Instrumental Variables (IV) estimates tend to be biased in the same direction as
Ordinary Least Squares (OLS) in finite samples if the instruments are weak. To address
this problem we propose a new IV estimator which we call Split Sample…

During the 1980s wage differentials between younger and older
workers and between more and less educated workers expanded
rapidly. Wage dispersion among individuals with the same age
and education also rose. A simple explanation for both sets of
facts is…

We examine why some individuals survive as entrepreneurs and others do not. In
addition. we analyze the growth of entrepreneurial enterprises, conditional on surviving. Our
focus is on the role of access to capital--to what extent do liquidity constraints increase…

In this study we examine the experience of a single large hospital with an
informal pre-litigation “complaint” process that resolves some cases outside of the legal
system. The empirical results are generally consistent with an information structure where
patients are…

Throughout the late 1970s and the early 1980s, over 50% of all first-time first-year college
students started in a junior college. Despite such a large role in higher education, we know
relatively little about how well they serve their role…