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Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance
Philippon, Thomas - 2007
The share of finance in U.S. GDP has been multiplied by more than three over the postwar period. I argue, using evidence and theory, that corporate finance is a key factor behind this evolution. Inside the finance industry, credit intermediation and corporate finance are more important than...
Persistent link: https://www.econbiz.de/10012465229
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Candidates, Character, and Corruption
Bernheim, B. Douglas - 2010
anti-corruption enforcement affect the expected quality of governance through candidate self-selection. We also show that …
Persistent link: https://www.econbiz.de/10012462127
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Horizontal and Vertical Conflict : Experimental Evidence
Galiani, Sebastian - 2016
Two types of political conflicts of interest pervade many of the world's societies. A horizontal conflict of interest arises when different constituencies support different policies, while a vertical conflict of interest emerges when those in charge of running the government acquire and retain...
Persistent link: https://www.econbiz.de/10012456815
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You Owe Me
Malmendier, Ulrike - 2012
In many cultures and industries gifts are given in order to influence the recipient, often at the expense of a third party. Examples include business gifts of firms and lobbyists. In a series of experiments, we show that, even without incentive or informational effects, small gifts strongly...
Persistent link: https://www.econbiz.de/10012460117
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Financiers vs. Engineers : Should the Financial Sector be Taxed or Subsidized?
Philippon, Thomas - 2007
I study the allocation of human capital in an economy with production externalities, financial constraints and career choices. Agents choose to become entrepreneurs, workers or financiers. Entrepreneurship has positive externalities, but innovators face borrowing constraints and require the...
Persistent link: https://www.econbiz.de/10012465087
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Financing Development : The Role of Information Costs
Greenwood, Jeremy - 2007
How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The...
Persistent link: https://www.econbiz.de/10012465550
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Big Data in Finance
Goldstein, Itay; Spatt, Chester S.; Ye, Mao - National Bureau of Economic Research - 2021
Big data is revolutionizing the finance industry and has the potential to significantly shape future research in finance. This special issue contains articles following the 2019 NBER/ RFS conference on big data. In this Introduction to the special issue, we define the "Big Data" phenomenon as a...
Persistent link: https://www.econbiz.de/10012496169
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Lobbying Behind the Frontier
Bombardini, Matilde; Cutinelli-Rendina, Olimpia; … - National Bureau of Economic Research - 2021
competition in U.S. industries. Lobbying expenditures increase as a consequence of import changes related to the China shock. The … effect on lobbying is not homogeneous across firms and it concentrates particularly in those producers which are behind the … technological frontier. We discuss theoretical mechanisms driving lobbying of firms away from the technological frontier: not only …
Persistent link: https://www.econbiz.de/10012616568
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Optimal Tariffs and Trade Policy Formation : U.S. Evidence from the Smoot-Hawley Era
Irwin, Douglas A.; Soderbery, Anson - National Bureau of Economic Research - 2021
well as industry lobbying data. We find that tariff levels are largely determined by firm lobbies, but about about 5 …
Persistent link: https://www.econbiz.de/10012599405
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Economic Interests, Worldviews, and Identities : Theory and Evidence on Ideational Politics
Ash, Elliott; Mukand, Sharun W.; Rodrik, Dani - National Bureau of Economic Research - 2021
We distinguish between ideational and interest-based appeals to voters on the supply side of politics, and integrate the Keynes-Hayek perspective on the importance of ideas with the Stigler-Becker approach emphasizing vested interests. In our model, political entrepreneurs discover identity and...
Persistent link: https://www.econbiz.de/10012696383