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Bidder Discounts and Target Premia in Takeovers

By Boyan Jovanovic and Serguey Braguinsky

American Economic Review, March 2004

On news of a takeover, the sum of the stock market values of the firms involved often falls, and the value of the acquirer almost always does. Does this mean that takeovers do not raise the values of the firms involved? Not necessarily. We set up a model ...

www.aeaweb.org/articles?id=10.1257/000282804322970698

Costly Voting

By Tilman Borgers

American Economic Review, March 2004

What are good voting rules if voting is costly? We analyze this question for the case that an electorate chooses among two alternatives. In a symmetric private value model of voting we show that majority voting with voluntary participation Paretodominates...

www.aeaweb.org/articles?id=10.1257/000282804322970706

Factor Proportions and the Structure of Commodity Trade

By John Romalis

American Economic Review, March 2004

This paper examines how factor proportions determine the structure of commodity trade. It integrates a many-country version of a Heckscher-Ohlin model with a continuum of goods with Paul R. Krugman's (1980) model of monopolistic competition and transport ...

www.aeaweb.org/articles?id=10.1257/000282804322970715

Do We Really Know That the WTO Increases Trade?

By Andrew K. Rose

American Economic Review, March 2004

This paper estimates the effect on international trade of multilateral trade agreements - the World Trade Organization (WTO), its predecessor the General Agreement on Tariffs and Trade (GATT), and the Generalized System of Preferences (GSP) extended from ...

www.aeaweb.org/articles?id=10.1257/000282804322970724

Network Effects in Biology R&D

By Joachim Henkel and Stephen M. Maurer

American Economic Review, May 2010

www.aeaweb.org/articles?id=10.1257/aer.100.2.159

The Effect of Education on Crime: Evidence from Prison Inmates, Arrests, and Self-Reports

By Lance Lochner and Enrico Moretti

American Economic Review, March 2004

We estimate the effect of education on participation in criminal activity using changes in state compulsory schooling laws over time to account for the endogeneity of schooling decisions. Using Census and FBI data, we find that schooling significantly red...

www.aeaweb.org/articles?id=10.1257/000282804322970751

Public Housing, Housing Vouchers, and Student Achievement: Evidence from Public Housing Demolitions in Chicago

By Brian A. Jacob

American Economic Review, March 2004

This paper utilizes a plausibly exogenous source of variation in housing assistance generated by public housing demolitions in Chicago to examine the impact of high-rise public housing on student outcomes. I find that children in households affected by th...

www.aeaweb.org/articles?id=10.1257/000282804322970788