firm risk and firm capital structure. We find that firms with more outside purchase contracts have less risky cash flows. Despite these less risky cash flows, firms with these contracts also have less financial leverage especially when they...
Persistent link: https://www.econbiz.de/10012458086