NBER


Development Economics
Political Economy
Economic Fluctuations and Growth
Chinese Economy
Public Economics
International Finance and Macroeconomics
Organizational Economics
Labor Studies

Monetary Economics
Economics of Education
Corporate Finance
Behavioral Finance
Household Finance
Asset Pricing
International Trade and Investment
Entrepreneurship
Market Microstructure

Development Economics

The NBER's Program on Development Economics met in Cambridge on October 10-11, 2014. Program Director Duncan Thomas of Duke University, and NBER Research Associates Seema Jayachandran of Northwestern University and Benjamin Olken of MIT organized the meeting. These papers were discussed:

    David Atkin, University of California, Los Angeles and NBER; Benjamin Faber, University of California, Berkeley and NBER; and Marco Gonzalez-Navarro, University of Toronto, "Retail Globalization and Household Welfare: Evidence from Mexico"

    Samuel Bazzi, Boston University; Arya Gaduh, University of Arkansas; Alexander Rothenberg, RAND Corporation; and Maisy Wong, University of Pennsylvania, "Skill Transferability, Migration, and Development: Evidence from Population Resettlement in Indonesia"

    Rebecca Dizon-Ross, MIT, "Parents' Perceptions and Children's Education: Experimental Evidence from Malawi"

    Adnan Khan, London School of Economics; Asim Khwaja, Harvard University and NBER; and Benjamin Olken, "Tax Farming Redux: Experimental Evidence on Performance Pay for Tax Collectors"

    Abhijit Banerjee, MIT and NBER; Xin Meng, Australian National University; Tommaso Porzio, Yale University; and Nancy Qian, Yale University and NBER, "Aggregate Fertility and Household Savings: A General Equilibrium Analysis Using Micro Data" (NBER Working Paper No. 20050)

    Ufuk Akcigit, University of Pennsylvania and NBER; Harun Alp, University of Pennsylvania; and Michael Peters, Yale University, "Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries"

    Sandip Mitra, Indian Statistical Institute; Dilip Mookherjee, Boston University and NBER; Máximo Torero, International Food Policy Research Institute; and Sujata Visaria, Hong Kong University of Science and Technology, "Asymmetric Information and Middleman Margins: An Experiment with Indian Potato Farmers"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/DEVf14/summary.html

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Political Economy

The NBER Political Economy Program, directed by Alberto Alesina of Harvard University, met in Cambridge on October 17, 2014. These papers were discussed:

    Ethan Ilzetzki, London School of Economics, "A Positive Theory of Tax Reform"

    Alberto Alesina and Francesco Passarelli, Bocconi University, "Loss Aversion in Politics"

    Jimmy Charité, Columbia University, and Raymond Fisman and Ilyana Kuziemko, Columbia University and NBER, "Reference Points and Demand for Redistribution: Experimental Evidence"

    Stelios Michalopoulos and David Weil, Brown University and NBER, and Louis Putterman, Brown University, "The Influence of Ancestral Lifeways on Individual Economic Outcomes in Sub-Saharan Africa"

    Leonardo Bursztyn, University of California, Los Angeles and NBER, and Robert Jensen, University of Pennsylvania and NBER, "How Does Peer Pressure Affect Educational Investments?"

    Daron Acemoglu, MIT and NBER; Tarek Hassan, University of Chicago and NBER; and Ahmed Tahoun, London Business School, "The Power of the Street: Evidence from Egypt's Arab Spring"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/POLf14/summary.html

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Economic Fluctuations and Growth

The NBER's Program on Economic Fluctuations and Growth met in Chicago on October 24, 2014. NBER Research Associates Veronica Guerrieri of the University of Chicago and Richard Rogerson of Princeton University organized the meeting. These papers were discussed:

    Patrick Kehoe, University of Minnesota and NBER; Virgiliu Midrigan, New York University and NBER; and Elena Pastorino, University of Minnesota, "Debt Constraints and Employment"

    Atif Mian, Princeton University and NBER, and Amir Sufi, University of Chicago and NBER, "House Price Gains and U.S. Household Spending from 2002 to 2006" (NBER Working Paper No. 20152)

