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Journal of Political Economy 2022年第12期
1．The Comparative Advantage of Firms
企业的比较优势
Johannes Boehm；Swati Dhingra；John Morrow
Resource-based theories propose that firms grow bydiversifying into products that use common capabilities. We provide evidencefor common-input capabilities, using a policy that removed entry barriers ininput markets to show that the similarity of a firm’s and an industry’s inputmix determines firm production choices. We model industry choice and economiesof scope from input capabilities. When the model is estimated for Indianmanufacturing, input complementarities make firms 5% more likely to produce inan industry and are quantitatively as important as time-invariant drivers ofcoproduction rates. Upstream entry barriers were equivalent to a 9.5% tariff oninputs.
资源基础理论认为，企业通过多样化生产到使用共同能力的产品生产来实现增长。我们为共同投入能力提供证据，使用消除投入市场进入壁垒的政策来证实公司和行业投入组合的相似性决定了企业的生产选择。我们根据输入能力对行业选择和范围经济进行建模。当对印度制造业进行模型估计时，投入互补性使企业在一个行业中生产的可能性增加5%，并且在数量上与共同生产率的时不变驱动因素一样重要。上游进入壁垒相当于对投入品征收9.5%的关税。
DOI: 10.1086/720630
2．Exit versusVoice
退出与话语权
Eleonora Broccardo；Oliver Hart；Luigi Zingales
We study the relative effectiveness of exit (divestment andboycott) and voice (engagement) strategies in a world where companies generateexternalities and some agents care about the social impact of their decisions.We show that if the majority of investors are even slightly sociallyresponsible, voice achieves the socially optimal outcome. In contrast, exitdoes not unless everybody is significantly socially responsible. If themajority of investors are purely selfish, exit is a more effective strategy,but neither strategy generally achieves the first best. We also show that exitcan sometimes reduce social welfare.
我们研究了退出（撤资和抵制）和话语权（参与）策略的相对有效性，在这个世界中，公司产生外部性，一些代理商关心其决策的社会影响。本文表明，如果大多数投资者有轻微的社会责任感，话语权就会达到社会最优的结果。相反，除非每个人都有重大的社会责任，否则不会退出。如果大多数投资者纯粹是自私的，退出是一种更有效的策略，但这两种策略通常都不能达到最优的。本文还表明，退出有时会减少社会福利。
DOI: 10.1086/720516
3．Asset Management Contracts and Equilibrium Prices
资产管理合约和均衡价格
Andrea M. Buffa；Dimitri Vayanos；Paul Woolley
We model asset management as a continuum between active andpassive: managers can deviate from benchmark indices to exploit noisetrader–induced distortions, but agency frictions constrain these deviations.Because constraints force managers to buy assets that they underweight whenthese assets appreciate, overvalued assets have high volatility, and therisk-return relationship becomes inverted. Distortions are more severe forovervalued assets than for undervalued ones because trading against the formerentails more risk and tighter constraints. We provide empirical evidencesupporting our model’s main mechanisms. Using the data, we infer theconstraints’ tightness and compute a measure of effective arbitrage capital.
我们将资产管理建模为主动和被动之间的连续统一体：经理可以偏离基准指数来利用噪音交易者引起的扭曲，但机构摩擦限制了这些偏差。由于约束迫使管理人在资产升值时购买他们减持的资产，因此高估的资产具有高波动性，风险回报关系变得反转。高估资产的扭曲比低估资产的扭曲更为严重，因为与前者进行交易会带来更大的风险和更严格的限制。我们提供了经验证据支持我们模型的主要机制。利用这些数据，我们推断了约束的紧密性，并测算了度量有效套利资本的一个指标。
DOI: 10.1086/720515
4．Vertical Contracts with Endogenous Product Selection: An EmpiricalAnalysis of Vendor Allowance Contracts
内生产品选择的纵向合约：基于供应商配额合同的实证分析
Sylvia Hristakeva
Producers frequently provide retailers with financialincentives to secure product distribution. These payments often take the formof vendor allowances: lump-sum transfers to retailers that do not directlydepend on quantity sold. I introduce an estimation strategy that uses observedproduct selections to inform unobserved allowances. I use retailers’replacement threats, which may allow them to capture both vendor transfers andlower wholesale prices. A counterfactual restricts firms to contract on onlywholesale prices. Results show that vendor allowances may have not only(negative) product distortion effects but also (potentially positive) pricingeffects.
