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�������""������������8�<5�4nliiiii}}}�m�m�m�m�m�m�m$�o�vrf�m�}}}}}�m��ii4�m}��i�i�m}�mi������tc;������c�mn04n�rsf�r�/�r�r$��j�}}}}}}}�m�m�x}}}4n}}}}���������������������������������������������������������������������r}}}}}}}}}"qs: the american economic review
volume 111, issue 12, december 2021
1. title: product innovation, product diversification, and firm growth: evidence from japan's early industrialization
authors: braguinsky, serguey; atsushi ohyama; tetsuji okazaki; syverson, chad.
abstract: we explore how firms grow by adding products. we leverage detailed data from japan's cotton spinning industry at the turn of the last century to do so. this setting allows us to fully characterize the type of differentiation (vertical or horizontal) of new product introductions as well as whether the product is within or outside of the firm's prior technological capabilities. we find that trying to introduce innovative products beyond the firm's previous technologically feasible set, even if such trials fail, is a key to firm growth. indeed, it mostly facilitates growth through the firm's later success in horizontal product diversification. in long-term outcomes, the right tail of the firm size distribution becomes dominated by firms that first moved into technologically challenging products and then later applied their newly acquired technical competence to horizontal expansion of their product portfolios. two mechanisms through which this knowledge transfer occurs are greater production system flexibility and higher product appeal to downstream buyers.
2. title: tax administration versus tax rates: evidence from corporate taxation in indonesia
authors: basri, m. chatib; felix, mayara; hanna, rema; olken, benjamin a.
abstract: we compare two approaches to increasing tax revenue: tax administration and tax rates. we show that when indonesia moved top regional firms into "medium taxpayer offices," with high staff-to-taxpayer ratios, tax revenue more than doubled. examining nonlinear changes to corporate income tax rates, we estimate an elasticity of taxable income of 0.579. combining these estimates, improved tax administration is equivalent to raising top rates on all firms by 8 percentage points. on net, improved tax administration can have significant returns for developing countries.
3. title: sectoral media focus and aggregate fluctuations
authors: chahrour, ryan; nimark, kristoffer; pitschner, stefan.
abstract: we formalize the editorial role of news media in a multisector economy and show that media can be an independent source of business cycle fluctuations, even when they report accurate information. public reporting about a subset of sectoral developments that are newsworthy but unrepresentative causes firms across all sectors to hire too much or too little labor. we construct historical measures of us sectoral news coverage and use them to calibrate our model. time-varying media focus generates demand-like fluctuations that are orthogonal to productivity, even in the absence of non-tfp shocks. presented with historical sectoral productivity, the model reproduces the 2009 great recession.
4. title: team-specific human capital and team performance: evidence from doctors
authors: yiqun chen.
abstract: this paper studies whether team members' past collaboration creates team-specific human capital and influences current team performance. using administrative medicare claims for two heart procedures, i find that shared work experience between the doctor who performs the procedure ("proceduralist") and the doctors who provide care to the patient during the hospital stay for the procedure ("physicians") reduces patient mortality rates. a one standard deviation increase in proceduralist-physician shared work experience leads to a 10-14 percent reduction in patient 30-day mortality. patient medical resource use also declines with shared work experience, even as survival improves.
5. title: prep school for poor kids: the long-run impacts of head start on human capital and economic self-sufficiency
authors: bailey, martha j.; shuqiao sun; timpe, brenden.
abstract: this paper evaluates the long-run effects of head start using large-scale, restricted administrative data. using the county rollout of head start between 1965 and 1980 and age-eligibility cutoffs for school entry, we find that head start generated large increases in adult human capital and economic self-sufficiency, including a 0.65-year increase in schooling, a 2.7 percent increase in high school completion, an 8.5 percent increase in college enrollment, and a 39 percent increase in college completion. these estimates imply sizable, long-term returns to investments in means-tested, public preschool programs.
6. title: m equilibrium: a theory of beliefs and choices in games
authors: goeree, jacob k.; louis, philippos.
abstract: we introduce a set-valued solution concept, m equilibrium, to capture empirical regularities from over half a century of game theory experiments. we show m equilibrium serves as a meta theory for various models that hitherto were considered unrelated. m equilibrium is empirically robust and, despite being set-valued, falsifiable. results from a series of experiments that compare m equilibrium to leading behavioral game theory models demonstrate its virtues in predicting observed choices and stated beliefs. data from experimental games with a unique pure-strategy nash equilibrium and multiple m equilibria exhibit coordination problems that could not be anticipated through the lens of existing models.
7. title: delegation in veto bargaining
authors: kartik, navin; kleiner, andreas; van weelden, richard.
abstract: a proposer requires a veto player's approval to change a status quo. proposer is uncertain about vetoer's preferences. we show that vetoer is typically given a non-singleton menu, or delegation set, of options to pick from. the optimal set balances the extent of compromise with the risk of a veto. we identify conditions for certain delegation sets to emerge, including "full delegation": vetoer can choose any action between the status quo and proposer's ideal action. by contrast to expertise-based delegation, proposer gives less discretion to vetoer when their preferences are more (likely to be) aligned.
8. title: synthetic difference-in-differences
authors: arkhangelsky, dmitry; athey, susan; hirshberg, david a.; imbens, guido w.; wager, stefan.
abstract: we present a new estimator for causal effects with panel data that builds on insights behind the widely used difference-in-differences and synthetic control methods. relative to these methods we find, both theoretically and empirically, that this "synthetic difference-in-differences" estimator has desirable robustness properties, and that it performs well in settings where the conventional estimators are commonly used in practice. we study the asymptotic behavior of the estimator when the systematic part of the outcome model includes latent unit factors interacted with latent time factors, and we present conditions for consistency and asymptotic normality.
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