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Moral Hazard, Incentive Contracts and Risk: Evidence from Procurement
Lewis, Gregory; Bajari, Patrick - National Bureau of Economic Research (NBER) - 2011
Deadlines and penalties are widely used to incentivize effort. We model how these incentive contracts affect the work rate and time taken in a procurement setting, characterizing the efficient contract design. Using new micro-level data on Minnesota highway construction contracts that includes...
Persistent link: https://www.econbiz.de/10009370802
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Nonlinear Policy Rules and the Identification and Estimation of Causal Effects in a Generalized Regression Kink Design
Card, David E.; Lee, David; Pei, Zhuan; Weber, Andrea - National Bureau of Economic Research (NBER) - 2012
We consider nonparametric identification and estimation in a nonseparable model where a continuous regressor of interest is a known, deterministic, but kinked function of an observed assignment variable. This design arises in many institutional settings where a policy variable (such as weekly...
Persistent link: https://www.econbiz.de/10010950873
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ExtrapoLATE-ing: External Validity and Overidentification in the LATE Framework
Angrist, Joshua; Fernandez-Val, Ivan - National Bureau of Economic Research (NBER) - 2010
This paper develops a covariate-based approach to the external validity of instrumental variables (IV) estimates. Assuming that differences in observed complier characteristics are what make IV estimates differ from one another and from parameters like the effect of treatment on the treated, we...
Persistent link: https://www.econbiz.de/10008756465
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Pricing Model Performance and the Two-Pass Cross-Sectional Regression Methodology
Shanken, Jay; Kan, Raymond; Robotti, Cesare - National Bureau of Economic Research (NBER) - 2009
Since Black, Jensen, and Scholes (1972) and Fama and MacBeth (1973), the two-pass cross-sectional regression (CSR) methodology has become the most popular approach for estimating and testing asset pricing models. Statistical inference with this method is typically conducted under the assumption...
Persistent link: https://www.econbiz.de/10005025630
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Testing Conditional Factor Models
Ang, Andrew; Kristensen, Dennis - National Bureau of Economic Research (NBER) - 2011
Using nonparametric techniques, we develop a methodology for estimating conditional alphas and betas and long-run alphas and betas, which are the averages of conditional alphas and betas, respectively, across time. The tests can be performed for a single asset or jointly across portfolios. The...
Persistent link: https://www.econbiz.de/10009359903
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International Asset Allocation with Time-Varying Correlations
Ang, Andrew; Bekaert, Geert - National Bureau of Economic Research (NBER) - 1999
It is widely believed that correlations between international equity markets tend to increase in highly volatile bear markets. This has led some to doubt the benefits of international diversification. This article solves the dynamic portfolio choice problem of a US investor faced with a...
Persistent link: https://www.econbiz.de/10005774533
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Long Memory and Regime Switching
Diebold, Francis; Inoue, Atsushi - National Bureau of Economic Research (NBER) - 2000
The theoretical and empirical econometric literatures on long memory and regime switching have evolved largely independently, as the phenomena appear distinct. We argue, in contrast, that they are intimately related, and we substantiate our claim in several environments, including a simple...
Persistent link: https://www.econbiz.de/10005725320
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Housing Market Spillovers: Evidence from the End of Rent Control in Cambridge Massachusetts
Autor, David; Palmer, Christopher J.; Pathak, Parag A. - National Bureau of Economic Research (NBER) - 2012
control's removal produced large, positive, and robust spillovers onto the price of never-controlled housing from nearby … 2004, equal to nearly a quarter of total Cambridge residential price appreciation in this period. Positive spillovers to … never-controlled properties account for more half of the induced price appreciation. Residential investments can explain …
Persistent link: https://www.econbiz.de/10010885298
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Race-Specific Agglomeration Economies: Social Distance and the Black-White Wage Gap
Ross, Stephen; Ananat, Elizabeth; Fu, Shihe - National Bureau of Economic Research (NBER) - 2013
We demonstrate a striking but previously unnoticed relationship between city size and the black-white wage gap, with the gap increasing by 2.5% for every million-person increase in urban population. We then look within cities and document that wages of blacks rise less with agglomeration in the...
Persistent link: https://www.econbiz.de/10010950796
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The Agglomeration of Bankruptcy
Benmelech, Efraim; Bergman, Nittai; Milanez, Anna; … - National Bureau of Economic Research (NBER) - 2014
This paper identifies a new channel through which bankrupt firms impose negative externalities on non-bankrupt peers. The bankruptcy and liquidation of a retail chain weakens the economies of agglomeration in any given local area, reducing the attractiveness of retail centers for remaining...
Persistent link: https://www.econbiz.de/10010796665