    George-Marios Angeletos, MIT and NBER, and Fabrice Collard and Harris Dellas, University of Bern, "Quantifying Confidence"

    Ufuk Akcigit, University of Pennsylvania and NBER; Harun Alp, University of Pennsylvania; and Michael Peters, Yale University, "Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries"

    Christina Romer and David Romer, University of California, Berkeley and NBER, "New Evidence on the Impact of Financial Crises in Advanced Countries"

    Xavier Gabaix, New York University and NBER, and Matteo Maggiori, Harvard University and NBER, "International Liquidity and Exchange Rate Dynamics" (NBER Working Paper No. 19854)

Summaries of these papers may be found at: https://www.nber.org/confer/2014/EFGf14/summary.html

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Chinese Economy

The NBER's Working Group on the Chinese Economy met in Cambridge on October 24-25, 2014. Working Group Director Hanming Fang of the University of Pennsylvania and NBER Research Associate Shang-Jin Wei of Columbia University organized the conference. These papers were discussed:

    Shanjun Li, Cornell University, "Better Lucky Than Rich? Welfare Analysis of Automobile License Allocations in Beijing and Shanghai"

    Mark Rosenzweig, Yale University and NBER, and Junsen Zhang, Chinese University of Hong Kong, "Co-Residence, Life-Cycle Savings and Inter-Generational Support in Urban China" (NBER Working Paper No. 20057)

    Shuaizhang Feng, Shanghai University of Finance and Economics; Yingyao Hu, Johns Hopkins University; and Robert Moffitt, Johns Hopkins University and NBER, "Unemployment and Labor Force Participation in China: Long Run Trends and Short Run Dynamics"

    Kaiji Chen, Emory University, and Yi Wen, Federal Reserve Bank of St. Louis, "The Great Housing Boom of China"

    Davin Chor, National University of Singapore; Kalina Manova, Stanford University and NBER; and Zhihong Yu, University of Nottingham, "The Global Production Line Position of Chinese Firms"

    Franklin Allen, University of Pennsylvania and NBER, and Jun Qian, Susan Shan, and Julie Zhu, Shanghai Jiao Tong University, "The Best Performing Economy with the Worst Performing Market: Explaining the Poor Performance of the Chinese Stock Market"

    Bei Qin, University of Hong Kong; David Strömberg, Stockholm University; and Yanhui Wu, University of Southern California, "Media Bias in Autocracies: Evidence from China"

    Nancy Chau, Cornell University; Yu Qin, National University of Singapore; and Weiwen Zhang, Zhejiang University, "Networked Leaders in the Shadow of the Market - A Chinese Experiment in Allocating Land Conversion Rights"

    Davide Cantoni, University of Munich; Yuyu Chen, Peking University; David Yang, Stanford University; Noam Yuchtman, University of California, Berkeley and NBER; and Y. Jane Zhang, Hong Kong University of Science and Technology, "Curriculum and Ideology" (NBER Working Paper No. 20112)

    Zhibo Tan, Fudan University; Shang-Jin Wei, Columbia University and NBER; and Xiaobo Zhang, Peking University, "Deadly Discrimination: Implications of 'Missing Girls' for Workplace Safety"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/CEf14/summary.html

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Public Economics

The NBER's Program on Public Economics met in Cambridge on October 30, 2014. Program Co-director Amy Finkelstein of MIT and Research Associate Ilyana Kuziemko of Columbia University chose these papers to discuss:

    Nathaniel Hendren, Harvard University and NBER, "The Inequality Deflator: Interpersonal Comparisons without a Social Welfare Function" (NBER Working Paper No. 20351)

    Benjamin Lockwood, Harvard University, and Matthew Weinzierl, Harvard University and NBER, "Positive and Normative Judgments Implicit in U.S. Tax Policy, and the Costs of Unequal Growth and Recessions"

    Adnan Khan, London School of Economics; Asim I. Khwaja, Harvard University and NBER; and Benjamin Olken, MIT and NBER, "Tax Farming Redux: Experimental Evidence on Performance Pay for Tax Collectors"

    Mikhail Golosov, Princeton University and NBER; Aleh Tsyvinski, Yale University and NBER; and Nicolas Werquin, Yale University, "A Variational Approach to the Analysis of Tax Systems"

