We consider the estimation of Cobb-Douglas production functions using panel data covering a large sample of companies observed for a small number of time periods. Standard GMM estimators, which eliminate unobserved firm-specific effects by taking first dierences, have been found to produce

According to endogenous growth theory, permanent changes in certain policy variables have permanent effects on the rate of economic growth. Empirically, however, U. S. growth rates exhibit no large persistent changes. Therefore, the determinants of long-run growth highlighted by a specific growth

It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital structure are very persistent. As a consequence

that the one-way traffic clustering and loss-synchronization phenomena d~cussed in [16] persist in this new situation, albeit in a slightly modified form. In addition, there are two new phenomena not present in the earlier study: (1) ACK-compression, which is due to the interaction of data and ACK packets

of how such long-persisting effects could occur are discussed which suggest that a physical basis is at least possible.

After 4 decades of severe criticism, the ritual of null hypothesis significance testing—mechanical dichotomous decisions around a sacred.05 criterion—still persists. This article reviews the problems with this practice, including its near-universal misinterpretation ofp as the probability that Ho

This thesis consists of three chapters on aspects of labor market inequality. Chapter 1 examines the dynamic effects of federal affirmative action regulation, exploiting variation in the timing of regulation and deregulation across work estab-lishments. Chapter 2 studies the spatial mismatch

(ii) development of

for geographically proximate targets and when they seek more distant targets. The study examines 2,070 domestic U.S. acquisitions from 1980 to 2004 by 767 US chemical manufacturing firms founded after 1979. The core conclusion of the study is that distance has a strong and persistent effect on target selection

. These discrepancies persist even when the gravity equation takes into account multilateral resistance terms or fixed effects