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They found that merger waves were most likely when an industry shock had resulted in spare capacity, prompting efficient firms to take over weaker ones.
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In either case, the U.S. industry shocks are a valid instrument as long as they do not forecast unmeasured industry-level demand shocks in China.
Economies have always been prone to different kinds of shocks: economic downturn, industry shocks, currency crises, which can destabilize the path and pattern of regional economic growth.
Using these industry shocks as instrument for the probability that a venture capitalist working in China is foreign-educated, I examine whether the resulting estimates of the productivity gap differ markedly from my previous estimates.
Essentially, the argument is that U.S. industry shocks identify a policy-relevant treatment effect (PRTE) (Heckman and Vytlacil 2005) with respect to the types of remigration policy changes China might realistically implement.
And this explains the industry's shock over recent events.
Ms. Gilhart herself has run the full gamut of emotions during her time in the industry, including shock when she was fired by Barneys' current chief executive, Mark Lee, as part of a management shake-up in 2010.
The catwalk format revolves around celebrating design talent, and having a figure revered as one of the geniuses of the past three decades revealed as a raving pro-Nazi has thrown the industry into shock.
Only among African-Americans is there no impact of industry demand shocks.
This industry is shocking.
Japan's nuclear industry was shocked.
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