Do Temporary Demand Shocks Have Long-Term Effects for Startups?

Acknowledgement Thanks to Philippe Aghion, Shai Bernstein, Nick Bloom, Ben Jones, Vishal Kamat, Gabriel Kreindler, Eirik Kristiansen, Ed Lazear, Magne Mogstad, Martin Schmalz, Bradley Setzler, and seminar audiences for helpful comments. Thanks to Lene Gundersen and Rannveig Huus Meling for excellent research assistance and to the Norwegian Public Roads Administration, in particular Jacob Sonne, for providing data access. We are grateful to Tarun Ramadorai (the editor) and two anonymous referees for very helpful comments. Hvide is also affiliated with the University of Aberdeen and CEPR. Supplementary data can be found on The Review of Financial Studies web site.Peer reviewedproo

Broadband internet and the stock market investments of individual investors

We study the effects of broadband internet use on the portfolio selection of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes a substantial increase in stock market participation, driven primarily by increased fund ownership. Existing investors increase the fraction of their portfolios held in funds and do not increase their trading activity in stocks. Access to fast internet seems to induce individual investors to make better financial decisions and hence leads to a “democratization of finance”

The effect of pregnancy on survival in a low-grade glioma cohort

OBJECTIVE The impact of pregnancy on survival in female patients with low-grade glioma (LGG) is unknown and controversial. The authors designed a retrospective cohort study on prospectively collected registry data to assess the influence of pregnancy and child delivery on the survival of female patients with LGG. METHODS In Norway, the reporting of all births and cancer diagnoses to the Medical Birth Registry of Norway (MBRN) and the Cancer Registry of Norway (CRN), respectively, is compulsory by law. Furthermore, every individual has a unique 11-digit identification number. The CRN was searched to identify all female patients with a histologically confirmed diagnosis of World Health Organization (WHO) Grade II astrocytoma, oligoastrocytoma, oligodendroglioma, or pilocytic astrocytoma who were 16-40 years of age at the time of diagnosis during the period from January 1, 1970, to December 31, 2008. Obstetrical information was obtained from the MBRN for each patient. The effect of pregnancy on survival was evaluated using a Cox model with parity as a time-dependent variable. RESULTS The authors identified 65 patients who gave birth to 95 children after an LGG diagnosis. They also identified 281 patients who did not give birth after an LGG diagnosis. The median survival was 14.3 years (95% CI 11.7-20.6 years) for the entire study population. The effect of pregnancy was insignificant in the multivariate model (HR 0.71, 95% CI 0.35-1.42). CONCLUSIONS Pregnancy does not seem to have an impact on the survival of female patients with LGG

Broadband internet and the stock market investments of individual investors

We study the effects of broadband internet use on the portfolio selection of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes a substantial increase in stock market participation, driven primarily by increased fund ownership. Existing investors increase the fraction of their portfolios held in funds and do not increase their trading activity in stocks. Access to fast internet seems to induce individual investors to make better financial decisions and hence leads to a “democratization of finance”