Activism, Strategic Trading, and Liquidity -- by Kerry Back, Pierre...
We analyze dynamic trading in an anonymous market by an activist investor who can expend costly effort to affect firm value. We obtain the equilibrium in closed form for a general activism technology,...
View ArticleBounds on Treatment Effects in Regression Discontinuity Designs under...
A key assumption in regression discontinuity analysis is that units cannot affect the value of their running variable through strategic behavior, or manipulation, in a way that leads to sorting on...
View ArticleRelationship Lending and the Great Depression: Measurement and New...
The Great Depression remains ground zero for studying the non-monetary effects of financial crises. Despite the abundant scholarship on the period, lack of disaggregated data on lending activities has...
View ArticleClimate Risks and Market Efficiency -- by Harrison Hong, Frank Weikai Li,...
We investigate whether stock markets efficiently price risks brought on or exacerbated by climate change. We focus on drought, the most damaging natural disaster for crops and food-company cash flows....
View ArticleAccounting for Business Income in Measuring Top Income Shares: Integrated...
Business income is important in the upper tail of the personal income distribution, but the extent to which it is captured by measures of personal income varies substantially across tax regimes. Using...
View ArticleHealth, Human Capital and Domestic Violence -- by Nicholas W. Papageorge,...
We study the impact of health shocks on domestic violence and illicit drug use. We argue that health is a form of human capital that shifts incentives for risky behaviors, such as drug use, and also...
View ArticleThe Behavioralist as Policy Designer: The Need to Test Multiple Treatments to...
We explore Tinbergen's fundamental insight that policymakers need at least as many policy instruments as targets. We extend this idea using a large natural field experiment in water resource...
View ArticlePopulation Growth and Carbon Emissions -- by Gregory Casey, Oded Galor
We provide evidence that lower fertility can simultaneously increase income per capita and lower carbon emissions, eliminating a trade-off central to most policies aimed at slowing global climate...
View ArticleHeuristic Perceptions of the Income Tax: Evidence and Implications for...
Using responses from an incentivized tax forecasting task, we estimate the prevalence of previously discussed heuristics for simplifying tax forecasts (Liebman and Zeckhauser, 2004). We find strong...
View ArticlePortfolio Choices, Firm Shocks and Uninsurable Wage Risk -- by Andreas...
Assessing the importance of uninsurable wage risk for individual financial choices faces two challenges. First, the identification of the marginal effect requires a measure of at least one component of...
View ArticleIdentifying the Benefits from Home Ownership: A Swedish Experiment -- by...
This paper studies the economic benefits of home ownership. Exploiting a quasi-experiment surrounding privatization decisions of municipally-owned apartment buildings, we obtain random variation in...
View ArticlePerformance Information and Personnel Decisions in the Public Sector: The...
Firms and other organizations establish the criteria under which employees will be judged and the performance measures made available to supervisors, the board of directors and other stakeholders, and...
View ArticleLabor Market Outcomes and Postsecondary Accountability: Are Imperfect Metrics...
Policymakers at the state and federal level are increasingly pushing to hold institutions accountable for the labor market outcomes of their students. There is no consensus, however, on how such...
View ArticleForeign Competition and Domestic Innovation: Evidence from U.S. Patents -- by...
Manufacturing is the locus of U.S. innovation, accounting for more than three quarters of U.S. corporate patents. The rise of import competition from China has represented a major competitive shock to...
View ArticleAccelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate...
We estimate the importance of household liquidity for the effect of the Car Allowance Rebate System (CARS) on vehicle transactions. We measure the average program impact by comparing households with...
View ArticleDo Female Executives Make a Difference? The Impact of Female Leadership on...
We investigate the effects of female executives on gender-specific wage distributions and firm performance. We find that female leadership has a positive impact at the top of the female wage...
View ArticleInsurers' Response to Selection Risk: Evidence from Medicare Enrollment...
Evidence on insurers behavior in environments with both risk selection and market power is largely missing. We fill this gap by providing one of the first empirical accounts of how insurers adjust plan...
View ArticleThe Hermeneutic Side of Responsible Research and Innovation
The book investigates the meaning of RRI if little or no valid knowledge about consequences of innovation and technology is available. It proposes a hermeneutical turn to investigate narratives about...
View ArticleThe Cost of Not Speaking Up
David Maxfield has written a good article for Harvard Business Review titled, "How a Culture of Silence Eats Away at Your Company." He argues that people often say that they would speak up if they had...
View ArticleEvaluating the Performance of ANN Prediction System at Shanghai Stock Market...
This research evaluates the performance of an Artificial Neural Network based prediction system that was employed on the Shanghai Stock Exchange for the period 21-Sep-2016 to 11-Oct-2016. It is a...
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