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SHA Working Papers
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Customer Concentration and Cost Structure
(2017-04-01)This study examines the effects of customer concentration levels on firm cost structure decisions. Analyzing cost data from a sample of manufacturing firms from 1976 through 2013, we find a negative relationship between ... -
Farm Mechanization and Rural Migration in the Great Depression
(2019-01-14)We study sectoral labor realloaction in the U.S. during the Great Depression by examining transitions between the farm and nonfarm sectors as well as movement within the farm sector. Towns and cities that are hit harder ... -
Financial Globalization and Risk Sharing: Welfare Effects and the Optimality of Open Markets
(2006-01-01)To study the welfare effects of investment barriers and the opening of markets to foreigners, we construct an equilibrium model of international asset pricing without agency costs that allows endogenous market participation ... -
Preferences Toward Risk and Asset Prices: Evidence From Russian Lottery Bonds
(2005-11-03)This paper studies the relationship between investor risk preferences and asset returns. The paper provides direct evidence on the risk aversion of participants in a securities market. It uses the prices of lottery bonds ... -
The Rate of Return on Real Estate: Long-Run Micro-Level Evidence
(2019-06-01)We provide evidence that direct real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level data on realized income, expenses, and transaction prices ...
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