We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least … 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst … assess the skill of its own employees …

This paper estimates the elasticity of substitution between capital and skill using variation across U.S. counties in … immigration-induced skill mix changes between 1860 and 1930. We find that capital began as a q-complement for skilled and … parametric production function calibrated to our estimates imply the level of capital-skill complementarity after 1890 likely …

explanation: the quality of inputs differs across firms. We add labor market history variables such as experience and firm and … industry tenure, as well as general human capital measures such as schooling and sex. We also use the wage bill and worker … fixed effects. We show adding human capital variables and the wage bill decreases the ratio of the 90th to 10th productivity …

States in 1938 - is its stimulation of capital deepening. This took two forms. First, the engineered shortage of low …-skill, low-paying jobs induced teenagers to invest in additional human capital - primarily by extending their schooling - in an … legally hire low-wage workers, rearranged their production processes to substitute capital for low-skill labor and to innovate …

employees of each firm into `layers' using occupational categories. Layers are hierarchical in that the typical worker in a … employees that accompany expansions in layers, output, or markets (by becoming exporters). The empirical results indicate that …

mechanisms behind these links, which we integrate into a unified theory of export destinations and skills. First, exporting to …), the theories suggest a skill-bias in export destinations: firms that export to high-income destinations hire more skills …