Recent studies of Ivy-Plus institutions suggest that standardized test scores (SAT/ACT) are far better predictors of college success than high school grade point average (HS-GPA), prompting a return ...

Lauren Cohen, David Kim and Eric So received a Best Paper Prize from the Eastern Finance Association Meetings. Cohen, with ...

Shifting from realization-based to accrual-based taxation of the gains on founders’ equity would dilute the stakes of those who succeed but also provide some insurance to those who fail. To evaluate ...

Most US innovation stems from firms that operate R&D facilities in many local markets. IBM and Google are two prominent examples, with R&D activities—measured by patenting—in approximately 70 and 20 ...

We quantify how structural changes in the U.S. labor market have contributed to wage stagnation over the past four decades by weakening the job ladder. Using Current Population Survey microdata from ...

We document new evidence on the capitalization, funding structure, and performance of private credit funds using comprehensive fund- and asset-level data covering most of the industry. Private credit ...

Between 1980 and 2022, China’s share of global research publications in top journals rose from a negligible level to 32 percent, while the US share declined from 60 to about 24 percent.

The U.S. hospital sector expanded rapidly in the 1950s and 1960s, largely due to construction subsidies provided under federal legislation known as the Hill-Burton Act. This paper examines the impact ...

We analyze the effect of California's $20 fast food minimum wage (Assembly Bill 1228), enacted in September 2023 and implemented in April 2024, on consumer prices using the Bureau of Labor Statistics' ...

We analyze monetary policy responses to noisy financial conditions in an open economy where exchange rates and domestic asset prices affect aggregate demand. Noise traders operate in both markets, and ...

To study this transformation, we compile a comprehensive, synchronized database spanning the pharmaceutical drug development supply chain, covering scientific publications, clinical trials, drug ...

Yet, though Africa will produce much of the world’s future workforce, there is little information on college students’ financial constraints. Novel data from a Zambian flagship university show that ...