http://adr.coalliance.org/coccc/fez/ Digital Archives of Colorado College en Fez http://blogs.law.harvard.edu/tech/rss http://adr.coalliance.org/coccc/fez/view/coccc:3310 Recent literature in behavioral finance has contradicted the notion of efficiency of markets. Greater emphasis on how psychological biases influence both the behavior of investors and asset prices has led to a strong debate among proponents of behavioral finance and neoclassical finance. This has created the need to study how psychology affects financial decisions in households, markets and organizations. This study conducts a pooled ordinary least squares (OLS) model using the fixed effects estimator to investigate the linkage between investor sentiment and stock prices for 35 firms belonging to three different industries over a time period of 56 years, from 1950 to 2005. The findings suggest that investor sentiment does not significantly affect the stock prices in this sample. 2011-02-11 10:39:05 Paudel, Jayash og Laux, Judy http://adr.coalliance.org/coccc/fez/view/coccc:3307 The spread of HIV and AIDS and risky sexual behavior continues to be a problem in Sub-Saharan African countries despite government measures to educate people on the risk and severity of the disease and measures to promote safe sex practices such as making condoms readily available at reduced or no cost. We examine whether people decide to engage in risky sexual behavior due to low income and low life expectancy. Sub-Saharan Africa is characterized by conditions that signicantly reduce life expectancy such as unsanitary conditions prevalent in poverty stricken areas, inaccessibility to health care, and dangerous working conditions such as those in very poor mining regions. Moreover, since income per capita in these countries is very low, the opportunity cost associated with dying from AIDS and foregoing future consumption is very low. We examine how a government provided life insurance benet may be an effective means of deterring risky sexual behavior. To evaluate this policy prescription we develop a life-cycle model with personal and family consumption and endogenous probability of survival. In the model, agents can receive life insurance benets if their death is not the result of AIDS. We demonstrate that excessive risky behavior does result from low life expectancy and low levels of income and illustrate the conditions for which the life insurance benet can replicate the effects of higher income and life expectancy, deterring risky sexual behavior and reducing the spread of HIV/AIDS. 2011-02-11 10:05:54 De Araujo, Pedro og Murray, James http://adr.coalliance.org/coccc/fez/view/coccc:2620 Exchange rate pass-through (ERPT) is broadly defined as the percentage change in domestic prices in the importing nation’s currency due to a one percent change in the exchange rate between the trade partners. While the bulk of the literature to date on ERPT has focused on the US and other industrial countries, this paper examines the analytical and empirical literature on ERPT with particular reference to Asia. It is generally believed that since Asian economies are highly trade-dependent they are potentially susceptible to ERPT into domestic inflation. Particular attention is paid to production sharing -- which is a key characteristic of trade in Asia -- and its consequent implications for ERPT. 2010-01-14 13:58:26 Ghosh, Amit og Rajan, Ramkishen S. http://adr.coalliance.org/coccc/fez/view/coccc:2624 This paper compares the extent of exchange rate pass-through at the aggregate level into CPI and import prices in Singapore and Hong Kong for the period 1980 to 2005. A priori one might expect that these two economies which have relatively small markets and are highly open with high degree of dependence on foreign goods for domestic consumption, will be faced with relatively high exchange rate pass-through. Results suggest that exchange rate pass-through in Hong Kong is higher than in Singapore. The paper further examines whether pass-through has changed over time in the two economies. 