    Marika Cabral and Michael Geruso, University of Texas, Austin and NBER, and Neale Mahoney, University of Chicago and NBER, "Does Privatized Health Insurance Benefit Patients or Producers? Evidence from Medicare Advantage" (NBER Working Paper No. 20470)

    Bhaven Sampat, Columbia University and NBER, and Heidi Williams, MIT and NBER, "How Do Patents Affect Follow-On Innovation? Evidence from the Human Genome"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/PEf14/summary.html

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International Finance and Macroeconomics

The NBER's Program on International Finance and Macroeconomics met in Cambridge on October 31, 2014. Research Associates Charles Engel of the University of Wisconsin, Madison and Emmanuel Farhi of Harvard University chose these papers to discuss:

    Seunghoon Na, Columbia University; Stephanie Schmitt-Grohé and Martin Uribe, Columbia University and NBER; and Vivian Yue, Emory University, "A Model of the Twin Ds: Optimal Default and Devaluation" (NBER Working Paper No. 20314)

    Cristina Arellano, Federal Reserve Bank of Minneapolis and NBER, and Yan Bai, University of Rochester and NBER, "Linkages Across Sovereign Debt Markets" (NBER Working Paper No. 19548)

    Marcos Chamon, International Monetary Fund; Julian Schumacher, Humboldt University of Berlin; and Christoph Trebesch, University of Munich, "Foreign Law Bonds: Can They Reduce Sovereign Borrowing Costs?"

    Varadarajan Chari and Patrick Kehoe, University of Minnesota and NBER, and Alessandro Dovis, Pennsylvania State University, "On the Optimality of Financial Repression"

    Anton Korinek, Johns Hopkins University and NBER, "International Spillovers and Guidelines for Policy Cooperation"

    Luca Fornaro, Universitat Pompeu Fabra, "International Debt Deleveraging"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/IFMf14/summary.html

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Organizational Economics

The NBER's Working Group on Organizational Economics, directed by Robert Gibbons of MIT, met at Stanford University on October 31 - November 1, 2014. These papers were discussed:

    Benjamin Hermalin, University of California, Berkeley, "At the Helm, Kirk or Spock? The Pros and Cons of Char-ismatic Leadership"

    Rocco Macchiavello, University of Warwick, and Ameet Morjaria, Harvard University, "Competition and Relational Contracts: Evidence from Rwanda's Coffee Mills"

    Mark Granovetter, Stanford University, "The Impact of Mental Constructs on Economic Action: Norms, Values, Moral Economy, Culture, Schemata, and Institutional Logics"

    Philippe Aghion and Raffaella Sadun, Harvard University and NBER; Nicholas Bloom, Stanford University and NBER; and John Van Reenen, London School of Economics and NBER, "Never Waste a Good Crisis? Growth and Decentralization in the Great Recession"

    Steven Blader and Claudine Gartenberg, New York University, and Andrea Prat, Columbia University, "The Contingent Effect of Management Practices"

    Timo Ehrig and Jürgen Jost, Max Planck Institute for Mathematics in the Sciences, and Massimo Warglien, Università Ca' Foscari, "A Formal Framework for Strategic Representations and Conceptual Reorganization"

    Guido Friebel, Miriam Krüger, and Nick Zubanov, Goethe University Frankfurt, and Matthias Heinz, University of Cologne, "Team Incentives and Performance: Evidence from a Retail Chain"

    Daniel Barron and Michael Powell, Northwestern University, "Policy Commitments in Relational Contracts"

    Marian Moszoro, University of California, Berkeley; Pablo Spiller, University of California, Berkeley and NBER; and Sebastian Stolorz, George Mason University, "Rigidity of Public Contracts"

    Laurent Frésard, University of Maryland; Gerard Hoberg, University of Southern California; and Gordon Phillips, University of Southern California and NBER, "The Incentives for Vertical Acquisitions and Integration"

    Wouter Dessein, Columbia University, and Tano Santos, Columbia University and NBER, "Managerial Style and Attention"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/OEf14/summary.html

