We analyze a model of informed trading where an activist shareholder accumulates shares in an anonymous market and then expends costly effort to increase the firm value. We find that equilibrium prices are affected by the position accumulated by the activist, because the level of effort...

Motivated by evidence from the micro data that the type of financial frictions faced by individuals varies across regions within countries, we develop a general equilibrium framework that encompasses different micro financial underpinnings. We use it to compare the implications of two concrete...

This paper explores a novel mechanism of gender identity formation. Specifically, we explore how the work behavior of a teenager's own mother, as well as that of her friends' mothers, affect her work decisions in adulthood. The first mechanism is commonly included in economic models. The second,...

We find that average returns to currency carry trades decrease significantly as the maturity of the foreign bonds increases, because investment currencies tend to have small local bond term premia. The downward term structure of carry trade risk premia is informative about the temporal nature of...

Using data from three cycles of the National Survey of Family Growth, we investigate whether there were adverse consequences of teenage childbearing in the 1950s and 1960s, when most abortions were illegal, and access to the pill was limited. We find negative effects of teen motherhood on the...

Prior work suggests that more valuable patents are cited more and this view has become standard in the empirical innovation literature. Using an NPE-derived dataset with patent-specific revenues we find that the relationship of citations to value in fact forms an inverted-U, with fewer citations...