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��ࡱ�>�� z\����y��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� �r��bjbj��2.�}�}� ���������������������8/4c��llwwwww���qlslslslslslsl$^n�q8�l�������l��ww4�l�����w�wql��ql���w����л�%����r�]l�l0�l�8qx8q��v08q�=i ���������l�lg`����l������������������������������������������������������������������������8q���������� �: journal of political economy volume 130, issue 12, december 2022 1. title: the comparative advantage of firms. authors: boehm, johannes; dhingra, swati; morrow, john. abstract: resource-based theories propose that firms grow by diversifying into products that use common capabilities. we provide evidence for common-input capabilities, using a policy that removed entry barriers in input markets to show that the similarity of a firm's and an industry's input mix determines firm production choices. we model industry choice and economies of scope from input capabilities. when the model is estimated for indian manufacturing, input complementarities make firms 5% more likely to produce in an industry and are quantitatively as important as time-invariant drivers of coproduction rates. upstream entry barriers were equivalent to a 9.5% tariff on inputs. 2. title: exit versus voice. authors: broccardo, eleonora; hart, oliver; zingales, luigi. abstract: we study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in a world where companies generate externalities and some agents care about the social impact of their decisions. we show that if the majority of investors are even slightly socially responsible, voice achieves the socially optimal outcome. in contrast, exit does not unless everybody is significantly socially responsible. if the majority of investors are purely selfish, exit is a more effective strategy, but neither strategy generally achieves the first best. we also show that exit can sometimes reduce social welfare. 3. title: asset management contracts and equilibrium prices. authors: buffa, andrea m.; vayanos, dimitri; woolley, paul. abstract: we model asset management as a continuum between active and passive: managers can deviate from benchmark indices to exploit noise trader�induced distortions, but agency frictions constrain these deviations. because constraints force managers to buy assets that they underweight when these assets appreciate, overvalued assets have high volatility, and the risk-return relationship becomes inverted. distortions are more severe for overvalued assets than for undervalued ones because trading against the former entails more risk and tighter constraints. we provide empirical evidence supporting our model's main mechanisms. using the data, we infer the constraints' tightness and compute a measure of effective arbitrage capital. 4. title: vertical contracts with endogenous product selection: an empirical analysis of vendor allowance contracts. authors: hristakeva, sylvia. abstract: producers frequently provide retailers with financial incentives to secure product distribution. these payments often take the form of vendor allowances: lump-sum transfers to retailers that do not directly depend on quantity sold. i introduce an estimation strategy that uses observed product selections to inform unobserved allowances. i use retailers' replacement threats, which may allow them to capture both vendor transfers and lower wholesale prices. a counterfactual restricts firms to contract on only wholesale prices. results show that vendor allowances may have not only (negative) product distortion effects but also (potentially positive) pricing effects. 5. title: breaking the cycle? intergenerational effects of an antipoverty program in early childhood. authors: barr, andrew; gibbs, chloe r. abstract: despite substantial evidence that resources and outcomes are transmitted across generations, there has been limited inquiry into the extent to which antipoverty programs actually disrupt the cycle of bad outcomes. we leverage the rollout of the united states's largest early-childhood program, head start, to estimate the effect of early-childhood exposure among mothers on their children's long-term outcomes. we find evidence of intergenerational transmission of effects in the form of increased educational attainment, reduced teen pregnancy, and reduced criminal engagement in the second generation. these effects correspond to an estimated increase in discounted second-generation wages of 6%�11%, depending on specification. exploration of earlier outcomes suggests an important role for changes in parenting behavior and potential noncognitive channels. 