Soft Information Hard Shell

Author: William N. Goetzmann
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ISBN:
Size: 75.85 MB
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Soft Information Hard Shell from the Author: William N. Goetzmann. There is a growing literature on the differential impact of soft' vs. hard' information on organizational structure and behavior. This study is an attempt to empirically quantify the value of soft information, using a data-base on the market for screenplays. Script quality is difficult to estimate without subjective evaluation. Therefore soft information should be an integral part of the pricing of these intellectual assets. In our empirical analysis, we find that hard information' (reputation) variables as well as soft information' proxies are priced. Screenplays with high soft information content are priced significantly lower than high concept' harder information'- type scripts. We also follow the screenplays to production, and find that buyers seem to be able to forecast the success of a script, paying more for screenplays resulting in more successful films. In other words, high concept' (harder information) screenplays sell for more and result in more successful movies.

Speculative Growth

Author: Ricardo J. Caballero
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Size: 56.21 MB
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Speculative Growth from the Author: Ricardo J. Caballero. "We propose a framework for understanding recurrent historical episodes of vigorous economic expansion accompanied by extreme asset valuations, as exhibited by the U.S. in the 1990s. We interpret this phenomenon as a high-valuation equilibrium with a low effective cost of capital based on optimism about the future availability of funds for investment. The key to the sustainability of such an equilibrium is feedback from increased growth to an increase in the supply of effective funding. We show that such feedback arises naturally when an expansion comes with technological progress in the capital producing sector, when fiscal rules generate sustained fiscal surpluses, when the rest of the world has lower expansion potential, and when financial constraints are relaxed by the expansion itself. Arguably, these ingredients were all simultaneously present in the U.S. during the 1990s. We also show that such expansions can be welfare improving but they can crash. The latter is more likely if bubbles develop along the expansionary path. These (rational) bubbles can emerge even when the interest rate exceeds the rate of growth of the economy"--National Bureau of Economic Research web site.

A Portrait Of The Artist As A Very Young Or Very Old Innovator

Author: David W. Galenson
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Size: 60.57 MB
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A Portrait Of The Artist As A Very Young Or Very Old Innovator from the Author: David W. Galenson. Orson Wells made Citizen Kane, his greatest movie, when he was 25 years old; Frank Lloyd Wright designed Fallingwater, his most famous house, when he was 70. Contrasts as great as this raise the question of whether there is a general explanation of when in their lives great innovators are most creative. For each of seven artistic disciplines, this paper examines a major innovation made by a very young artist, and another made by an old one, with the goal of understanding the role of the artist's age and experience in the accomplishment. The analysis shows why youth was necessary for the innovations of such conceptual artists as F. Scott Fitzgerald, Arthur Rimbaud, Maya Lin, and Orson Welles, all of whom produced their masterpieces before the age of 30, and why extensive experience was necessary for the innovations of such experimental artists as Piet Mondrian, Elizabeth Bishop, Henrik Ibsen, and Frank Lloyd Wright, all of whom made major contributions after the age of 60. This paper demonstrates the generality of the distinction between conceptual and experimental innovators in artistic disciplines, and the value of the analysis in explaining the very different relationships between age and creativity for the two types of artist.

National Bureau Reporter

Author: National Bureau of Economic Research
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Size: 74.94 MB
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National Bureau Reporter from the Author: National Bureau of Economic Research.

Moving Up Or Moving Out

Author: Ann E. Harrison
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Size: 15.97 MB
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Moving Up Or Moving Out from the Author: Ann E. Harrison. During the 1990s, human rights and anti-sweatshop activists increased their efforts to improve working conditions and raise wages for workers in developing countries. These campaigns took many different forms: direct pressure to change legislation in developing countries, pressure on firms, newspaper campaigns, and grassroots organizing. This paper analyzes the impact of two different types of interventions on labor market outcomes in Indonesian manufacturing: (1) direct US government pressure, which contributed to a doubling of the minimum wage and (2) anti-sweatshop campaigns. The combined effects of the minimum wage legislation and the anti-sweatshop campaigns led to a 50 percent increase in real wages and a 100 percent increase in nominal wages for unskilled workers at targeted plants. We then examine whether higher wages led firms to cut employment or relocate elsewhere. Although the higher minimum wage reduced employment for unskilled workers, anti-sweatshop activism targeted at textiles, apparel, and footwear plants did not. Plants targeted by activists were more likely to close, but those losses were offset by employment gains at surviving plants. The message is a mixed one: activism significantly improved wages for unskilled workers in sweatshop industries, but probably encouraged some plants to leave Indonesia.