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We identify the broker each corporate insider trades through, and show that analysts and mutual fund managers affiliated with such "inside brokers'" retain a substantial information advantage on the insider's firm, even after these trades are disclosed. Affiliated analysts issue more accurate...
Persistent link: https://www.econbiz.de/10012855254
We develop an approach to identify whether recent technological advancements -- such as the rise of commercial satellite-based macro estimates -- can provide an alternative to government data. We measure the extent to which satellite estimates affect the value of a government macro announcement...
Persistent link: https://www.econbiz.de/10012847926
Does the flow of financing respond to changes in productive opportunities even for the world's poor? We answer this question by examining the response of private bank financing to a shock to the rural road network in India, which brought road access to hitherto unconnected villagers. The program...
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We exploit staggered changes in state-level corporate tax rates to show that an increase in taxes reduces future innovation. A variety of tests, including those based on policy discontinuity at contiguous counties straddling borders of politically similar states, show that local economic...
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