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In corporate finance and asset pricing empirical work, researchers are often confronted with panel data. In these data sets, the residuals may be correlated across firms or across time, and OLS standard errors can be biased. Historically, the two literatures have used different solutions to this problem. Corporate finance has relied on clustered standard(More)
This paper shows that stocks of truly local firms have returns that exceed the return on stocks of geographically dispersed firms by 70 basis points per month. By extracting state name counts from annual reports filed with the Securities and Exchange Commission (SEC) on Form 10 K, we distinguish firms with business operations in only a few states from firms(More)
  • RAN DUCHIN, DENIS SOSYURA, +7 authors Oguzhan Ozbas
  • 2011
Using hand-collected data on divisional managers at S&P 500 firms, we study their role in internal capital budgeting. Divisional managers with social connections to the CEO receive more capital. Connections to the CEO outweigh measures of managers’ formal influence, such as seniority and board membership, and affect both managerial appointments and capital(More)
Eighty patients with severe back or leg pain were assessed by a battery of psychological tests. Functional factors (that is, psychological and behavioral characteristics) though to be contributing to the patient's pain experience were analyzed, and the patient's response to surgery was predicted. Patients were selected for the study on the availability of(More)
ENGELBERG, JOSEPH AND ARTHUR B. DuBors. Mechanics e-f /&rmnary circulation in isolated rabbit lungs. Am, J. Physiol. 1g6(2): 401-414. 1959.-A new method has been devised for measuring the compliance (volume change + pressure change) of the pulmonary arterial tree (down to the capillaries), in isolated, Krebs-Ringer-perfused rabbit lungs. The lungs were(More)
Science education in the United States at all academic levels is widely perceived to need direct assistance from professional scientists. The current dearth of quality applicants from this country to medical and graduate schools suggests that our existing undergraduate and high school science curriculum is failing to provide the necessary stimulus for(More)