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A large and growing body of empirical research shows that social relationships and the networks these relationships constitute are influential in explaining the processes of knowledge creation, diffusion, absorption, and use. The authors refer to such networks as " knowledge networks. " They advance an understanding of knowledge networks at multiple levels(More)
This paper compares the success of venture capital investments in the United States and in Europe by analyzing individual venture-backed companies and the value generated within the stage …nancing process. We document that US venture capitalists generate signi…cantly more value with their investments than their European counterparts. We …nd di¤erences in(More)
The efficient method of moments (EMM) and indirect inference (II) are two widely used simulation-based techniques for estimating structural models that have intractable likelihood functions. The poor performance in finite samples of traditional coefficient and overidentification tests based on the EMM or II objective function indicates a failure of first(More)
We provide evidence that the convexity of the flow-performance relationship in the mutual fund industry varies with economic activity. This effect is strongly economically significant: a +/-1% change in GDP growth doubles/eliminates the degree of convexity of the flow-performance relationship. The effect of economic activity dominates that of market(More)
PURPOSE OF THE STUDY Based on our experience with plate fixation of humeral shaft fractures and an analysis of the international literature, we attempted to answer the following questions. What functional outcome and what complications can be expected after surgery? Are the classical complications of open fracture surgery (screw fixation, wiring, plate(More)
This paper examines whether birth order can explain variation in financial household decisions. I document that firstborns are more likely to save, to participate in the stock market, and to hold higher conditional equity shares. Consistent with higher financial sophistication, firstborns gather more information when making financial decisions. But when(More)
In this paper we explore the impact of relational history on firms’ willingness to “work things out” in subsequent agreements, by examining the way that contract disputes between partners in vertical exchange relationships are actually resolved. Counter to the received wisdom we find no evidence of an automatic preference for private dispute resolution(More)
Indirect inference (Smith, 1993; Gouriéroux, Monfort and Renault, 1993) is a simulation-based estimation method dealing with econometric models whose likelihood function is intractable. Typical examples are diffusion models described by stochastic differential equations. A potential problem that arises when estimating a diffusion model is the possible model(More)
People have a fundamental motive to view their social system as just, fair, and good and will engage in a number of strategies to rationalize the status quo (Jost & Banaji, 1994). We propose that one way in which individuals may ̳justify the system‘ is through endorsement of essentialist explanations, which attribute group differences to deep, essential(More)