2010-01-14 14:50:27 Ghosh, Amit og Rajan, Ramkishen S. http://adr.coalliance.org/coccc/fez/view/coccc:2166 This study examines the relationship between pharmaceutical R&D and health care expenditures, distinguishing between the short- and long-run impacts. To measure these relationships quantitatively, we focus on patents as a key factor driving the costs of pharmaceuticals, and develop a structured vector autoregressive (SVAR) model to measure the social rate of return to pharmaceutical research as protected by patents. We conclude with unambiguous results that pharmaceutical patents are not correlated with higher short-run prices in any measure of medical costs. They are associated with higher long-run prices in pharmaceuticals themselves, but with lower long-run prices in the aggregate medical sector which includes pharmaceuticals as a component part. Further, the TRIPS Agreement and Hatch-Waxman Act to enable generic competition have both been demonstrably effective at lowering prices across the spectrum of medical sector prices. We conclude that pharmaceutical patents may be economically medicinal themselves, acting as the 'ounce of prevention' that saves a 'pound of cure', the cure which would come in the form of even higher costs elsewhere in the medical sector. 2010-01-12 16:22:55 Johnson, Hilary S. og Johnson, Daniel K. N. http://adr.coalliance.org/coccc/fez/view/coccc:2627 There are two counter-intuitive trends in technological collaboration currently at work, making collaborative patent applications less common but where they exist, the collaborations involve more partners. Patent data are used to examine these trends along with the impact of two recent policy changes, including the relevance for particular nations and technologies. 2010-01-15 09:23:52 Johnson, Daniel K. N. og Sneed, Katherine A. http://adr.coalliance.org/coccc/fez/view/coccc:2623 Can a decrease in tax rates increase tax revenues? If so, to what extent? This paper builds upon recent work by Mankiw and Weinzierl (2006) on the issue by incorporating public capital into a dynamic scoring. The significant components of growth effects and transition paths, along with the conditions under which a tax cut can “pay for itself” are illustrated using the familiar Laffer curve. It is shown that the productivity of public capital and the amount of revenue allocated to public capital investment have important impacts on the growth effects, transition paths and Laffer curves. Using standard labor and capital tax rates, the growth effects are shown to offset only 1 percent of the potential revenue loss from a labor tax cut and 46 percent of the potential revenue loss from a capital tax cut. A broader measure of tax rates from Feldstein (2006) shows that growth effects can offset approximately 30 percent of the potential revenue loss from a labor tax cut and approximately 157 percent from a capital tax cut. The latter result indicates that capital tax cuts may be more than just self-financing; they may actually increase tax revenues by 57 percent. 2010-01-14 14:41:07 Stinespring, John Robert http://adr.coalliance.org/coccc/fez/view/coccc:2629 This article describes how to conceptualize and organize a successful, multi-day field trip organized around a case study problem. By doing so, the instructor exposes students to diverse perspectives and leads them through the process of policy analysis from collecting and organizing information to identifying the relevant economic concepts and applying them in a complex real world setting. 2010-01-15 09:37:57 Smith, Mark Griffin http://adr.coalliance.org/coccc/fez/view/coccc:2154 This paper considers the challenges to the dissemination of environmental innovation. Following a brief exploration of the legal and regulatory regimes surrounding environmental technologies, the paper examines diffusion mechanisms, market factors, social characteristics and political elements that facilitate and complicate dissemination. Given the importance of innovation to economic development and growth, the diffusion of innovation is of great interest to economists and policymakers alike. 2010-01-08 17:28:34 Johnson, Daniel K. N. og Lybecker, Kristina M. http://adr.coalliance.org/coccc/fez/view/coccc:2165 The recent stagnation of electronic commerce highlights the need to understand contemporary online consumer behavior. This study incorporates current user demographics and emerging Internet activities to dynamically model the determinants of two key measurements of recent online shopping, a purchase within the last year and the novel dependent variable, percentage of income spent online in the last three months. Logistic regression is applied to a nationally representative 2007 survey of the U.S. online population. Determinants of a recent online purchase include, ownership of a credit card, an online payment account (PayPalTM), listening to podcasts, participating in online auctions, and for the first time, female gender. In a second regression, positive determinants for the percentage of income spent online include male gender, educational attainment, online auctions, instant messenging and online dating. Online spending increases with time online and appears to compete with other forms of online entertainment and social networking. 