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"1973-2005"
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Experiment eleven : deceit and betrayal in the discovery of the cure for tuberculosis
\"In 1943, Albert Schatz, a young American PhD student, worked on a wartime project in microbiology professor Selman Waksman's lab, searching for an antibiotic to fight infections on the front lines and at home. On his eleventh experiment on a common bacterium found in farmyard soil, Schatz discovered streptomycin, the first effective cure for tuberculosis, at that time the world's leading killer disease. As director of Schatz's reserach, Waksman took credit for the discovery, belittled Schatz's work, and secretly enriched himself with royalties from the streptomycin patent filed by Merck. In [1950, and in] an unprecedented lawsuit, young Schatz sued Waksman, was awarded the title of 'co-discoverer', and a share of the royalties. But two years later, Professor Waksman alone was awarded the Nobel Prize. Schatz disappeared into academic obscurity. ...\"--Book jacket.
Book
What Segments Equity Markets?
We propose a new, valuation-based measure of world equity market segmentation. While we observe decreased levels of segmentation in many countries, the level of segmentation remains significant in emerging markets. We characterize the factors that account for variation in market segmentation both through time as well as across countries. Both a country's regulation with respect to foreign capital flows and certain nonregulatory factors are important. In particular, we identify a country's political risk profile and its stock market development as two additional local segmentation factors as well as the U.S. corporate credit spread as a global segmentation factor.
Journal Article
LIQUIDITY, ECONOMIC ACTIVITY, AND MORTALITY
We document a within-month mortality cycle where deaths decline before the first day of the month and spike after the first. This cycle is present across a wide variety of causes and demographic groups. A similar cycle exists for a range of economic activities, suggesting the mortality cycle may be due to short-term variation in levels of economic activity. We provide evidence that the within-month activity cycle is generated by liquidity. Our results suggest a causal pathway whereby liquidity problems reduce activity, which in turn reduces mortality. These relationships may help explain the procyclical nature of mortality.
Journal Article
The Changing Nature of Wage Inequality
The paper reviews recent developments in the literature on wage inequality with a particular focus on why inequality growth has been particularly concentrated in the top end of the wage distribution over the last 15 years. Several possible institutional and demand-side explanations are discussed for the secular growth in wage inequality in the United States and other advanced industrialized countries.
Journal Article
Postsecondary Education and Increasing Wage Inequality
Descriptive evidence from quantile regressions and more \"structural\" estimates from a human capital model with heterogenous returns suggest that most of the increase in wage inequality between 1973 and 2005 is due to dramatic increases in the return to postsecondary education. These findings add to the growing evidence that, far from being ubiquitous, changes in wage inequality are increasingly concentrated in the very top end of the wage distribution. The paper shows that postsecondary education plays a crucial role in explaining this phenomenon. By contrast, labor market experience, primary and secondary education, and the position of workers without postsecondary education in the wage distribution play a small role in explaining changes in the wage structure over the last 35 years. The human capital model with heterogenous returns provides a possible channel for understanding these dramatic changes. Understanding why postsecondary education, as opposed to other observed or unobserved measures of skills, plays such a dominant role in changes in wage inequality should be an important priority for future.
Journal Article
Overreaction to Intra-industry Information Transfers?
Prior research has documented that earnings announcements provide information not only about the announcing firm but also about other firms in the same industry. We document a stock market anomaly associated with this phenomenon of intra-industry information transfers by showing that the stock price movements of late announcers in response to earnings reported by early announcers are negatively related to subsequent price responses of late announcers to their own earnings reports. Apparently, the stock market overestimates the intra-industry implications of early announcers' earnings for late announcers' earnings, and that overestimation is corrected when late announcers disclose their earnings.
Journal Article
DOES TEMPORARY AFFIRMATIVE ACTION PRODUCE PERSISTENT EFFECTS? A STUDY OF BLACK AND FEMALE EMPLOYMENT IN LAW ENFORCEMENT
This paper exploits variation in the timing and outcomes of employment discrimination lawsuits against U.S. law enforcement agencies to estimate the cumulative and persistent employment effects of temporary externally imposed affirmative action (AA). We find that AA increased black employment at all ranks by 4.5 to 6.2 percentage points relative to national trends. We also find no erosion of these employment gains in the fifteen years following AA termination, although black employment growth was significantly lower in departments after AA ended than in departments whose plans continued. For women, in contrast, we find only marginal employment gains at lower ranks.
Journal Article
The effects of foreign aid in Sub-Saharan Africa
This paper contributes to the aid effectiveness debate by applying a vector autoregression model to a panel of Sub-Saharan African countries. This method avoids the need for instrumental variables and allows one to analyse the effect of foreign aid on human development and on economic development simultaneously. The full sample results indicate a small increase in economic growth following a fairly substantial aid shock. The size of the effect puts the result somewhere between the arguments of aid optimists and those of aid pessimists. Human development, for which I use the growth rate of life expectancy as a proxy, responds positively to aid shocks in democracies.[web URL:http://www.esr.ie]
Journal Article
Aftershocks: The Impact of Clinic Violence on Abortion Services
Between 1973 and 2003, abortion providers in the United States were the targets of over 300 acts of extreme violence. Using unique data on attacks and on abortions, abortion providers, and births, we examine how anti-abortion violence has affected providers' decisions to perform abortions and women's decisions about whether and where to terminate a pregnancy. We find that clinic violence reduces abortion services in targeted areas. Once travel is taken into account, however, the overall effect of the violence is much smaller.
Journal Article