Many questions about institutional trading can only be answered if one can track high-frequency changes in institutional ownership. In the U.S., however, institutions are only required to report their ownership quarterly in 13-F filings. We infer daily institutional trading behaviour from the...

[...]In this article, we demonstrate how such industry-specific realexchange rates can be constructed and present the recent pathsof these indexes. We next present three basic real exchange ratemeasures for each industry: one using export partner weightsonly, a second using import partner...

In the view of most policymakers and economists,competition in retail banking takes place in localmarkets covering a relatively small geographic area.Banks are thought to design their services and settheir loan and deposit rates in response to the supply anddemand conditions prevailing in a...

[...]We conclude that technological change, combinedwith overall growth in the capital stock, is the most importantfactor driving the growing wage inequality betweenlow-skilled and high-skilled workers. Increased competitionfrom abroad, both from developing and industrializedcountries, appears...

This paper examines major privately-owned British railway companies before World War I. Quantitative evidence is presented on return on capital employed, total factor productivity growth, cost inefficiency, and speed of passenger services. There were discrepancies in performance across companies...

This paper uses recently digitised samples of apprentices and masters in London and Bristol to quantify the practice of apprenticeship in the late 17th century. Apprenticeship appears much more fluid than is traditionally understood. Many apprentices did not complete their terms of indenture;...

This paper examines the effect of a new technology on a labour-intensive service. Comparing primal and dual TFP-growth with final-year social savings, we find that, between 1900 and 1938, motion pictures increased entertainment output (measured in spectator-hours) by at least nine percent...

This article examines the hypothesis that in the “Third Reich”, bureaucratic agencies engaged in economic policies competed with each other. First, a model of competition is constructed whose predictions are then compared with actual political processes in Nazi Germany. This shows that the...

The quality of British entrepreneurship in the half century before 1914 excitescontroversy. Contemporaries were of mixed minds about the matter. Alfred Marshall(1920: 92-106), for example, was uneasy about the competitive inroads entrepreneursfrom other advanced industrial countries had made...

We find little support for the Schumpeterian hypothesis of a positiverelationship between market power and innovation in 1950’s Britain eventhough many economists and policymakers accepted it at the time. Pricefixingagreements were very widespread prior to the 1956 RestrictivePractices Act and...