2010-01-12 16:10:29 Hannah, Brendan og Lybecker, Kristina M. http://adr.coalliance.org/coccc/fez/view/coccc:2607 During the tabulation of votes in the 2000 presidential election, the world was shocked at the technological inadequacy of electoral equipment in many parts of the US. In reaction to public dismay over "hanging chads", Congress quickly enacted the Help America Vote Act (HAVA), legislation to fund the acquisition of advanced vote-counting technology. However, the intention was to enable, rather than mandate, choices of new electoral equipment. This paper takes advantage of a unique historical opportunity to test whether electoral equipment follows the pattern predicted by well-established models of innovation diffusion, merging electoral data with census data on socioeconomic characteristics. We infer that fiscal constraints to acquisition are strong but are not the only limitations to technology adoption, particularly within certain types of easily identifiable populations. 2010-01-13 11:12:07 Johnson, Daniel K. N. og Lybecker, Kristina M. http://adr.coalliance.org/coccc/fez/view/coccc:3306 Using representative samples from populations of 19 sub-Sahara African countries, this paper investigates the effects of different levels of HIV/AIDS knowledge on sexual behavior of males with country specific effects and controls for socioeconomic characteristics and location of residence. The main findings are that HIV/AIDS knowledge increases the likelihood of using condoms with and without commercial sex workers, has no significant effect on the likelihood of paying for sex, and increases both the likelihood of having pre and extra marital sex. These results indicate that increased HIV knowledge on average does not lead to safer sexual behavior of males in sub-Saharan Africa at the macro level. 2011-02-11 09:36:39 Agarwal, Smriti og De Araujo, Pedro og Paudel, Jayash http://adr.coalliance.org/coccc/fez/view/coccc:3143 Compensation of K-12 school principals, and the effect that it has on the performance of the schools they lead, has become a relevant policy debate in recent years. This study examines the relationship between principal salaries and student performance on Colorado Student Assessment Program (CSAP) tests by using multivariate quintile regressions on data from the 2002-2005 school years. Controlling for differences in cost of living across districts, a positive correlation between principal salaries and student CSAP scores was found, particularly in the mathematics section of the test. However, the percentage of a school’s students on free and reduced lunch and teacher salaries were found to have a larger impact on student performance. 2010-12-21 12:13:32 Carlson, David K. og Johnson, Daniel K. N. http://adr.coalliance.org/coccc/fez/view/coccc:2612 This paper considers the challenges associated with conducting research with undergraduates – limited time and resources, limited skills, the tedious nature of data gathering, etc.. We discuss four models of effective research approaches. One is Aju Fenn’s which is to identify a topic and a workable approach, such as competitive balance in sports, and apply it in different contexts – football, basketball, soccer, etc. with different students working on different sports. This model is also successful because much data on both inputs and performance is collected in sports and is readily available from non-propriety sources. The Dan Johnson Model is to develop a huge data set, in this case patents, and then set students to work on problems involving some aspect of the data set while asking them develop one part of the data set through their research. The Smith Model which is to divide a related problem into distinct parts and have students work on each part. Smith discusses this approach on research on recreation values for the Arkansas River a quantitative problem while Stimpert shows its application to a qualitative problem, the role of corporate boards. 2010-01-13 12:51:53 Fenn, Aju J. og Johnson, Daniel K. N. og Smith, Mark Griffin og Stimpert, J. L. http://adr.coalliance.org/coccc/fez/view/coccc:2163 After eight years of non-engagement, the new administration and the U.S. Congress, led by a majority in the President’s party, are rapidly developing climate policy legislation. This paper summarizes past efforts to establish a national climate policy in the United States as well as the major forces influencing the current debate. While this debate is largely shaped by domestic considerations, it takes place as the international community moves to agree on a post-Kyoto policy regime in Copenhagen next December. Whether the United States is willing to take strong action will significantly influence the actions of other nations. 