We show modern information technology (in short IT) is the cause of rising income and wealth inequality since the 1970's and has contributed to slow growth of wages and decline in the natural rate. Hence, the source of most improvements in our living standards also causes social losses and rising inequality. We first study all US firms whose securities trade on public exchanges. Surplus wealth ...

Many studies have shown that commercially-sponsored clinical trials are more likely than publicly-financed trials to produce results that are favorable to the sponsoring firm. There is no research, however, to support the allegation that industry sponsors intentionally design methodologically inferior studies. Rather than empirically determining whether commercially financed research is less so...

Many studies have shown that commercially-sponsored clinical trials are more likely than publicly-financed trials to produce results that are favorable to the sponsoring firm. There is no research, however, to support the allegation that industry sponsors intentionally design methodologically inferior studies. Rather than empirically determining whether commercially financed research is less so...

This paper investigates the shortand long-run relationship between domestic wealth, capital stock and the net foreign asset position of industrialised and developing countries. Using cointegration techniques, a link between output per capita, the stock of public debt and age distribution on saving, investment and hence, the net external wealth of countries is established. Public debt, GDP per c...

Abstract This paper investigates the incentives of a credit rating agency (CRA) to generate accurate ratings under an advertisement-based business model. To this end, we study two-period endogenous reputation model in which CRA can increase precision its by exerting effort. The receives revenue not from fees, as is standard literature, but through online advertising. We show that provides suffi...

We show modern information technology (in short IT) is the cause of rising income and wealth inequality since the 1970's and has contributed to slow growth of wages and decline in the natural rate. We first study all US firms whose securities trade on public exchanges. Surplus wealth of a firm is the difference between wealth created (equity and debt) and its capital. We show (i) aggregate surp...

abstract the global economy faces crisis every so often. in recent years, the financial crisis has affected the global economy; all countries, directly or indirectly, are involved. the purpose of this research is to study the impact of the global economic crisis on the capital structure of listed companies in tehran stock exchange. to test this effect, 87 companies listed in tehran stock exchan...

Juan Carlos Berganza, Roberto Chang and Alicia García Herrero October 15 2003 Abstract This paper investigates empirically whether there is a negative relationship between a country’s risk premium and its net worth, as implied by recent theories emphasizing financial imperfections, balance sheet effects, and liability dollarization. We find evidence that balance sheet effects, given by the incr...