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1.Misbehavior, Education, and Labor Market Outcomes Carmit Segal Stanford University November 17 2004
Abstract Empirical studies on the acquisition and importance of productive skills have mainly focused on cognitive skills, as measured by aptitude and knowledge tests. This paper goes beyondcognitive skills and emphasizes the importance of non-cognitive skills, and in particular behavior. Using data on young men from the National Education Longitudinal Survey, it is possible to determine the relation of education and labor market outcomes to childhood behavior. The main finding is that eighth grade behavior is of the same order of importance to earnings as eighth grade test scores. Moreover, childhood behavior is associated with earnings at all educational levels. By contrast, achievement test scores are only related to earnings for young men with postsecondary degrees. Furthermore, behavior is stable over time. Although school and family characteristics do relate to behavior, these factors explain only a small part of behavior. Possible channels for the association between eighth grade behavior and economic success are explored.
[此贴子已经被作者于2004-12-6 1:36:32编辑过]
2.Social Influences and the Designation of Charitable Contributions:
Evidence from the Workplace
Katherine Grace Carman
Harvard University
November, 2004
This paper investigates factors that influence an individual’s choice of which charity to contribute to, focusing on the role of social influences. Selecting one of the over 800,000 charitable organizations in the country can be a daunting task. Social influences may help individuals narrow down the set of choices they want to consider. Measuring social influences is challenging due to several factors: group selection may be based on unobservable tastes, there may unobservable shocks that affect all group members, and the behavior of all group members is determined simultaneously. Proprietary data from the workplace giving campaign of a large national company are used. These data contain detailed information, which can be used to overcome the difficulties often associated with measuring social influences. Employees are allowed to contribute to any nonprofit organization. The results suggest that the designation of an individual gift is affected by social influences.
[此贴子已经被作者于2004-12-6 1:37:48编辑过]
3.Agency and Renegotiation in Corporate Finance: Evidence from Syndicated Loans
Amir Sufi* Massachusetts Institute of Technology sufi@mit.edu October, 2004
Abstract Syndicated lending is an increasingly important source of corporate finance, with over $1 trillion in new syndicated loans signed annually. This paper empirically explores the syndicated loan market with an emphasis on how information asymmetry and renegotiation considerations influence syndicate structure and the choice of participant lenders. There are two principal findings. First, when the borrower requires more intense investigation and monitoring effort by a financial institution, the lead arranger retains a larger portion of the loan, forms a more concentrated syndicate, and chooses participants that are closer to the borrower (both geographically and in terms of previous relationships). The evidence is consistent with moral hazard in a setting of information asymmetry. The lead arranger attempts to guarantee due diligence effort by increasing its risk exposure, and the lead arranger chooses lenders that minimize information asymmetry. Second, when the borrower is more likely to need to renegotiate the loan agreement, lead arrangers add participants with very small portions of the loan to the syndicate. Given that unanimity of lenders is needed to renegotiate major terms of the loan, adding participants with small portions of the loan reduces the renegotiation surplus expected by the borrower. The evidence suggests that lenders form syndicates to reduce inefficient behavior and strategic default by borrowers.
[此贴子已经被作者于2004-12-6 1:36:09编辑过]
Ownership vs. Contract:
How Vertical Integration Affects Investment Decisions in Pharmaceutical R&D
Ilan Guedj
PhD Candidate, Financial Economics
MIT Sloan School of Management 50 Memorial Drive, E52-442 Cambridge, MA 02142
November 24,2004
Abstract
This paper explores the effect of vertical integration on investment behavior in the pharmaceutical industry. I study a detailed, project-level sample of 4057 drug candidates that were sponsored by 40 large pharmaceutical firms during the period 1984-2001. Of these projects, 447 were conducted through a contractual alliance with another, smaller company that had discovered the drug candidate. The existence of these two types of governance structures allows me to compare integrated and non-integrated projects within the same firm. Controlling for project and firm characteristics, I document that pharmaceutical firms are more selective in continuing their integrated projects than in continuing projects governed by contract. I hypothesize that this difference is caused by the rigidity of the contract that governs non-integrated projects, making them less flexible in adapting to changes in the firm's situation. In line with this hypothesis, I document that although more frequently continued, non-integrated projects have a lower probability of success. Moreover, investment in non-integrated projects is less sensitive to the firm's cash flow and to the existence of other projects in the firm
[此贴子已经被作者于2004-12-6 11:37:37编辑过]
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