2010-01-12 08:27:59 Clemm, Geoffrey og Smith, Mark Griffin http://adr.coalliance.org/coccc/fez/view/coccc:2611 Voluntary government programs such as ENERGY STAR have been created to promote energy efficiency within different organizations and businesses, and this study is dedicated to discovering whether or not businesses that become certified building partners with ENERGY STAR obtain a competitive advantage. Through two different methods of analysis, an observational analysis and a test of means, data on profitability ratios from twenty-five ENERGY STAR partners are examined to determine if partnering with ENERGY STAR results in a competitive advantage. 2010-01-13 11:45:44 Joiner, Thomas S., Jr. og Laux, Judith A. http://adr.coalliance.org/coccc/fez/view/coccc:3309 This study considers the implications of excessive non-salary-based executive pay on capital structure during the years 2005 through 2007, directly preceding the 2008 stock market crash. The hypothesis proposes that for firms in the financial sector, executives awarded generous compensation packages compared to salary implemented a higher use of debt in their firm’s capital structure. The study examines data on 40 firms in the financial sector and 40 firms in the manufacturing sector to empirically test for a relationship between executive pay and leverage. Cross-sectional analysis of nine models reveals that compensation is a significant determinant of a firm’s total debt-to-total assets ratio for the financial sector, especially with the existence of a one- to two- year lag between the variables, while the manufacturing sector yielded no significant relationship. These findings reveal sources of agency conflicts and behavioral biases within the financial sector during the three years preceding the financial collapse. 2011-02-11 10:29:07 Barton, Haley og Laux, Judy http://adr.coalliance.org/coccc/fez/view/coccc:2615 This paper combines the dynamic scoring literature with Laffer curve analysis to reveal the relationship between feedback effects and the shape of the Laffer curve. A Neoclassical growth model with multiple government expenditures and revenues is used and the conditions under which a tax cut can be self-financing are explored. Steady state results indicate that fiscal regimes with a greater reliance on debt financing or lump-sum transfers are more likely to be self-financing than those with larger expenditures on government consumption and productivity-enhancing public capital. 2010-01-13 13:27:15 Stinespring, John R. http://adr.coalliance.org/coccc/fez/view/coccc:2153 In an effort to explore the potential for financing environmental innovation, this paper examines different forms of financing and attempts to evaluate their effectiveness. The study considers both public and private forms of funding as well as providing policy suggestions for the support of appropriate financing for eco-innovation. 2010-01-08 17:20:42 Johnson, Daniel K. N. og Lybecker, Kristina M. http://adr.coalliance.org/coccc/fez/view/coccc:3304 Closely following the notion of innovative geographic clusters, this paper examines knowledge flows in the US agriculture industry for evidence of innovative agglomeration. The data indicate that a closer distance between any two agricultural patent origins increases the probability that one cites the other as prior art. Further, subtle interregional variations characterize the degree to which proximity advances agricultural innovation. Finally, the results show that older innovations in agriculture proliferate more readily than recently created knowledge. 2011-02-11 09:22:20 Stiller-Shulman, Alex Julian og Lybecker, Kristina M. og Johnson, Daniel K. N. http://adr.coalliance.org/coccc/fez/view/coccc:2617 This paper tests the induced innovation hypothesis that higher oil prices will lead to increased innovation in energy-efficient automotive technology. We find robust empirical support for the hypothesis, while using various measures of oil and gas prices and controlling for other factors including constructed knowledge stocks and macroeconomic variables. 