NBER Reporter articles from December 1994

NBER Reporter archives from December 1994

Corporate finance.
December 22, 1994... The NBER's Program in Corporate Finance was established in fall 1991, and grew out of the eartier financial markets and monetary economics program. Traditionally, corporate finance is defined as "the study of the investment, financing, and...

The political economy of workers' compensation in the early twentieth century.
December 22, 1994... Over the last century the United States and many other countries have implemented a wide variety of social protection programs, including health care coverage for the poor and elderly, Social Security, unemployment insurance, and workers'...

Health insurance and individual labor market decisions.
December 22, 1994... It is well accepted that health insurance distorts the demand for medical services. My research explores a further margin along which health insurance may affect behavior: by changing the labor market decisions of individuals. This distortion...

Executive compensation.
December 22, 1994... The Controversy The compensation of top corporate executives in the United States has attracted considerable attention over the last few years. Part of this is undoubtedly because of the high and rising pay levels reported for CEOs of the...

Growth Theories in Light of the East Asian Experience.
December 22, 1994... Growth Theories in Light of the East Asian Experience (NBER-East Asia Seminar on Economics, Volume 4) will be available from the University of Chicago Press in January. This volume analyzes the phenomenal growth of the last few decades in the...

The Roles of Marketing, Product Quality, and Price Competition in the Growth and Composition of the U.S. Anti-Ulcer Drug Industry.
December 22, 1994... NBER Working paper No. 4904 October 1994 JEL Nos. D43, L65, M3 Industrial Organization, Productivity The introduction of Tagamet in the United States in 1977 represented both a revolution in ulcer therapy and the beginning of an important new...

Health and Labor Force Participation of Older Men: 1900-1991.
December 22, 1994... NBER Working Paper No.4929 November 1994 JEL Nos. J26, N31 Aging, Development of the American Economy, Health Economics, Labor Studies I investigate how the relationship between health status and retirement among older men has changed since...

International Patenting and Technology Diffusion.
December 22, 1994... NBER Working Paper No. 4931 November 1994 JEL Nos. F43, O14, O31 Growth, International Trade and Investment, Productivity We model the invention of new technologies and their diffusion across countries. Our model predicts that, eventually, all...

Historical Macroeconomic and American Macroeconomic History.
December 22, 1994... NBER Working Paper No. 4935 November 1994 Development of the American Economy, Economic Fluctuations Macroeconomic history offers more than longer time series or special "controlled experiments." It suggests a historical definition of the...

Intellectual Capital and the Firm: The Technology of Geographically Localized Knowledge Spillovers.
December 22, 1994... NBER Working Paper No. 4946 December 1994 Productivity We examine the effects of university-based "star" scientists on three measures of performance for biotechnology enterprises in California: the number of products in development; the number...

The Dynamics of Dual-Job Holding and Job Mobility.
December 22, 1994... NBER Working Paper No. 4968 December 1994 JEL Nos. J22, J63 Labor Studies This paper concerns the incidence and dynamics of dual-job holding, and its link to job mobility. The first section presents evidence on patterns of dual-job holding,...

Valuation of New Goods Under Perfect and Imperfect Competition.
December 22, 1994... NBER Working Paper No. 4969 December 1994 JEL Nos. E52, E32, E44 Monetary Economics The Consumer Price Index (CPI) attempts to answer the question of how much more (or less) income a consumer requires to be as well off in period one as in...

Do Private Schools Provide Competition for Public Schools?
December 22, 1994... NBER Working Paper No. 4978 December 1994 Public Economics Arguments in favor of school choice depend on the idea that competition between schools improves the quality of education. However, we have almost no empirical evidence on whether...

A Dynamic Structural Model for Stock Return Volatility and Trading Volume.
December 22, 1994... NBER Working Paper No. 4988 January 1995 Asset Pricing We develop a structural model that uses data on asset returns and trading volume to determine whether the autocorrelation in volatility comes from the fundamental being priced by the...

A Prelude to the Welfare State: Compulsory State Insurance and Workers' Compensation in Minnesota, Ohio, and Washington.
December 22, 1994... NBER Historical Paper No. 64 December 1994 JEL Nos. H11, G28, N42 Dissatisfied with the high costs of compensating workers for their injuries, seven states enacted legislation in the 1910s requiring employers to insure their workers'...

Factor Endowments, Institutions, and Differential Paths of Growth Among New World Economies: A View from Economic Historians of the United States.
December 22, 1994... NBER Historical Paper No. 66 December 1994 Many scholars are concerned with why the United States and Canada have been so much more successful over time than other New World economies. Since all New World societies enjoyed high levels of...