NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

14 June 2018

How Redeployable are the Patents of Failed Startups?

Most patents originating from failed startups are sold quickly and retain value beyond the original venture and team Carlos J. Serrano and Rosemarie Ziedonis find. The patents tend to be purchased by other operating companies in the same sector and sometimes patents and people move jointly from the original venture to a new organization.

13 June 2018

A Measure of Risk Appetite for the Macroeconomy

Carolin Pflueger, Emil Siriwardane, and Adi Sunderam find that the real interest rate forecasts returns on volatile stocks, and argue that rate changes are driven by changes in risk appetite.

12 June 2018

The Impact of New Drug Launches on Life-Years Lost

Drugs launched during the period 1982-2010 reduced the number of disability-adjusted life years (DALYs) lost due to cancer in 2015 by about 23 percent, according to research by Frank R. Lichtenberg. Without the new drugs, an additional 26.3 million additional DALYs would have been lost.

11 June 2018

The Elasticity of Taxable Income
and the Presence of Intertemporal Income Shifting

A substantial part of the inverse relationship between tax rates and taxable income is due to income shifting, according to new research by Aspen Gorry, R. Glenn Hubbard, and Aparna Mathur. Because the income is shifted away from high-tax periods but is still taxed in the future, the welfare cost of the tax-induced change in reported income is more modest than if the income were never reported in the future.

8 June 2018

Do Firms Curry Favor with Jurors?

Firms systematically increase specialized, locally targeted advertising following initiation of lawsuits, and focus their ads specifically toward the most likely jury pool, according to research by Lauren H. Cohen and Umit G. Gurun. Ad spikes are associated with a higher probability of a favorable outcome.

7 June 2018

The Role of Technology in Mortgage Lending

FinTech (technology-based) lenders process mortgage applications about 20 percent faster than other lenders and do not suffer more defaults, Andreas Fuster, Matthew Plosser, Philipp Schnabl, and James Vickery find. This study illustrates how technological innovation can improve the efficiency of financial intermediation.

6 June 2018

The Impact of the Dodd-Frank Act on Small Business

The small loan share of commercial and industrial loans at large banks and banks with $300 or more million in assets has fallen by 9 percentage points since the Dodd-Frank Act was passed in 2010, with the magnitude of the decline twice as large at small banks, Michael D. Bordo and John V. Duca report.

5 June 2018

The Effect of Infrastructure on Worker Mobility:
Evidence from High-Speed Rail Expansion in Germany

Benefits from infrastructure investments such as rail lines accrue especially to peripheral regions, which gain access to a pool of qualified workers who have preferences for an urban lifestyle, according to a study of high-speed rail expansion in Germany by Daniel F. Heuermann and Johannes F. Schmieder.

4 June 2018

The Impact of Postdoctoral Fellowships on a Future
Independent Career in NIH-Funded Biomedical Research

A study by Misty L. Heggeness, Donna K. Ginther, Maria I. Larenas, and Frances D. Carter-Johnson finds that the National Research Service Award postdoctoral fellowship program raised retention of scientists in NIH-funded research and expanded the biomedical workforce pipeline.

1 June 2018

Mortgage-Backed Securities and the Financial Crisis

An analysis of non-agency residential mortgage-backed securities by Juan Ospina and Harald Uhlig shows that the subprime AAA-rated segment recovered well from the 2008 bust, and that mis-rating of AAA securities was modest. These findings contrast with some narratives of the triggers of the financial crisis.
 
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