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Labor Studies

The NBER's Program on Labor Studies, directed by David Card of the University of California, Berkeley, met in Cambridge on November 7, 2014. These papers were discussed:

    Victor Lavy, University of Warwick and NBER; Avraham Ebenstein, Hebrew University of Jerusalem; and Sefi Roth, Royal Holloway, University of London, "The Long Run Human Capital and Economic Consequences of High-Stakes Examinations"

    John Haltiwanger, University of Maryland and NBER, and Henry Hyatt and Erika McEntarfer, Bureau of the Census, "Cyclical Reallocation of Workers across Employers by Firm Size and Firm Wage"

    Nathaniel Hilger, Brown University, "What Do Model Minorities Teach Us About Overcoming Disadvantage? The Case of Asian-Americans"

    Christian Dustmann, University College London, and Rasmus Landersø, Aarhus University, "The Boys are Back in Town: The Effects of Child's Gender on Youth Crime"

    Huailu Li, Fudan University; Kevin Lang, Boston University and NBER; and Kaiwen Leong, Nanyang Technological University, "Does Competition Eliminate Discrimination? Evidence from the Commercial Sex Market in Singapore"

    David Cesarini, New York University; Erik Lindqvist, Stockholm School of Economics; Matthew Notowidigdo, Northwestern University and NBER; and Robert Östling, Stockholm University, "The Effect of Wealth on Individual and Household Labor Supply: Evidence from Swedish Lotteries"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/LSf14/summary.html

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Monetary Economics

The NBER's Monetary Economics Program met in Cambridge on November 7, 2014. NBER Research Associates Atif Mian of Princeton University and Jón Steinsson of Columbia University chose these papers to discuss:

    Pierpaolo Benigno, Libera Università Internazionale degli Studi Sociali Guido Carli; Gauti Eggertsson, Brown University and NBER; and Federica Romei, European University Institute, "Dynamic Debt Deleveraging and Optimal Monetary Policy" (NBER Working Paper No. 20556)

    Neil Mehrotra, Brown University, and Dmitriy Sergeyev, Bocconi University, "Financial Shocks and Job Flows"

    Antonio Falato and Nellie Liang, Federal Reserve Board, "Do Creditor Rights Increase Employment Risk? Evidence from Loan Covenants"

    Mark Bils, University of Rochester and NBER; Peter Klenow, Stanford University and NBER; and Benjamin Malin, Federal Reserve Bank of Minneapolis, "Resurrecting the Role of the Product Market Wedge in Recessions" (NBER Working Paper No. 20555)

    Marco Di Maggio, Columbia University; Amir Kermani, University of California, Berkeley; and Rodney Ramcharan, Federal Reserve Board, "Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/MEf14/summary.html

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Economics of Education

The NBER's Program on Education, directed by Caroline Hoxby of Stanford University, met in Washington on November 13-14, 2014. These papers were discussed:

    Atila Abdulkadiroğlu, Duke University; Joshua Angrist and Parag Pathak, MIT and NBER; and Peter Hull, MIT, "Charters without Lotteries: Testing Takeovers in New Orleans and Boston"

    Daniel Hungerman, University of Notre Dame and NBER, and Kevin Rinz, University of Notre Dame, "Where Does School-Choice Funding Go? How Large-Scale Choice Programs Affect Private-School Revenue, Enrollment, and Prices"

    Joseph Altonji, Yale University and NBER, and Richard Mansfield, Cornell University, "Group-Average Observables as Controls for Sorting on Unobservables When Estimating Group Treatment Effects: the Case of School and Neighborhood Effects"

    Harold Cuffe, Victoria University of Wellington; Glen Waddell, University of Oregon; and Wesley Bignell, University of Washington, "Too Busy for School? The Effect of Athletic Participation on Absenteeism"

    Peter Bergman, Columbia University, "Educational Attainment and School Desegregation: Evidence from Randomized Lotteries"

    Leonardo Bursztyn, University of California, Los Angeles and NBER, and Robert Jensen, University of Pennsylvania and NBER, Does Peer Pressure Affect Educational Investments?"

