The American Economic Review, Volume 94

action agents analysis assets assume average bank behavior callback candidates capital changes choice choose coefficient column condition consider contract correlation cost countries decisions depends desegregation distribution Economic effect efficient elect entrepreneurs equal equation equilibrium estimates example exists expected Figure firms follows fraction function funds given growth higher implies important income increase individual industry input interest investment Journal labor less limit liquidity lower measure Note observations offer opportunity optimal output patents payoff percent period plants pool positive possible preferences probability problem productivity PROPOSITION reform regression relative reports requires returns sample sector share shocks significant social social capital specification standard statistically suggests Table tion trade treatment University variables volatility wage workers