Evidence from 100,000 Venture Capitalists (NBER Working Paper 35501), Blake Jackson and Ilya A. Strebulaev study whether individual differences among VC professionals—in education, work experience, ...

Entrepreneurship training is generally intended to improve founders’ chances of success. It may also create value by helping entrepreneurs recognize when a venture no longer warrants further ...

Governments invoke national security to regulate foreign acquisitions of domestic firms. Why is ownership regulation a distinct policy margin beyond standard tools, like production subsidies and trade ...

Over the past four decades, the earnings gap between college graduates and non-graduates has widened substantially, prompting interest in policies aimed at promoting higher education among low-income ...

We examine optimal non-cooperative monetary policy in a two-country New Keynesian setting with complete financial markets and pricing to market for goods. In contrast to the case in which the law of ...

Behavioral finance seeks to improve our understanding of markets, investors, and firms by adopting a psychologically realistic description of how people think. While behavioral finance ideas have been ...

In 2017, the federal government ended payments for cost-sharing reduction (CSR) subsidies for the Health Insurance Marketplaces created by the Affordable Care Act. Rather than uniformly increase ...

This paper shows that insuring landlords against non-payment risk can improve housing access and upward geographic mobility for fragile tenants. We study Visale, a large-scale publicly funded rent ...

For asset pricing, the most important forces are those that systematically push the expectations of many investors in a common direction and thereby influence aggregate asset demand. The expectations ...

This paper examines the revenue and migration impact of the 2026 California Billionaire Tax Act, a one-time 5 percent tax on the worldwide net worth of individuals exceeding $1 billion. Using data ...

This paper investigates how the expansion of social insurance affects households’ accumulation of debt. Insurance can reduce reliance on debt by lessening the financial impact of adverse events such ...

We document this phenomenon and discuss its implications in light of models of firm-sponsored skills training. The data show that better managed firms, even in the same industries and labor markets, ...