2010-01-13 16:14:48 Crabb, Joseph M. og Johnson, Daniel K. N. http://adr.coalliance.org/coccc/fez/view/coccc:2613 The study reported here examined the relationship between executives' career experiences and their beliefs and understandings about the management of diversification. The study identified three broad sets of beliefs or orientations that executives hold about the management of diversification. In spite of a longstanding theoretical basis for hypothesizing that managerial demography will influence cognition, the study found no association between the top managers' career experiences that were considered in this study and their beliefs about the management of diversification. Based on this finding of a lack of relationships between demography and managerial beliefs, the paper offers some new theorizing on the relationship between career experiences and managers' beliefs about the management of diversification. It also suggests some implications for human resource practices, specifically the recruiting and development of top executives in large diversified firms. 2010-01-13 13:03:50 Stimpert, J. L. og Duhaime, Irene http://adr.coalliance.org/coccc/fez/view/coccc:2155 This paper aims to summarize the state of academic knowledge surrounding the economics of environmental innovation. Following a definition of environmental technology, the paper enumerates and describes the obstacles or constraints to the development of eco-innovation. 2010-01-11 12:49:45 Johnson, Daniel K. N. og Lybecker, Kristina M. http://adr.coalliance.org/coccc/fez/view/coccc:3331 While there is anecdotal evidence that home values decline when a big-box store (such as Wal-Mart) decides to locate in the area, there is a paucity of evidence on that effect. This paper uses a repeat sales model to compare residential property values, and the speed of sale of the property, to compare the impact that an arrival has. Results conclude that there is a "news effect" surrounding the arrival, and that the total effect is small at most. For most specifications tested, the number of stores nearby, the arrival of new stores, and the distance to the nearest store all have insignificant impacts on both property resale value and the number of days that a property spends on the market prior to sale. In the worst-case scenario, the arrival of a Wal-Mart is associated with a decline equivalent to roughly one percent of the home's square footage and is not absorbed by those closest to the new retailer but by rather more distant neighbors. 2011-02-15 15:58:12 Johnson, Daniel K. N. og Lybecker, Kristina M. http://adr.coalliance.org/coccc/fez/view/coccc:2625 Using patent citation data for the U.S., we test whether knowledge spillovers in biotechnology are sensitive to distance, and whether that sensitivity has changed over time. Controlling for self-citation by inventor, assignee and examiner, cohort-based regression analysis shows that physical distance is becoming less important for spillovers with time. 2010-01-14 15:00:53 Johnson, Daniel K. N. http://adr.coalliance.org/coccc/fez/view/coccc:3311 This paper analyzes a database of over 18,000 women micro-finance clients of the Negros Women for Tomorrow Foundation (NWTF), a database using the Progress Out of Poverty (PPI) Scorecard as a measure of poverty. Analysis using both OLS and quantile regression models shows how observable characteristics of borrowers affect the ability of clients to reduce their measured poverty. Loan size, duration, and the economic activity supported all have strongly identifiable effects. Moreover, estimates suggest which among the poor are receiving the greatest effective help by the program. Results offer advice to the NWTF and offer insight useful to policymakers and other micro-lenders. 2011-02-11 10:42:09 Polk, Stephen William og Johnson, Daniel K. N. http://adr.coalliance.org/coccc/fez/view/coccc:2619 This paper examines the evolution of exchange rate pass-through (ERPT)into India’s consumer price index (CPI) at the aggregate level over the period 1980Q1-2006Q4. It also investigates whether the extent of exchange rate pass-through is impacted by common macro fundamentals such as inflation and exchange rate volatility. Finally, the paper also tests for possible asymmetries of ERPT during periods of depreciation versus appreciation. 2010-01-14 13:46:44 Ghosh, Amit og Rajan, Ramkishen S. http://adr.coalliance.org/coccc/fez/view/coccc:2614 The research reported here sought to identify top managers' mental models about the management of diversification and to determine whether these beliefs are associated with important strategic decisions. The study identified three broad sets of beliefs or orientations about the management of diversification that are commonly held by managers of large diversified firms. The study found that these management orientations are significantly associated with a number of key strategic choices, including decisions about the extent of diversification, divestment activity, new product development efforts, and research and development spending. The results offer empirical evidence of the influence of managerial cognition on strategic decision making. 