6. title: aggregate implications of changing sectoral trends. authors: foerster, andrew t.; hornstein, andreas; sarte, pierre-daniel g.; watson, mark w. abstract: we describe how capital accumulation and the network structure of us production interact to amplify the effects of sectoral trend growth rates in total factor productivity and labor on trend gdp (gross domestic product) growth. we derive expressions that conveniently summarize this long-run amplification effect by way of sectoral multipliers. we estimate that sector-specific factors have historically accounted for approximately three-fourths of long-run changes in gdp growth. trend gdp growth fell by nearly 3 percentage points over the postwar period, with especially significant contributions from the construction sector in 1950�80 and the durable goods sector in 2000�2018. no sector has contributed any steady significant increase to the trend growth rate of gdp in the past 70 years.     $'/013;<>?@abd��ʸʧ�ʄsdu�a9,h�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo(h \�5�cjojqj^jajh 2e5�cjojqj^jaj h�e%5�cjojqj^jajo(#h�e%h�e%5�cjojqj^jaj h \�5�cjojqj^jajo( h��5�cjojqj^jajo(#h�?�h�?�5�cjojqj^jaj#h�"�h�"�5�cjojqj^jaj h$-�5�cjojqj^jajo(#h \�h \�5�cjojqj^jajabcq�z [ x � 34q���#��2y��������������������������gd�psgd)w�gd$?�gdto�gd�l$gd%j,gdu<�gd�"�$a$gdt4dmpqyz����y z [ \ ^ d e w x � � � � � ����˽�񢕇|o�aoscao�cahvi�h�l$5�ojqj^jo(h�[h�[5�ojqj^jh�l$h�l$5�ojqj^jh�l$5�ojqj^jo(hj�5�ojqjo(hiht4ojqj^jo(h�?�h�?�ojqj^jhihj�ojqj^jo(ht45�ojqj^jo(hn�hn�5�ojqj^jhicy5�ojqj^jhj�5�ojqj^jo(h�?�h�?�5�ojqj^jh�"�hu<�5�ojqj^j� � 234567=>pqyz������������˾�����}��o}�a�t�g9h�"�h%j,5�ojqj^jhs/�5�ojqj^jo(hihanojqj^jh� )hto�ojqj^jo(hn�hn�5�ojqj^jhvi�hto�5�ojqj^jo(h����3�\`�?�/�[���g��\�!�-�rk.�s�ի�..���a濭?��pk!�֧��6 _rels/.rels���j�0 ���}q��%v/��c/�}�(h"���o� ������=������ ����c?�h�v=��ʌ��%[xp��{۵_�pѣ<�1�h�0���o�r�bd���je�4b$��q_����6l��r�7`�������0̞o��,�en7�li�b��/�s���e��е������pk!ky���theme/theme/thememanager.xml �m � @�}�w��7c�(eb�ˮ��c�aǡҟ����7��՛k y,� �e�.���|,���h�,l����xɴ��i�sq}#ր���� ֵ �!�,�^�$j=�gw���)�e� & 8���pk!�m�qtheme/theme/theme1.xml�ymoe�#�f{oc'vgu�رh�f�[��x=ޝzvg53n�j�hh��z����z $ʯi)*e�_�����n�&ia�!��>��ǽ3�x�n��>���u�wl0�č߫�߿z��}rx���{���h9t�8�t/���χ�?����xy����'�~���3s����~����o_|w��)��ӈht��=�a� ��d ng�1-rlɓ�1�rj�wt蠯m1k����"�o he�˓ێ½pl-�|%����e��hy7�'qp.\l��=���d�q�ķ3i�ofi�����.ñ���b�rb�-j��p_p�g ݢ��i�k�t�dӌh�f�i��o�7;7q��2��ⱦ�����d�>a�/��q�>�x��w� ˔�m�_�u��h�q�)�h� ��� :vi�w�4r�b�qϫ��"r���!��2l��a��c�b��u|����!8^8�>�ܠ���,a���б�v�t���׎�~ls���14��_=,ɬ��ožtv �g��"�ѧ��bh�����'�.�4��x޵�w-��ϸ�e�|�f;��v��`�b3"g '�e����\�fh��o �������'�$��i_wp��� �>�*�8���i&�ly%\���,���xҕ=������������ r6f� ��3���t�ʅ�)��:ªz�k��l�s��&c �m��ܛ0� [�˫p@ע�`�j�۽7 ���y�h�xh�i��ct5a�r��@��h��zazc�}i' rq\m��,zo�,�gq�u{�y\,n���ר/�=����l _��.�̇y7c�6�-fs�h62��"��5�����nh�t[x�65̫4x�%y����ֳ2�f�kh����i~tckf#�b� �w�1m�|����4`��!�:u��!�p5a:�~�{4�m��m�i�o� ήc��8m��d�j�psǹ橠�v��1�����?#s�i�?3e�'ps�2���w`���q�b]( ��08���w��� n��a��[s��)k8�= aa?r� dڒɾc�uӽ˲d)#�queb��}������c!���&i0����>�4��s�7���{���z�� f�}� 4��skvukoȳ��h�~1�jyu���v�h��5u8�vk;֜���l9��ű�d �� ��?*|fl� �����"��a3����>g��]��dm2ivֵ�褽�m�g<��r�8[kv�x����p�sj�,��z��][�j�����qv�1�1�iu���-�ߟ0%m2�oj���3u�o%ҍ���pk! ѐ��'theme/theme/_rels/thememanager.xml.rels��m �0���wooӻ�&݈э���5 6?$q�� �,.�a��i����c2�1h�:�q��m��@rn��;d�`��o7�g�k(m&$r(.1�r'j��њt���8��v�"��aȼ�h�u}��|�$�b{��p����8�g/]�qasم(����#��l�[������pk-!����[content_types].xmlpk-!�֧��6 _rels/.relspk-!ky���theme/theme/thememanager.xmlpk-!�m�q�theme/theme/theme1.xmlpk-! ѐ��'� theme/theme/_rels/thememanager.xml.relspk]� � .���� d� �y����@�  @���������h ��0�( � ����0�( � ��b �s ���� ?�<@����������z����  _g����&16�������������@[a���������3@c # ���������$'/13<>@ccmqz��z[[ew���244>pz��� � � �   " - � � � � 1 ; 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