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Published macroeconomic data traditionally exclude most intangible investment from measured GDP.
This situation is beginning to change, but our estimates suggest that as much as $800 billion is still...
A Stochastic Model of Mortality, Fertility, and Human Capital Investment
Uncertainty Precautionary demand Quality-Quantity trade off
2015/9/21
This paper examines the relationship between fertility and human capital investment,
and it’s implications for economic growth, focusing on the effects of declining mortality.
Unlike the exist...
Measuring Capital and Technology An Expanded Framework
Expanded Framework Measuring Capital and Technolog
2015/9/21
The last two hundred years have witnessed dramatic gains in the standard
of living in the United States, driven by the technological innovations introduced by the Industrial Revolution and carried fo...
Capital Controls,Risk and Liberalization Cycles
Business Cycles Development Economics Voting Risk and Uncertainty Cash Flow Saving
2015/5/14
The paper presents an overlapping-generations model where agents vote on whether to open or close the economy to international capital flows. Political decisions are shaped by the risk over capital an...
Capital Cash Flows:A Simple Approach to Valuing Risky Cash Flows
Cash Flow Capital Valuation
2015/5/13
Capital Cash Flows: A Simple Approach to Valuing Risky Cash Flows.
Career Concerns and Staged Investment:Evidence from the Venture Capital Industry
Performance Efficiency Valuation Venture Capital Investment Decisions Motivation and Incentives
2015/5/13
I develop a model in which career concerns lead to inefficient reinvestment decisions. Managers have incentives to inflate interim returns by continuing bad projects and delaying write-offs. In the ve...
Bridge Building in Venture Capital-Backed Acquisitions
Mergers and Acquisitions Venture Capital Private Equity Knowledge Sharing Market Transactions
2015/5/12
We study the role of common venture capital investors in alleviating asymmetric information between public acquirers and private venture capital-backed targets. We find that acquisition announcement r...
Adding Value Through Venture Capital in Latin America and the Caribbean
Venture Capital Value Entrepreneurship Investment Latin America West Indies
2015/4/28
Venture capital (VC) investment has long been recognized as an engine for economic growth and development. Unlike bank loans, where the entrepreneur receives money and is left alone as long as the pay...
Corporate Governance and Internal Capital Markets
Cost vs Benefits Capital Markets Corporate Governance Taxation Ownership
2015/4/23
We exploit an exogenous shock to corporate ownership structures created by a recent tax reform in Germany to explore the link between corporate governance and internal capital markets. We find that fi...
Venture Capital Investment in the Clean Energy Sector
Business Startups Energy Generation Venture Capital Investment Governing Rules Regulations
2015/4/23
We examine the extent to which venture capital is adequately positioned for the rapid commercialization of clean energy technologies in the United States. While there are several startups in clean ene...
Multinational Firms, FDI Flows and Imperfect Capital Markets
Multinational Firms FDI Flows Capital Marketa
2015/4/21
Multinational Firms, FDI Flows and Imperfect Capital Markets.
We use highly disaggregated data on trade in capital goods to study differences in the price of capital across countries. This strategy is motivated by the fact that most countries import the bulk of ...
Are Capital Controls Prudential? An Empirical Investigation
Capital Controls An Empirical Investigation
2013/11/27
A growing recent theoretical literature advocates the use of prudential capital control policy, that is, the tightening of restrictions on cross-border capital flows during booms and the relaxation th...
The World Economy—The Trend and Mechanism of Intergenerational Income Mobility in China: An Analysis from the Perspective of Human Capital, Social Capital and Wealth
The World Economy The Trend and Mechanism of Intergenerational Income Mobility in China An Analysis from the Perspective of Human Capital Social Capital Wealth
2014/1/13
The World Economy—The Trend and Mechanism of Intergenerational Income Mobility in China: An Analysis from the Perspective of Human Capital, Social Capital and Wealth。
Non-linear Capital Taxation Without Commitment
Capital taxation Political economy Progressivity Mirrlees
2014/9/10
We study efficient non-linear taxation of labour and capital in a dynamic Mirrleesian model incorporating political economy constraints. Policies are chosen sequentially over time, without commitment....