2010-01-13 13:14:48 Stimpert, J. L. og Duhaime, Irene http://adr.coalliance.org/coccc/fez/view/coccc:2609 The recent emergence of the Euro, combined with the completion of a decade of North American Free Trade Agreement (NAFTA) has sparked interest in adopting a common currency for North America. This study examines the likelihood that Canada, Mexico, and the United States will adopt a common currency under fixed exchange rate regimes. The benefits and costs of a common currency are explored using the theory of optimum currency areas (OCA). Empirical research focuses on several variables including intra-regional and intra-industry trade, trade openness, gross domestic product, inflation rates, interest rates, economic growth rates, business cycle synchronization, factor mobility, fiscal policy and monetary policy coordination. The analysis also presents a comparative analysis of NAFTA with Economic and Monetary Union (EMU) nations on different economic criteria. Finally, correlation and regression analysis further explores the likelihood that members of NAFTA will economically integrate. Though this research concludes that it is economically feasible for NAFTA members to move towards a common currency, this venture depends on the political readiness of the nations. 2010-01-13 11:29:06 Hugger, Kelly http://adr.coalliance.org/coccc/fez/view/coccc:2621 In the past few years, the National Hockey League (NHL) has struggled financially. Teams within the NHL and the league itself have been struggling to make money, and last year the NHL season did not take place because of a labor dispute and resulting lockout between the players and owners. Therefore, this makes the NHL a very appropriate target for study. As previous research on various professional sports and the NHL have shown that winning teams are going to draw more fans, determining what makes NHL teams win games is a worthy endeavor. This study does just this. By using Ordinary Least Squares regression and a data set compiled on numerous individual and team statistics for the 1999-2000 through the 2003-2004 seasons, this study determines the various factors that contribute to Team Point production and Goals Allowed in the NHL. Of special note is the finding that Major Penalties, most commonly assessed for fighting, do in fact help NHL teams win games. Hopefully by seeing what aspects of the game lead to NHL team success, the league can determine how to draw more fans in order to make more revenue. 2010-01-14 14:11:01 Heyne, John Jerald og Fenn, Aju J. og Brook, Stacey http://adr.coalliance.org/coccc/fez/view/coccc:2616 Although previous empirical studies have found relationships between patent characteristics and value, none have determined how specific attributes relate to auction value or even the probability of a successful auction sale. Using a Heckman two-step model, we regress thirteen independent variables against unique patent auction data, finding that publicly-owned and frequently referenced patents are more valuable, and that other things equal, there is an optimal time to offer a patent up for auction. 2010-01-13 13:41:59 Sneed, Katherine A. og Johnson, Daniel K. N. http://adr.coalliance.org/coccc/fez/view/coccc:2608 This paper investigates whether the curricular structure of an Economics course (semester, trimester, or compressed block schedule) has an effect on an undergraduate's subsequent retention of course material. We test separately for theoretical/process comprehension and for graphical construction/interpretation, while separating micro from macro content as well. We use an instrument to address the no stakes testing problem, and our Heckman two-stage estimations present some interesting results for educators and institutional policymakers alike. 2010-01-13 11:20:21 Johnson, Daniel K. N. og Lybecker, Kristina M. og Taylor, Corrine H. http://adr.coalliance.org/coccc/fez/view/coccc:2626 Network analysis shows a stable network between states, but a changing environment between individual actors, with a growing importance of connectedness. The popular maxim that everyone is connected by six degrees of separation is tested with surprising results. 2010-01-15 09:14:17 Johnson, Daniel K. N. http://adr.coalliance.org/coccc/fez/view/coccc:2618 The current study investigates whether abnormal returns may be gained by purchasing a straddle position prior to a verdict or settlement announcement in a lawsuit. The basis for the hypothesis stems from behavioral finance - more specifically, the Overreaction Hypothesis. Using CAPM expected rates of return and comparisons of 31 lawsuit firms' straddle returns, three new straddle trading strategies are devised. Within the sample of lawsuits, abnormal returns are evident for the three strategies. The results and their implications support behavioral finance and the Overreaction Hypothesis and thus refute the Efficient Markets Hypothesis. 