生产商经常为零售商提供经济激励，以确保产品分销。这些付款通常采取供应商津贴的形式：一次性转移给零售商，不直接取决于销售数量。我介绍了一种估计策略，该策略使用观察到的产品选择来告知未观察到的津贴。我使用零售商的替换威胁，这可能使他们能够捕获供应商转移和较低的批发价格。反事实限制公司只能以批发价格签订合同。结果表明，供应商津贴不仅可能产生（负面）产品扭曲效应，还可能产生（潜在的积极）定价效应。
DOI: 10.1086/720631
5．Breaking the Cycle? Intergenerational Effects of an AntipovertyProgram in Early Childhood
打破循环？幼儿反贫困计划的代际效应
Andrew Barr；Chloe R. Gibbs
Despite substantial evidence that resources and outcomes aretransmitted across generations, there has been limited inquiry into the extentto which antipoverty programs actually disrupt the cycle of bad outcomes. Weleverage the rollout of the United States’s largest early-childhood program,Head Start, to estimate the effect of early-childhood exposure among mothers ontheir children’s long-term outcomes. We find evidence of intergenerationaltransmission of effects in the form of increased educational attainment,reduced teen pregnancy, and reduced criminal engagement in the secondgeneration. These effects correspond to an estimated increase in discountedsecond-generation wages of 6%–11%, depending on specification. Exploration ofearlier outcomes suggests an important role for changes in parenting behaviorand potential noncognitive channels.
尽管有大量证据表明资源和结果是代代相传的，但对反贫困计划在多大程度上实际会破坏不良结果循环的调查有限。我们利用美国最大的幼儿计划“HeadStart”的推出来估计母亲的幼儿早期接触其对子女长期结果的影响。我们发现有证据表明，第二代人受教育程度提高、青少年怀孕率降低和犯罪参与减少，其形式是代际传递效应。这些影响对应于第二代贴现工资的估计增长6%-11%，具体取决于规范化。对早期结局的探索表明，育儿行为和潜在的非认知渠道的变化起着重要作用。
DOI: 10.1086/720764
6．Aggregate Implications of Changing Sectoral Trends
行业变动趋势的总体影响
Andrew T. Foerster；Andreas Hornstein；Pierre-Daniel G. Sarte；Mark W. Watson
We describe how capital accumulation and the networkstructure of US production interact to amplify the effects of sectoral trendgrowth rates in total factor productivity and labor on trend GDP (gross domesticproduct) growth. We derive expressions that conveniently summarize thislong-run amplification effect by way of sectoral multipliers. We estimate thatsector-specific factors have historically accounted for approximatelythree-fourths of long-run changes in GDP growth. Trend GDP growth fell bynearly 3 percentage points over the postwar period, with especially significantcontributions from the Construction sector in 1950–80 and the Durable Goodssector in 2000–2018. No sector has contributed any steady significant increaseto the trend growth rate of GDP in the past 70 years.
我们描述了资本积累和美国生产网络结构如何相互作用，以放大全要素生产率和劳动力的行业趋势增长率对趋势GDP（国内生产总值）增长的影响。我们推导出的表达式可以通过行业乘数方便地总结这种长期放大效应。我们估计，从历史上看，特定行业的因素约占GDP增长长期变化的四分之三。趋势GDP增长在战后下降了近3个百分点，其中1950-80年建筑业和2000-2018年耐用品业的贡献尤其重大。在过去70年中，没有一个行业对GDP的趋势增长率做出任何稳定的显着增长。
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