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Conflict, Evolution, Hegemony, and the Power of the State
Levine, David; Modica, Salvatore - National Bureau of Economic Research (NBER) - 2013
In a model of evolution driven by conflict between societies more powerful states have an advantage. When the influence of outsiders is small we show that this results in a tendency to hegemony. In a simple example in which institutions differ in their "exclusiveness" we find that these...
Persistent link: https://www.econbiz.de/10010950707
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The Online Laboratory: Conducting Experiments in a Real Labor Market
Zeckhauser, Richard; Horton, John J.; Rand, David G. - National Bureau of Economic Research (NBER) - 2010
Online labor markets have great potential as platforms for conducting experiments, as they provide immediate access to a large and diverse subject pool and allow researchers to conduct randomized controlled trials. We argue that online experiments can be just as valid - both internally and...
Persistent link: https://www.econbiz.de/10008628361
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Self-Confidence and Social Interactions
Benabou, Roland; Tirole, Jean - National Bureau of Economic Research (NBER) - 2000
This paper studies the interactions between an individual's self esteem and his social environment in the workplace, at school, and in personal relationships. Because a person generally has only imperfect knowledge of his own abilities, people who derive benefits from his performance (parent,...
Persistent link: https://www.econbiz.de/10005710142
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Threats without Binding Commitment
Shavell, Steven; Spier, Kathryn - National Bureau of Economic Research (NBER) - 1996
This paper explores the power of threats in the absence of binding commitment. The threatener cannot commit to carrying out the threat if the victim refuses payment, and cannot commit to not carrying out the threat if payment is made. If exercising the threat is costly to the threatener, then...
Persistent link: https://www.econbiz.de/10005720933
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Financial Development in 205 Economies, 1960 to 2010
Demirguc-Kunt, Asli; Levine, Ross; Čihák, Martin; … - National Bureau of Economic Research (NBER) - 2013
This paper describes our construction of the Global Financial Development Database and uses the data to compare financial systems around the world. The database provides information on financial systems in 205 economies over the period from 1960 to 2010 and includes measures of (1) size of...
Persistent link: https://www.econbiz.de/10010969344
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Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks
Hau, Harald; Efing, Matthias; Kampkötter, Patrick; … - National Bureau of Economic Research (NBER) - 2014
We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify … document an economically significant correlation of incentive pay with both the level and volatility of bank trading income … share in the capital markets divisions with the strength of incentive pay in unrelated bank divisions like retail banking …
Persistent link: https://www.econbiz.de/10010969346
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Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
Chen, Hui; Cui, Rui; He, Zhiguo; Milbradt, Konstantin - National Bureau of Economic Research (NBER) - 2014
We develop a structural credit risk model to examine how the interactions of liquidity and default risk affect corporate bond pricing. By explicitly modeling debt rollover and by endogenizing the holding costs via collateralized financing, our model generates rich links between liquidity risk...
Persistent link: https://www.econbiz.de/10010969437
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Banks, Liquidity Management and Monetary Policy
Bianchi, Javier; Bigio, Saki - National Bureau of Economic Research (NBER) - 2014
illiquid loans by issuing deposits. Deposit transfers across banks must be settled using central bank reserves. Transfers are …
Persistent link: https://www.econbiz.de/10010950643
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Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms
Brown, Jennifer; Matsa, David A. - National Bureau of Economic Research (NBER) - 2012
We use novel data from a leading online job search platform to examine the impact of corporate distress on firms’ ability to attract job applicants. Survey responses suggest that job seekers accurately perceive firms’ financial condition, as measured by companies’ credit default swap...
Persistent link: https://www.econbiz.de/10010950763
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Asset Pricing in the Dark: The Cross Section of OTC Stocks
Ang, Andrew; Shtauber, Assaf A.; Tetlock, Paul C. - National Bureau of Economic Research (NBER) - 2013
Over-the-counter (OTC) stocks are far less liquid, disclose less information, and exhibit lower institutional holdings than listed stocks. We exploit these different market conditions to test theories of cross-sectional return premiums. Compared to premiums in listed markets, the OTC illiquidity...
Persistent link: https://www.econbiz.de/10010950781