Publications

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2023
Working Paper

Market Exclusivity and Innovation: Evidence From Antibiotics

By: Edward Kong and Olivia Zhao

The US incentivizes drug innovation via patents as well as market exclusivity periods awarded by the US Food and Drug Administration. We estimate the causal effects of extending market exclusivity for an important drug class: antibiotics. Using a... View Details

Keywords: Health Testing and Trials; Innovation and Invention; Motivation and Incentives; Government Administration; Government Legislation; Pharmaceutical Industry; United States

Article

Managing the Narrative: Investor Relations Officers and Their Interactions with Sell-Side Analysts and Institutional Investors

By: Lawrence D. Brown, Andrew C. Call, Michael B. Clement and Nathan Y. Sharp

Investor relations officers (IROs) play a central role in corporate communications with Wall Street. We survey 610 IROs at U.S. public companies and conduct 14 follow-up interviews to deepen our understanding of the role of IROs in corporate disclosure events. Three... View Details

Keywords: Corporate Disclosure; Power and Influence; Business and Shareholder Relations

November 2022
Article

The Psychosocial Value of Employment: Evidence from a Refugee Camp

By: Reshmaan Hussam, Erin M. Kelley, Gregory Lane and Fatima Zahra

Employment may be important to wellbeing for reasons beyond its role as an income source. This paper presents a causal estimate of the psychosocial value of employment in refugee camps in Bangladesh. We involve 745 individuals in a field experiment with three arms: a... View Details

Keywords: Psychosocial Wellbeing; Employment; Refugees; Well-being

March 2021
Article

International Trade and Social Connectedness

By: Michael Bailey, Abhinav Gupta, Sebastian Hillenbrand, Theresa Kuchler, Robert J. Richmond and Johannes Stroebel

We use de-identified data from Facebook to construct a new and publicly available measure of the pairwise social connectedness between 170 countries and 332 European regions. We find that two countries trade more when they are more socially connected, especially for... View Details

Keywords: Social Connections; International Trade; Trade; Social Media

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March 2024
Article

The Political Effects of Immigration: Culture or Economics?

By: Alberto Alesina and Marco Tabellini

We review the growing literature on the political economy of immigration. First, we discuss the effects of immigration on a wide range of political and social outcomes. The existing evidence suggests that immigrants often, but not always, trigger backlash, increasing... View Details

Keywords: Political Backlash; Cultural Beliefs; Immigration; Political Elections; Outcome or Result; Social Issues; Perception

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2024
Article

Thy Neighbor's Gendarme? How Citizens of Buffer States in North Africa View EU Border Security Externalization

By: Matt Buehler, Kristin Fabbe and Eleni Kyrkopoulou

To stop refugees and migrants, states have enlisted neighboring third countries to act as buffers, thereby outsourcing border security. With many sub-Saharan migrants transiting North Africa, these regimes there have increasingly served as the EU’s gendarme. Existing... View Details

Keywords: Border Externalization; Border Security; Migration; Sub-Saharan African Migrants; Immigration; National Security; North Africa; Morocco

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2024
Working Paper

Transitory and Permanent Cash Flow Shocks in Debt Contract Design

By: Le Ma, Anywhere Sikochi and Yajun Xiao

We examine how lenders design contracts to account for transitory and permanent cash flow shocks facing borrowers. We find that volatile transitory cash flow shocks are associated with fewer liquidity covenants, indicating financial flexibility that enables firms to... View Details

Keywords: Debt Covenants; Cash Flow Shocks; Debt Contracting; Likelihood Of Default; Cash Flow; System Shocks

August 2022
Article

Contract Duration and the Costs of Market Transactions

By: Alexander MacKay

The optimal duration of a supply contract balances the costs of reselecting a supplier against the costs of being matched to an inefficient supplier when the contract lasts too long. I develop a structural model of contract duration that captures this tradeoff and... View Details

Keywords: Supply Contracts; Intermediate Goods; Switching Costs; Vertical Relationships; Transaction Costs; Contract Duration; Identification; Supply Chain; Cost; Contracts; Auctions; Mathematical Methods

2020
Working Paper

Tariff Passthrough at the Border and at the Store: Evidence from U.S. Trade Policy

By: Alberto Cavallo, Gita Gopinath, Brent Neiman and Jenny Tang

We use micro data collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff passthrough is much higher than exchange rate passthrough. Chinese exporters did not... View Details

Keywords: Trade Policy; Tariffs; Exchange Rate Passthrough; Economics; Trade; Policy; Inflation and Deflation; United States; China

November 2019
Article

Full Substitutability

By: John William Hatfield, Scott Duke Kominers, Alexandru Nichifor, Michael Ostrovsky and Alexander Westkamp

Various forms of substitutability are essential for establishing the existence of equilibria and other useful properties in diverse settings such as matching, auctions, and exchange economies with indivisible goods. We extend earlier models’ definitions of... View Details

Keywords: Substitutability; Mathematical Methods; Auctions; Market Design

2020
Working Paper

Sex Selection and the Indian Marriage Market

By: Reshmaan N. Hussam

I consider the widespread phenomenon of sex ratios skewed by parental preference. Edlund (1999) proposes that if parents prefer sons and permit only women to marry up in social class, sexes will segregate by wealth in equilibrium. Using data on 30,000 Indian children,... View Details

Keywords: Sex Selection; Marriage Market; Bargaining Power; Gender; Information Technology; Household; Outcome or Result; India

2012
Working Paper

Average Marginal Income Tax Rates in New Zealand, 1907-2009

By: Debasis Bandyopadhyay, Robert J. Barro, Jeremy Couchman, Norman Gemmell, Gordon Y Liao and Fiona McAlister

Estimates of marginal tax rates (MTRs) faced by individual economic agents, and for various aggregates of taxpayers, are important for economists testing behavioural responses to changes in those tax rates. This paper reports estimates of a number of personal marginal... View Details

Keywords: Average Marginal Income Tax Rates; New Zealand; Taxation; New Zealand

September 2016 (Revised May 2018)
Case

Zurich Insurance: Fostering People Management Practices

By: Boris Groysberg and Katherine Connolly

Zurich Insurance was undergoing organizational change after implementing five new people practices focused on manager development, diversity and inclusion, job model and data analytics, recruitment, and talent pipeline. The case provides background for the company, as... View Details

Keywords: Managing Change; Organizational Behavior; Diversity Management; Organizational Architecture; Recruiting; Succession Planning; Management; Organizational Culture; Organizational Change and Adaptation; Leading Change; Human Capital; Human Resources; Insurance; Leadership; Diversity; Organizational Structure; Recruitment; Management Succession; Insurance Industry