    David Autor, MIT and NBER; David Figlio, Northwestern University and NBER; Krzysztof Karbownik, Northwestern University; Jeffrey Roth, University of Florida; and Melanie Wasserman, MIT, "The Fragile-Y Effect: Family Environment and the Gender Gap in Behavioral and Educational Outcomes"

    Richard Murphy, University of Texas, Austin, and Felix Weinhardt, Humboldt University of Berlin, "Top of the Class: The Importance of Ordinal Rank"

    Esteban Aucejo, London School of Economics, and Teresa Foy Romano, Duke University, "Assessing the Effect of School Days and Absences on Test Score Performance"

    Nathaniel Hilger, Brown University, "Intergenerational Educational Mobility"

    Martin West and Christopher Gabrieli, Harvard University; Matthew Kraft, Brown University; Amy Finn, Rebecca Martin and John Gabrieli, MIT; and Angela Duckworth, University of Pennsylvania, "Promise and Paradox: Measuring Students' Non-cognitive Skills and the Impact of Schooling"

    Eric Bettinger, Stanford University and NBER; Michael Kremer, Harvard University and NBER; Maurice Kugler, United Nations Development Programme; Carlos Medina, Banco de la República de Colombia; Christian Posso, University of North Carolina; and Juan Saavedra, University of Southern California, "Educational, Labor Market, and Welfare Impacts of Scholarships for Private Secondary School: Evidence from Colombia"

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Corporate Finance

The NBER's Program on Corporate Finance met in Cambridge on November 14, 2014. NBER Research Associates Nittai Bergman and Antoinette Schoar, both of MIT, organized the meeting. These papers were discussed:

    Efraim Benmelech, Northwestern University and NBER, and Ralf Meisenzahl and Rodney Ramcharan, Federal Reserve Board, "The Real Effects of Liquidity during the Financial Crisis"

    Puriya Abbassi, Deutsche Bundesbank; Rajkamal Iyer, MIT; and José-Luis Peydró and Francesc Tous, Universitat Pompeu Fabra, "Securities' Trading by Banks: Micro-Evidence"

    Anil Kashyap, University of Chicago and NBER; Dimitrios Tsomocos, University of Oxford; and Alexandros Vardoulakis, Federal Reserve Board, "How Does Macroprudential Regulation Change Bank Credit Supply?" (NBER Working Paper No. 20165)

    Daniel Paravisini and Veronica Rappoport, London School of Economics, and Philipp Schnabl, New York University and NBER, "Comparative Advantage and Specialization in Bank Lending"

    Martin Jacob, WHU - Otto Beisheim School of Management; Roni Michaely, Cornell University; and Annette Alstadsæter, University of Oslo, "Taxation and Dividend Policy: The Muting Effect of Diverse Ownership Structure"

    Jonathan Berk, Stanford University and NBER; Jules van Binsbergen, University of Pennsylvania and NBER; and Binying Liu, Northwestern University, "Matching Capital and Labor" (NBER Working Paper No. 20138)

    Alexander Dyck, University of Toronto; Adair Morse, University of California, Berkeley and NBER; and Luigi Zingales, University of Chicago and NBER, "How Pervasive is Corporate Fraud"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/CFf14/summary.html

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Behavioral Finance

The Behavioral Economics Working Group held a meeting on Behavioral Finance in Cambridge on November 15, 2014, organized by NBER Research Associates Nicholas Barberis of Yale University and Kent Daniel of Columbia University. These papers were discussed:

    Daniel Chen, Eidgenössische Technische Hochschule Zürich, and Tobias Moskowitz and Kelly Shue, University of Chicago and NBER, "Decision-Making under the Gambler's Fallacy: Evidence from Asylum Judges, Loan Officers, and Baseball Umpires"

    Tom Chang and David Solomon, University of Southern California; Samuel Hartzmark, University of Chicago; and Eugene Soltes, Harvard University, "Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns"

    Jon Kleinberg and Chentao Tan, Cornell University; Sendhil Mullainathan, Harvard University and NBER; and Thomas Zimmermann, Harvard University, "Inductive Testing: Theory and an Application to the Disposition Effect"

    Francesco D'Acunto, University of California, Berkeley; Marcel Prokopczuk, Leibniz University of Hannover; and Michael Weber, University of Chicago, "Distrust in Finance Lingers: Jewish Persecution and Households' Investments"

