An important puzzle in financial economics is why fund managers invest in short-maturity assets when they could obtain larger profits in assets with longer maturity. This work provides an explanation to this fact based on labor contracts signed between institutional investors and fund managers....

In this paper we investigate the characteristics of the citation distributions of the 500 universities inthe 2013 edition of the CWTS Leiden Ranking. We use a WoS dataset consisting of 3.6 million articles published in 2003-2008 with a five-year citation window, and classified into 5,119...

The usual solution to the aggregation problem of heterogeneous fields in the all-sciences case relies onthe prior normalization of the raw citations received by any publication. In this paper, we propose analternative solution that does not require any prior field-normalization. The citation...

We study the optimal provision of unemployment insurance (UI) in a framework that distinguishes between consumption and expenditure. We derive a "sufficient statistics" formula for optimal UI that is expressed terms of observable variables and can therefore be used in applied work. Recent...

This paper studies the assignment of responsibility to the participants in the case of co-authored scientific publications. In the conceptual part, we establish that the key shortcoming of the full counting method is its incompatibility with the use of additively decomposable citation impact...

This paper studies risk selection between public and private health insurance when some individuals can purchase private insurance by opting out of otherwise mandatory public insurance. Using a theoretical model, I show that public insurance is adversely selected when insurers and insureds are...

This paper presents and evaluates estimation methods for dynamic nonlinear correlated random effects (CRE) models with unbalanced panels. Accounting for the unbalancedness is crucial in dynamic non-linear models and it cannot be ignored even if the process that produces it is completely at...

We develop a quantitative theory of entrepreneurship, income inequality, and financial frictions disciplined with household data from Brazil. The theory extends Lucas (1978) by modeling heterogeneity in two skills: -working and managerial skills. Consistently with the evidence, the theory...

This paper analyzes a sample of economists from two sources: faculty members working in2007 in a selection of the 81 top Economics departments in the world, and Fellows of the Econometric Society active at that date but working elsewhere in other institutions. Productivity is measured in terms...

We study the effects on infant mortality of the introduction in 1995 of a non-contributoryuniversal pension scheme in Nepal known as the Old age Allowance Program. We use crosssectionaldata from the 1996 and 2001 Nepal Demographic and Health Surveys. Following astandard diff-in-diffs approach,...