Stephen M. Nei

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We estimate the effect of new private-sector unionization on publicly-traded firms’ equity value in the U.S. over the 1961-1999 period using a newly assembled sample of National Labor Relations Board (NLRB) representation elections matched to stock market data. Event-study estimates show an average union effect on the equity value of the firm equivalent to(More)
We investigate the role of networks of alliances in preventing (multilateral) interstate wars. We first show that, in the absence of international trade, no network of alliances is peaceful and stable. We then show that international trade induces peaceful and stable networks: Trade increases the density of alliances so that countries are less vulnerable to(More)
In this paper we analyze the problem of whether and/or when to replace a leader (agent) when no monetary rewards are available, and it is the leader’s competence rather than effort that is being evaluated. The only decisions that the leader takes over time are whether to undertake risky but potentially high payoff projects, the choice of which can reveal(More)
Distributional constraints are common features in many real matching markets, such as medical residency matching, school admissions, and teacher assignment. We develop a general theory of matching mechanisms under distributional constraints. We identify the necessary and sufficient condition on the constraint structure for the existence of a mechanism that(More)
We estimate the effect of new private-sector unionization on publicly traded firms’ equity value in the United States over the 1961–1999 period using a newly assembledsample of National Labor Relations Board(NLRB) representation elections matchedtostockmarket data. Event-studyestimates showanaverageunion effect on the equity value of the firm equivalent to(More)
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