    Yihui Pan, University of Utah; Stephan Siegel, University of Washington; and Tracy Yue Wang, University of Minnesota, "The Cultural Origin of Preferences: CEO Cultural Heritage and Corporate Policies"

    Chunxin Jia and Yaping Wang, Peking University, and Wei Xiong, Princeton University and NBER, "Social Trust and Differential Reactions of Local and Foreign Investors to Public News"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/BEf14/summary.html

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Household Finance

The NBER's Working Group on Household Finance held a conference on "Research Findings and Implications for Policy" in Washington on November 21, 2014. Directors Brigitte Madrian of Harvard University and Stephen Zeldes of Columbia University chose these papers to discuss:

    Stefania Albanesi, Federal Reserve Bank of New York, and Jaromir Nosal, Columbia University, "Insolvency After the 2005 Bankruptcy Reform"

    Justine Hastings, Brown University and NBER; Christopher Neilson, New York University; and Seth Zimmerman, Princeton University, "Student Loans, College Choice, and Information on the Returns to Higher Education"

    Shawn Cole, Harvard University and NBER; Benjamin Iverson, Northwestern University; and Peter Tufano, University of Oxford and NBER, "Can Gambling Increase Savings? Empirical Evidence on Prize-linked Savings Accounts"

    Joanne Hsu, Federal Reserve Board; David Matsa, Northwestern University and NBER; and Brian Melzer, Northwestern University, "Positive Externalities of Social Insurance: Unemployment Insurance and Consumer Credit" (NBER Working Paper No. 20353)

    Benjamin Keys, University of Chicago; Tomasz Piskorski, Columbia University; Amit Seru, University of Chicago and NBER; and Vincent Yao, Fannie Mae, "Mortgage Rates, Household Balance Sheets, and the Real Economy" (NBER Working Paper No. 20651)

    Miriam Bruhn, Arianna Legovini, Rogelio Marchetti, and Bilal Zia, the World Bank, and Luciana de Souza Leão, Columbia University, "The Impact of High School Financial Education: Evidence from a Large-Scale Evaluation in Brazil"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/HFDCf14/summary.html

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Asset Pricing

The NBER's Program on Asset Pricing met at Stanford University on November 20-21, 2014. NBER Research Associates Nicolae Gârleanu and Martin Lettau, both of University of California, Berkeley, chose these papers to discuss:

    Rhys Bidder, Federal Reserve Bank of San Francisco, and Ian Dew-Becker, Northwestern University, "Long-Run Risk is the Worst-Case Scenario"

    Marianne Andries, University of Toulouse; Thomas Eisenbach, Federal Reserve Bank of New York; and Martin Schmalz, University of Michigan, "Asset Pricing with Horizon-Dependent Risk Aversion"

    Dongho Song, Boston College, "Bond Market Exposures to Macroeconomic and Monetary Policy Risks"

    Itamar Drechsler, New York University and NBER, and Qingyi Drechsler, Wharton Research Data Services, "The Shorting Premium and Asset Pricing Anomalies" (NBER Working Paper No. 20282)

    Christopher Culp, Johns Hopkins University; Yoshio Nozawa, Federal Reserve Board; and Pietro Veronesi, University of Chicago and NBER, "The Empirical Merton Model"

    Alan Moreira, Yale University, and Alexi Savov, New York University and NBER, "The Macroeconomics of Shadow Banking" (NBER Working Paper No. 20335)

Summaries of these papers may be found at: https://www.nber.org/confer/2014/APf14/summary.html

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International Trade and Investment

The NBER's Program on International Trade and Investment met at Stanford University on December 5–6, 2014. NBER Research Associate Gordon Hanson of University of California, San Diego organized the meeting. These papers were discussed:

    Treb Allen, Northwestern University and NBER; Costas Arkolakis, Yale University and NBER; and Yuta Takahashi, Northwestern University, "Universal Gravity"

    Colin Hottman, Columbia University; Stephen Redding, Princeton University and NBER; and David Weinstein, Columbia University and NBER, "What is Firm Heterogeneity in Trade Models? The Role of Quality, Scope, Markups, and Cost" (NBER Working Paper No. 20436)