2010-01-13 16:22:50 Wind, Erica A. og Laux, Judith A. http://adr.coalliance.org/coccc/fez/view/coccc:2610 In 2006, philanthropic giving to higher education institutions totaled $28 billion, with the top school receiving just under a billion dollars. Roughly fifteen percent of those funds came from alumni donations. This paper builds upon existing economic models to create an econometric model predicting the ever-more important pattern of alumni giving. We test the model using data from over 22,000 alumni at a private liberal arts college, and report on the probable profiles for annual fund donors and alumni willing and able to give major gifts. 2010-01-13 11:37:09 Lara, Christen og Johnson, Daniel K. N. http://adr.coalliance.org/coccc/fez/view/coccc:2631 This paper examines the demand for attendance at National Football League (NFL) games using a rational addiction model to test the hypothesis that professional football displays the properties of a habit-forming good. Rational addiction theory suggests that past and future consumption play a part in determining the current period’s consumption for habit-forming goods. A pooled data set is collected using statistics from each NFL team from the 1983 to the 2002 seasons. Current attendance is modeled as a function of team specific variables including past and future attendance, ticket price, and team performance as well as league variables such as the incidence of strikes. The model is estimated using Two-Stage Least Squares (2SLS). It is found that past and future attendance, winning percentage, the age of the stadium in which a team plays, and the occurrence of strikes are significant factors in the determination of attendance at NFL games. The fact that coefficients for past and future attendance are positive and significant in this analysis lends support to the notion that NFL fans display characteristics of rational addiction in their consumption behavior. 2010-01-15 09:57:52 Spenner, Erin LeAnne og Fenn, Aju J. og Crooker, John http://adr.coalliance.org/coccc/fez/view/coccc:2630 Television ratings provide a measure of the number of viewers for every NFL football game, however these ratings do not reveal the viewers' motivation for watching the game. Using Nielsen ratings for locally televised NFL football games, this study investigates the determinants of NFL viewership. Data are compiled for 496 NFL games during the 2000 and 2001 seasons. The results suggest evidence of race, team success, and the closeness of the contest as significant determinants of NFL viewership. 2010-01-15 09:44:55 Carney, Shannon og Fenn, Aju J. http://adr.coalliance.org/coccc/fez/view/coccc:2622 The purpose of this study is to identify the effects of monetary policy and macroeconomic shocks on the dynamics of the Brazilian term structure of interest rates. We estimate a near-VAR model under the identification scheme proposed by Christiano et al. (1996, 1999). The results resemble those of the US economy: monetary policy shocks flatten the term structure of interest rates. We find that monetary policy shocks in Brazil explain a significantly larger share of the dynamics of the term structure than in the USA. Finally, we analyze the importance of standard macroeconomic variables (e.g., GDP, inflation, and measure of country risk) to the dynamics of the term structure in Brazil. 2010-01-14 14:30:13 Sekkel, Rodrigo og Alves, Denisard http://adr.coalliance.org/coccc/fez/view/coccc:2162 We analyze the effects of a largely ignored 1885 legislative reform in Massachusetts requiring that firms provide workers the option of receiving weekly wage payments. Using an inter-temporal model of deferred compensation, we derive conditions on elasticities of labor supply that determine the effects of the reform on workers’ effective wage and utility. We then examine empirically the effects of the reform, using weekly data on mill workers in Lowell. Given the implications of our theoretical analysis, the empirical findings of positive wage and reform elasticities imply that the switch to weekly payment increased workers’ effective wage and well-being. 