Kauffman: Large Research Projects - NBER (Topic)最新文献

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The Impact of Health Information Technology on Hospital Productivity 卫生信息技术对医院生产力的影响
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2012-04-01 DOI: 10.1111/1756-2171.12030
Jinhyung Lee, J. McCullough, R. Town
{"title":"The Impact of Health Information Technology on Hospital Productivity","authors":"Jinhyung Lee, J. McCullough, R. Town","doi":"10.1111/1756-2171.12030","DOIUrl":"https://doi.org/10.1111/1756-2171.12030","url":null,"abstract":"The US health care sector is, by most accounts, extraordinarily inefficient. Health information technology (IT) has been championed as a tool that can transform health care delivery. Recently, the federal government has taken an active role in promoting health IT diffusion. There is little systematic analysis of the causal impact of health IT on productivity or whether private and public returns to health IT diverge thereby justifying government intervention. We estimate the parameters of a value-added hospital production function correcting for endogenous input choices in order to assess the private returns hospitals earn from health IT. Despite high marginal products, the potential benefits from expanded IT adoption are modest. Over the span of our data, health IT inputs increased by more than 210% and contributed about 6% to the increase in value-added. Virtually all the increase in value-added is attributable to the increased use of inputs{there was little change in hospital multi-factor productivity. Not-for-profits invested more heavily and differently in IT than for-profit hospitals. Finally, we find no evidence of labor complementarities or network externalities from health IT.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128771398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 160
Would You Buy a Honda Made in the U.S.? The Impact of Production Location on Manufacturing Quality 你会买美国制造的本田吗?生产区位对制造质量的影响
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2012-04-01 DOI: 10.3386/W18005
N. Lacetera, Justin R. Sydnor
{"title":"Would You Buy a Honda Made in the U.S.? The Impact of Production Location on Manufacturing Quality","authors":"N. Lacetera, Justin R. Sydnor","doi":"10.3386/W18005","DOIUrl":"https://doi.org/10.3386/W18005","url":null,"abstract":"Are location-specific factors--such as the education and attitude of the local workforce, supplier networks, institutional infrastructure, and local \"culture\"--important for understanding persistent heterogeneities among firms? We address this question in the context of the automobile industry. Using a unique data set of over 565,000 used-car transactions at wholesale auctions, we test whether the long-run value and quality of otherwise identical cars depends on the country of assembly. We exploit the natural experiment provided by the establishment of assembly plants in the U.S. by Japanese auto manufacturers, and the fact that some of the most popular Japanese car models are assembled both in Japan and the U.S. We find evidence that the Japan-assembled cars on average sell for more than those built in the U.S., but the estimated difference is only $62. The average differences are driven almost entirely by older-model Toyotas, for which we find a more meaningful difference between the Japanese and U.S. built cars. For Hondas and more recent models of Toyotas, the Japan-built cars are no more valuable than those built in the U.S. These results suggest that Japanese automakers have been successful, though perhaps with some lag, at transferring their high-quality practices to their U.S. transplants. Our findings also suggest that there is not an inherent limitation to the U.S. manufacturing environment that prevents the production of high-quality cars in America.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122276001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Plant-Level Productivity and Imputation of Missing Data in U.S. Census Manufacturing Data 工厂级生产率和美国人口普查制造业数据中缺失数据的代入
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2012-02-01 DOI: 10.3386/w17816
Kirk White, Jerome P. Reiter, Amil Petrin
{"title":"Plant-Level Productivity and Imputation of Missing Data in U.S. Census Manufacturing Data","authors":"Kirk White, Jerome P. Reiter, Amil Petrin","doi":"10.3386/w17816","DOIUrl":"https://doi.org/10.3386/w17816","url":null,"abstract":"Within-industry differences in measured plant-level productivity are large. A large literature has been devoted to explaining the causes and consequences of these differences. In the U.S. Census Bureau's manufacturing data, the Bureau imputes for missing values using methods known to result in underestimation of variability and potential bias in multivariate inferences. We present an alternative strategy for handling the missing data based on multiple imputation via sequences of classification and regression trees. We use our imputations and the Bureau's imputations to estimate within-industry productivity dispersions. The results suggest that there is more within-industry productivity dispersion than previous research has indicated. We also estimate relationships between productivity and market structure and between output prices, capital, and the probability of plant exit (controlling for productivity) based on the improved imputations. For some estimands, we find substantially different results than those based on the Census Bureau's imputations.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125621579","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 31
Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity 私募股权的周期性、绩效衡量和现金流流动性
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2011-09-01 DOI: 10.2139/ssrn.1731603
D. Robinson, Berk A. Sensoy
{"title":"Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity","authors":"D. Robinson, Berk A. Sensoy","doi":"10.2139/ssrn.1731603","DOIUrl":"https://doi.org/10.2139/ssrn.1731603","url":null,"abstract":"We study the liquidity properties of private equity cash flows using data from 837 buyout and venture capital funds from 1984 to 2010. Most cash flow variation at a point in time is diversifiable — either idiosyncratic to a given fund or explained by the fund’s age. Both capital calls and distributions also have a procyclical systematic component. Distributions are more sensitive than calls, implying procyclical aggregate net cash flows. A consequence is that the well-known finding that funds raised in hot markets underperform in absolute terms is sharply attenuated when comparing to public equities. Consistent with a liquidity premium for calling capital in bad times, we find that funds with a relatively high propensity to do so perform better in both absolute and relative terms. Venture capital cash flows and performance are considerably more cyclical than buyout, and the links between cyclical cash flows and performance are likewise stronger.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"275 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115945719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 205