    Jonathan Eaton, Brown University and NBER; Samuel Kortum, Yale University and NBER; and Francis Kramarz, CREST, "Firm-to-Firm Trade: Imports, Exports, and the Labor Market"

    Andrew Bernard and Andreas Moxnes, Dartmouth College and NBER, and Yukiko Saito, Research Institute of Economy, Trade and Industry, "Production Networks, Geography and Firm Performance"

    Lee Branstetter, Carnegie Mellon University and NBER, and Matej Drev, Georgia Institute of Technology, "Who's Your Daddy? Foreign Investor Origin, Multi-Product Firms, and the Benefit of Foreign Investment"

    Donald Davis, Columbia University and NBER; Jonathan Dingel, University of Chicago; Joan Monras, Sciences Po; and Eduardo Morales, Princeton University and NBER, "Spatial and Social Frictions in the City: Evidence from Yelp"

    Rafael Dix-Carneiro, Duke University, and Brian Kovak, Carnegie Mellon University and NBER, "Trade Reform and Regional Dynamics: Evidence from 25 Years of Brazilian Matched Employer-Employee Data"

    James Markusen, University of Colorado, Boulder and NBER, "An Alternative Base Case for Modeling Trade and the Environment"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/ITIf14/summary.html

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Entrepreneurship

The NBER's Working Group on Entrepreneurship met in Cambridge on December 5, 2014. Working Group Director An-toinette Schoar of MIT and NBER Research Associate Josh Lerner of Harvard University chose these papers to discuss:

    Erin Scott, National University of Singapore; Pian Shu, Harvard University; and Roman Lubynsky, MIT, "Evaluating Early-Stage Ideas: Evidence from Venture Mentoring"

    Deepak Hegde, New York University, and Justin Tumlinson, University of Munich, "Unobserved Ability and Entrepreneurship"

    Juanita Gonzalez-Uribe, London School of Economics, and Michael Leatherbee, Pontificia Universidad Católica de Chile, "Business Accelerators: Evidence from Start-up Chile"

    Manuel Adelino and Song Ma, Duke University, and David Robinson, Duke University and NBER, "Firm Age, Investment Opportunities, and Job Creation" (NBER Working Paper No. 19845)

    Annamaria Conti, Georgia Institute of Technology, "Evaluating Government R&D Grants to Startups: The Case of a Small Open Economy"

    Yael Hochberg, Rice University and NBER; Carlos Serrano, Universitat Pompeu Fabra and NBER; and Rose-marie Ziedonis, University of Oregon, "Patent Collateral, Investor Commitment, and the Market for Venture Lending" (NBER Working Paper No. 20587)

Summaries of these papers may be found at: https://www.nber.org/confer/2014/ENTf14/summary.html

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Market Microstructure

The NBER's Working Group on Market Microstructure held a meeting, supported by the NASDAQ-OMX Foundation, in Cambridge on December 12, 2014. Tarun Chordia of Emory University; Amit Goyal of the University of Lausanne; Joel Hasbrouck of New York University; Bruce Lehmann of the University of California, San Diego, and NBER; Gideon Saar of Cornell University; and Avanidhar Subrahmanyam of the University of California, Los Angeles, organized the program. These papers were discussed:

    Mariassunta Giannetti and Bige Kahraman, Stockholm School of Economics, "Who Trades Against Mispricing?"

    Paolo Pasquariello, University of Michigan, "Government Intervention and Arbitrage"

    Salman Arif and Azi Ben-Rephael, Indiana University, and Charles Lee, Stanford University, "Do Short-Sellers Profit from Mutual Funds? Evidence from Daily Trades"

    Zhuo Zhong, University of Melbourne, "The Risk Sharing Benefit versus the Collateral Cost: The Formation of the Inter-Dealer Network in Over-the-Counter Trading"

    Albert Kyle and Yajun Wang, University of Maryland, and Anna Obizhaeva, New Economic School, "A Market Microstructure Theory of the Term Structure of Asset Returns"

    Yakov Amihud, New York University, "The Pricing of the Illiquidity Factor's Systematic Risk"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/MMf14/summary.html

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