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- 2022
- Chapter
Lessons Learned from Support to Business during COVID-19
By: Gabriel Chodorow-Reich, Benjamin Iverson and Adi Sunderam
The authors survey the new federal subsidies and loans provided to businesses in the first year of the pandemic—including the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL) program, and aid targeted at specific industries such as airlines... View Details
- 2022
- Working Paper
Small Campaign Donors
By: Laurent Bouton, Julia Cagé, Edgard Dewitte and Vincent Pons
In this paper, we study the characteristics and behavior of small donors, and compare them to those of large donors. We first build a novel dataset including all the 340 million individual contributions reported to the U.S. Federal Election Commission between 2005 and... View Details
- Article
The Cross Section of Bank Value
By: Mark Egan, Stefan Lewellen and Adi Sunderam
We study the determinants of value creation in U.S. commercial banks. We develop novel measures of individual banks' productivities at collecting deposits and making loans. We relate these measures to bank market values and find that deposit productivity is responsible... View Details
- 2023
- Working Paper
Uniform Rate Setting and the Deposit Channel
By: Juliane Begenau and Erik Stafford
U.S. banks predominantly use uniform deposit rate setting policies, particularly the largest banks. Uniform rate setting ignores local market concentration, and is therefore inconsistent with the identification strategy used to provide cross-sectional evidence of the... View Details
- May 2022
- Article
When Harry Fired Sally: The Double Standard in Punishing Misconduct
By: Mark Egan, Gregor Matvos and Amit Seru
We examine gender differences in misconduct punishment in the financial advisory industry. We find evidence of a “gender punishment gap”: following an incident of misconduct, female advisers are 20% more likely to lose their jobs and 30% less likely to find new jobs... View Details
- April 2022
- Article
Demand Interactions in Sharing Economies: Evidence from a Natural Experiment Involving Airbnb and Uber/Lyft
By: Shunyuan Zhang, Dokyun Lee, Param Singh and Tridas Mukhopadhyay
We examine whether and how ride-sharing services influence the demand for home-sharing services. Our identification strategy hinges on a natural experiment in which Uber/Lyft exited Austin, Texas, in May 2016 due to local regulation. Using a 12-month longitudinal... View Details
- April 2022
- Article
Does Context Outweigh Individual Characteristics in Driving Voting Behavior? Evidence from Relocations within the U.S.
By: Enrico Cantoni and Vincent Pons
We measure the overall influence of contextual versus individual factors (e.g., voting rules and media as opposed to race and education) on voter behavior, and explore underlying mechanisms. Using a U.S.-wide voter-level panel, 2008–18, we examine voters who relocate... View Details
- April 2022
- Article
Predictable Financial Crises
Using historical data on post-war financial crises around the world, we show that crises are substantially predictable. The combination of rapid credit and asset price growth over the prior three years, whether in the nonfinancial business or the household sector, is... View Details
- 2022
- Chapter
Prioritarianism and Optimal Taxation
By: Matti Tuomala and Matthew Weinzierl
Prioritarianism has been at the center of the formal approach to optimal tax theory since its modern starting point in Mirrlees (1971), but most theorists’ use of it is motivated by tractability rather than explicit normative reasoning. We characterize analytically and... View Details
Keywords: Prioritarianism; Optimal Taxation; Utilitarianism; Redistribution; Inverse-optimum; Taxation; Theory; Policy
- March 31, 2022
- Article
Two Approaches to Capping Health Care Prices
By: Michael E. Chernew, Maximilian J. Pany and Leemore S. Dafny
High health care prices for the privately-insured contribute to high premiums, which put downward pressure on wages, and induce employers to reduce benefit generosity and charge employees more for coverage. As the average annual premium for family coverage currently... View Details
- 2022
- Working Paper
Is Hybrid Work the Best of Both Worlds? Evidence from a Field Experiment
By: Prithwiraj Choudhury, Tarun Khanna, Christos A. Makridis and Kyle Schirmann
Hybrid work is emerging as a novel form of organizing work globally. This paper reports causal evidence on how the extent of hybrid work—the number of days worked from home relative to days worked from the office—affects work outcomes. Collaborating with an... View Details
- 2023
- Working Paper
Can Evidence-Based Information Shift Preferences Towards Trade Policy?
By: Laura Alfaro, Maggie X. Chen and Davin Chor
Amid public skepticism about trade, we investigate whether evidence-based information--a concise statement of a research finding--can shape preferences towards trade policy. Across survey experiments conducted over 2018-2022 on U.S. general population samples, we... View Details
- 2022
- Working Paper
Do Startups Benefit from Their Investors' Reputation? Evidence from a Randomized Field Experiment
By: Shai Benjamin Bernstein, Kunal Mehta, Richard Townsend and Ting Xu
We analyze a field experiment conducted on AngelList Talent, a large online search platform for startup jobs. In the experiment, AngelList randomly informed job seekers of whether a startup was funded by a top-tier investor and/or was funded recently. We find that the... View Details
- 2022
- Working Paper
Can a Website Bring Unemployment Down? Experimental Evidence from France
By: Aïcha Ben Dhia, Bruno Crépon, Esther Mbih, Louise Paul-Delvaux, Bertille Picard and Vincent Pons
We evaluate the impact of an online platform giving job seekers tips to improve their search and recommendations of new occupations and locations to target, based on their personal data and labor market data. Our experiment used an encouragement design and was... View Details
- 2022
- Chapter
Crises and International Business
By: Geoffrey Jones
This chapter uses the intellectual journey of the author to suggest that crises have been the norm rather than the exception in the history of international business. Over the last 100 years world wars, regional conflicts, the Great Depression, and decolonization are... View Details
- 2023
- Working Paper
Fintech to the (Worker) Rescue: Access to Earned Wages, Financial Health and Employee Turnover
By: Jose Murillo, Boris Vallée and Dolly Yu
Using novel data from a Mexican FinTech firm, we study the usage by workers of earned wages access, an innovative financial service offered by firms to their employees as a benefit. We find usage to be significant and concentrated towards the end of the pay cycle. We... View Details
Keywords: Fintech; Present Bias; Earned Wage Access; Wages; Employees; Retention; Well-being; Mexico
- Article
From Immigrants to Americans: Race and Assimilation During the Great Migration
By: Vasiliki Fouka, Soumyajit Mazumder and Marco Tabellini
How does the arrival of a new minority group affect the social acceptance and outcomes of existing minorities? We study this question in the context of the First Great Migration. Between 1915 and 1930, 1.5 million African Americans moved from the U.S. South to Northern... View Details
- March 2022
- Article
How Much Does Your Boss Make? The Effects of Salary Comparisons
By: Zoë B. Cullen and Ricardo Perez-Truglia
The vast majority of the pay inequality in an organization comes from differences in pay between employees and their bosses. But are employees aware of these pay disparities? Are employees demotivated by this inequality? To address these questions, we conducted a... View Details
Keywords: Salary; Inequality; Managers; Career Concerns; Pay Transparency; Wages; Equality and Inequality; Perception; Behavior
- 2022
- Book
Legacy of Violence: A History of the British Empire
Sprawling across a quarter of the world’s land mass and claiming nearly seven hundred million people, Britain’s twentieth-century empire was the largest empire in human history. For many Britons, it epitomized their nation’s cultural superiority, but what legacy did... View Details
Keywords: Imperialism; Violence; Colonialism; History; Government and Politics; Power and Influence; Race; Policy; United Kingdom
- 2022
- Working Paper
Markups to Financial Intermediation in Foreign Exchange Markets
By: Jonathan Wallen
On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an... View Details