Geography and Financial Contracts 地理与金融合同
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2010-03-14 DOI: 10.2139/ssrn.1570614
Ola Bengtsson, S. Ravid
{"title":"Geography and Financial Contracts","authors":"Ola Bengtsson, S. Ravid","doi":"10.2139/ssrn.1570614","DOIUrl":"https://doi.org/10.2139/ssrn.1570614","url":null,"abstract":"This paper shows that geographical elements can form an essential component of contract design in addition to more traditional ingredients such as information problems, moral hazard and legal institutions. We analyze cash flow contingencies included in 1,804 contracts between U.S. venture capitalists (VCs) and U.S. startup companies. These contingencies affect both the pricing of the VC investment and the entrepreneur’s monetary incentives. We construct an index of “contract harshness”. Consistent with theoretical arguments, we show that contracts include fewer harsh contingencies for younger companies and companies that raise larger amounts of VC financing. However, we find that geography plays a crucial role in VC contract design. Our main result is that contracts are considerably less harsh if the startup is located in California, and in particular in Silicon Valley. The effect also carries over between markets: contracts are less harsh for entrepreneurs if a VC is located in California or if a non-California VC has had large exposure to investments in California. We further show that contracts are less harsh if the startup is located in a region with a larger VC market, or if the geographical distance between the VC and the company is shorter. This latter finding supports the view that geographical proximity lowers monitoring costs. However, the “California effect” remains large and significant even after we control for all other factors. Finally, we present evidence that the effect cannot be explained by a substitution between control rights and cash flow contingencies. In fact, California contracts are less investor-friendly on both counts.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116187577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Incentives and Creativity: Evidence from the Academic Life Sciences 激励与创造力:来自学术生命科学的证据
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2009-10-01 DOI: 10.1111/J.1756-2171.2011.00140.X
Pierre Azoulay, Joshua Graff Zivin, Gustavo Manso
{"title":"Incentives and Creativity: Evidence from the Academic Life Sciences","authors":"Pierre Azoulay, Joshua Graff Zivin, Gustavo Manso","doi":"10.1111/J.1756-2171.2011.00140.X","DOIUrl":"https://doi.org/10.1111/J.1756-2171.2011.00140.X","url":null,"abstract":"Despite its presumed role as an engine of economic growth, we know surprisingly little about the drivers of scientific creativity. In this paper, we exploit key differences across funding streams within the academic life sciences to estimate the impact of incentives on the rate and direction of scientific exploration. Specifically, we study the careers of investigators of the Howard Hughes Medical Institute (HHMI), which tolerates early failure, rewards long-term success, and gives its appointees great freedom to experiment; and grantees from the National Institute of Health, which are subject to short review cycles, pre-defined deliverables, and renewal policies unforgiving of failure. Using a combination of propensity-score weighting and difference-in-differences estimation strategies, we find that HHMI investigators produce high- impact papers at a much higher rate than a control group of similarly-accomplished NIH-funded scientists. Moreover, the direction of their research changes in ways that suggest the program induces them to explore novel lines of inquiry.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117045066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 527
Financing Constraints and Entrepreneurship 融资约束与创业
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2009-08-11 DOI: 10.2139/SSRN.1447503
W. Kerr, Ramana Nanda
{"title":"Financing Constraints and Entrepreneurship","authors":"W. Kerr, Ramana Nanda","doi":"10.2139/SSRN.1447503","DOIUrl":"https://doi.org/10.2139/SSRN.1447503","url":null,"abstract":"Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal for policymakers worldwide. We review two major streams of research examining the relevance of financing constraints for entrepreneurship. We then introduce a framework that provides a unified perspective on these research streams, thereby highlighting some important areas for future research and policy analysis in entrepreneurial finance.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115272784","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 242
Entrepreneurial Finance and Non-Diversifiable Risk 创业融资与不可分散风险
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2009-04-01 DOI: 10.1093/RFS/HHQ122
Hui Chen, Jianjun Miao, Neng Wang
{"title":"Entrepreneurial Finance and Non-Diversifiable Risk","authors":"Hui Chen, Jianjun Miao, Neng Wang","doi":"10.1093/RFS/HHQ122","DOIUrl":"https://doi.org/10.1093/RFS/HHQ122","url":null,"abstract":"We develop a dynamic incomplete-markets model of entrepreneurial firms, and demonstrate the implications of nondiversifiable risks for entrepreneurs' interdependent consumption, portfolio allocation, financing, investment, and business exit decisions. We characterize the optimal capital structure via a generalized tradeoff model where risky debt provides significant diversification benefits. Nondiversifiable risks have several important implications: More risk-averse entrepreneurs default earlier, but choose higher leverage; lack of diversification causes entrepreneurial firms to underinvest relative to public firms, and risky debt partially alleviates this problem; and entrepreneurial risk aversion can overturn the risk-shifting incentives induced by risky debt. We also analytically characterize the idiosyncratic risk premium. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129181651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 105
Realization Utility 实现效用
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2008-10-01 DOI: 10.3386/w14440
N. Barberis, Wei Xiong
{"title":"Realization Utility","authors":"N. Barberis, Wei Xiong","doi":"10.3386/w14440","DOIUrl":"https://doi.org/10.3386/w14440","url":null,"abstract":"A number of authors have suggested that investors derive utility from realizing gains and losses on assets that they own. We present a model of this \"realization utility,\" analyze its predictions, and show that it can shed light on a number of puzzling facts. These include the disposition effect, the poor trading performance of individual investors, the higher volume of trade in rising markets, the effect of historical highs on the propensity to sell, the individual investor preference for volatile stocks, the low average return of volatile stocks, and the heavy trading associated with highly valued assets.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123845973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 338
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