Abstract Infrastructure investment is increasingly important for institutional investors. This paper focuses on pension fund allocations to infrastructure, using the CEM Benchmarking database. We document that larger funds, public and funds with a higher allocation other alternative assets are more likely invest in infrastructure. Pension across globe face infrastructure costs comparable, but w...

We combine extremely granular information on the location and timing of homicides with a number large administrative educational data sets from Brazil to estimate effect exposure around schools, students’ residences, their way school. show that violence has detrimental both school attendance standardized test scores it increases dropout rates students substantially. use exceptionally rich stude...

Abstract Many countries are proposing major public infrastructure investment, addressing the net zero imperative and need to recover from pandemic. Yet investments will deliver on these policy goals only if appraisals take account of strategic complementarities in determining future path economy, including technological choices. Cost–benefit analysis as currently applied is unable do this, even...

This paper demonstrates endogenous fluctuations of aggregate investments when firm-level investments follow an (S,s) policy and exhibits demand externality. We present a method to characterize the aggregate fluctuations that arise from the interaction of the (S,s) policies. We show that the growth rate of capital has a strictly positive variance even when the number of firms tends to infinity i...

This paper analyses which factors can explain the planned funding for 83 different stretches of roads in the Norwegian national road network during the ten-year period from 2010 to 2019. Previous studies have focused on the extent to which Norwegian politicians use the results of cost-benefit analyses when they prioritise various road projects. In contrast, we analyse how road characteristics, ...

We use 130 years of data on historical migrations to the United States to show a causal effect of the ancestry composition of US counties on foreign direct investment (FDI) sent and received by local firms. To isolate the causal effect of ancestry on FDI, we build a simple reduced-form model of migrations: migrations from a foreign country to a US county at a given time depend on (i) a push fac...