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Corporate Governance, Product Market Competition, and Equity Prices

Giroud, Xavier; Mueller, Holger M - C.E.P.R. Discussion Papers - 2008

This paper examines the hypothesis that firms in competitive industries should benefit relatively less from good governance, while firms in non-competitive industries--where lack of competitive pressure fails to enforce discipline on managers--should benefit relatively more. Whether we look at...

Persistent link: https://www.econbiz.de/10005792308

What Has Mattered to Economics Since 1970

Han Kim, E; Morse, Adair; Zingales, Luigi - C.E.P.R. Discussion Papers - 2006

received more than 500 citations. We document major shifts in the mode of contribution and in the importance of different sub …

Persistent link: https://www.econbiz.de/10005791355

Returns to Inventors

Toivanen, Otto; Väänänen, Lotta - C.E.P.R. Discussion Papers - 2010

A key input to inventive activity is human capital. Hence it is important to understand the monetary incentives of inventors. We estimate the effect of patented inventions on individual earnings by linking data on U.S. patents and their inventors to Finnish employer-employee data. Returns are...

Persistent link: https://www.econbiz.de/10008530342

The Resistible Decline of European Science

Bauwens, Luc; Mion, Giordano; Thisse, Jacques-François - C.E.P.R. Discussion Papers - 2008

Using a data set of highly cited researchers in all fields of science, we show that the gap in scientific performance between Europe, especially continental Europe, and the USA is large. We model the number of highly cited researchers in a sample of countries as a function of physical and human...

Persistent link: https://www.econbiz.de/10005124468

The NBER Patent Citations Data File: Lessons, Insights and Methodological Tools

Hall, Bronwyn H; Jaffe, Adam B; Trajtenberg, Manuel - C.E.P.R. Discussion Papers - 2001

‘generality’, self-citations, etc. Many of these measures exhibit interesting differences across the six main technological … — about 3 million patents and 16 million citations — is now available on the NBER website. We discuss key issues that arise in … the use of patent citations data, and suggest ways of addressing them. In particular, significant changes over time in the …

Persistent link: https://www.econbiz.de/10005136726

Education and Invention

Toivanen, Otto; Väänänen, Lotta - C.E.P.R. Discussion Papers - 2011

Modern growth theory puts invention on the center stage. Inventions are created by individuals, raising the question: can we increase number of inventors? To answer this question, we study the causal effect of M.Sc. engineering education on invention, using data on U.S. patents’ Finnish...

Persistent link: https://www.econbiz.de/10009275968

Performance Measures for Dynamic Portfolio Management

Nielsen, Lars Tyge; Vassalou, Maria - C.E.P.R. Discussion Papers - 1998

This paper proposes instantaneous versions of the Sharpe ratio and Jensen’s alpha as performance measures for managed portfolios. Both are derived from optimal portfolio selection theory in a dynamic model. The instantaneous Sharpe ratio equals the discrete Sharpe ratio plus half of the...

Persistent link: https://www.econbiz.de/10005666483

Evaluating Style Analysis

de Roon, Frans; Nijman, Theo E; ter Horst, Jenke - C.E.P.R. Discussion Papers - 2002

In this Paper we evaluate (return based) style analysis. The portfolio and positivity constraints imposed by style analysis are useful in constructing mimicking factor portfolios without short positions. We use a simple simulation experiment to show that imposing these constraints in estimating...

Persistent link: https://www.econbiz.de/10005791320

Judging Fund Managers by the Company They Keep

Cohen, Randolph; Coval, Joshua; Pástor, Luboš - C.E.P.R. Discussion Papers - 2003

measures are particularly useful in ranking managers. In an application that relies on such ranking, we find only weak …

Persistent link: https://www.econbiz.de/10005792101

On the High-Frequency Dynamics of Hedge Fund Risk Exposures

Patton, Andrew J; Ramadorai, Tarun - C.E.P.R. Discussion Papers - 2011

We propose a new method to model hedge fund risk exposures using relatively high frequency conditioning variables. In a large sample of funds, we find substantial evidence that hedge fund risk exposures vary across and within months, and that capturing within-month variation is more important...

Persistent link: https://www.econbiz.de/10009205059