2010-01-12 14:33:35 Redmount, Esther og Snow, Arthur og Warren, Ronald S., Jr. http://adr.coalliance.org/coccc/fez/view/coccc:2152 Recent Wal-Mart openings have been accompanied by public demonstrations against the company’s presence in the community, asserting (among other things) that their presence is deleterious to residential property values. This study empirically evaluates that claim, analyzing the spatial correlation between Wal-Mart locations and residential property values, while comparing Wal-Mart with other big-box retailers for a frame of reference and controlling for other important aspects of a home’s market value. We recognize that market value may represent a trade-off between price and patience, so perform a similar analysis using a property’s days on the market to evaluate any big-box effect. Finally, we interpret the resulting effects in two ways, from both the resident’s and retailer’s point of view, casting new light on the NWIMBY effect. 2010-01-08 17:06:52 Johnson, Daniel K. N. og Lybecker, Kristina M. og Gurley, Nicole og Stiller-Shulman, Alex og Fischer, Stephen http://adr.coalliance.org/coccc/fez/view/coccc:2164 Agriculture, like many primary and service sectors, is a frequent recipient of innovation intended for its use, even if those innovations originate in industrial sectors. The challenge has been identifying them from patent data, which are recorded for administrative purposes using the International Patent Classification (IPC) system. We reprogram a well-tested tool, the OECD Technology Concordance (OTC), to identify 16 million patents granted between 1975 and 2006 worldwide which have potential application in agriculture. This paper presents the methodology of that dataset’s construction, introduces the data via summaries by nation and industrial sector over time, and suggests some potential avenues for future exploration of empirical issues using these data. 2010-01-12 08:42:43 Johnson, Daniel K. N. og Hughes, Christopher Ryan http://adr.coalliance.org/coccc/fez/view/coccc:3308 A total of 56 stadiums and arenas opened between 1995 and 2009 including: 17 new baseball stadiums, four basketball arenas, nine hockey arenas, seven dual use NBA/NHL venues and 19 football fields. And it’s far from over: the San Francisco 49ers, San Diego Chargers, New York Giants, New York Jets, Minnesota Vikings, Oakland Athletics, Florida Marlins, Tampa Bay Rays, Minnesota Twins, Sacramento Kings, Orlando Magic, New Jersey Nets, New York Islanders and Pittsburgh Penguins anticipate new arenas by 2015. This paper summarizes recent and emerging trends associated with the capacity, cost, public subsidy and accompanying legislative characteristics of stadium and arena construction. 2011-02-11 10:14:00 Komisarchik, Mayya og Fenn, Aju J. http://adr.coalliance.org/coccc/fez/view/coccc:3305 Economists have studied the impact of legalized abortion on a variety of factors including women’s decision surrounding when to enter the work force and how many hours to work, schooling and most controversially crime. They have also examined the determinants of state abortion restrictions across the United States, considering the strength of interest advocacy groups and demographic characteristics. Notably absent from the existing literature is a study of the impact of legalized abortion on the use of contraceptives. Earlier work has established that states with more lenient laws regarding access to contraceptive services by minors have greater pill use, but the impact of the legal framework surrounding abortion restrictions has not been examined. This paper explores the possibility that variation in state abortion availability, as proxied by legislation pertaining to women’s reproductive rights (particularly either supporting or restricting access to abortions) across the United States may generate variation in the use of birth control pills. Without the option of terminating a pregnancy, one would expect that oral contraceptives would be more widely utilized. We find restrictions on abortion availability (through abortion legislation mandating parental consent or notification) induce women to seek a reliable form of birth control to avoid unwanted pregnancies, while pro-choice sentiments in the legislature may have the opposite effect. We also consider the effect of sex education on the rate of oral contraceptive use within states. 2011-02-11 09:30:17 Felkey, Amanda J. og Lybecker, Kristina M. http://adr.coalliance.org/coccc/fez/view/coccc:2628 On the popular game show “Who Wants To Be A Millionaire”, men appear to average higher winnings than women. This paper investigates potential reasons, including different uses of information sources (lifelines) and different perceptions of risk. We include gender-based tests of Kahneman and Tversky’s prospect theory, but offer instead the counterintuitive conclusion that men are rewarded for acting slightly more cautiously than women do. 2010-01-15 09:30:38 Johnson, Daniel K. N. og Gleason, Tracy R.