Publications

Educators

Purchase

15 Jul 2022
News

How Fintech Can Deliver on Its Social Impact Promises

17 Mar 2015
News

The Success of Monitoring the Economy With Big Data

Research Summary

Implications of Limits of Arbitrage (with James Choi)

In this project we investigate the relationship between limits to arbitrage facing mutual fund managers and asset pricing anomalies. We measure changes in the limits to arbitrage by computing the average of slopes on current and past returns in quarterly... View Details

Research Summary

Seeing Thought

By: Gerald Zaltman

This program of research combines the results from ZMET studies to create marketing stimuli such as advertising, retail store designs, product concepts, product design, and so forth, which are then presented to a sample of consumers whose reactions are observed using... View Details

2023
Working Paper

Targeting, Personalization, and Engagement in an Agricultural Advisory Service

By: Susan Athey, Shawn Cole, Shanjukta Nath and Jessica Zhu

ICT is increasingly used to deliver customized information in developing countries. We examine whether individually targeting the timing of automated voice calls meaningfully increases engagement in an agricultural advisory service. We define, estimate, and... View Details

Keywords: Developing Countries and Economies; Knowledge Dissemination; Customization and Personalization; Performance Effectiveness

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

SSRN

July 2019
Article

Which of These Things Are Not Like the Others? Comparing the Rational, Emotional, and Moral Aspects of Reputation, Status, Celebrity, and Stigma

By: Timothy G. Pollock, Kisha Lashley, Violina P. Rindova and Jung-Hoon Han

In this review of the literature on reputation, status, celebrity, and stigma we develop an overarching theoretical framework based on the rational, emotional, and moral aspects of each construct’s unique sociocognitive content and the mechanisms through which it... View Details

Keywords: Celebrity; Stigma; Reputation; Status and Position; Emotions; Moral Sensibility

Register to Read

September 2022
Article

Health Externalities and Policy: The Role of Social Preferences

By: Laura Alfaro, Ester Faia, Nora Lamersdorf and Farzad Saidi

Social preferences facilitate the internalization of health externalities, for example by reducing mobility during a pandemic. We test this hypothesis using mobility data from 258 cities worldwide alongside experimentally validated measures of social preferences.... View Details

Keywords: Social Preferences; Pandemics; Mobility; Health Externalities; Mitigation Policies; Health Pandemics; Cooperation; Behavior; Policy

April 2020
Article

CEO Behavior and Firm Performance

By: Oriana Bandiera, Stephen Hansen, Andrea Prat and Raffaella Sadun

We measure the behavior of 1,114 CEOs in six countries parsing granular CEO diary data through an unsupervised machine learning algorithm. The algorithm uncovers two distinct behavioral types: "leaders" and "managers." Leaders focus on multi-function, high-level... View Details

Keywords: CEOs; Management; Behavior; Organizations; Performance; Analysis

October 2019
Article

Limited Investment Capital and Credit Spreads

By: Emil N. Siriwardane

Using proprietary credit default swap (CDS) data, I investigate how capital shocks at protection sellers impact pricing in the CDS market. Seller capital shocks—measured as CDS portfolio margin payments—account for 12% of the time-series variation in weekly spread... View Details

Keywords: Credit Risk; Derivatives; Credit Derivatives and Swaps; Capital Markets; Credit; Financial Institutions

May 2017
Article

Immigration and the Rise of American Ingenuity

By: Ufuk Akcigit, John Grigsby and Tom Nicholas

We build on the analysis in Akcigit, Grigsby, and Nicholas (2017) by using U.S. patent and census data to examine the relationship between immigration and innovation. We construct a measure of foreign born expertise and show that technology areas where immigrant... View Details

Keywords: Immigration; Innovation and Invention; Experience and Expertise; Wages; United States

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

SSRN

December 2012 (Revised January 2014)
Case

Residencial Los Andes

By: Nicolas P. Retsinas and Lisa Strope

Peninsula Investment Group is deciding whether or not to recapitalize an equity investment in a Residencial Los Andes, a residential project in Santiago, Chile, or take a substantial loss. The project did not meet its sales goals and the bank pressured the investors to... View Details

Keywords: Real Estate; Emerging Market; Latin America; Investment Management; Management; Negotiation; Finance; Entrepreneurship; Real Estate Industry; Latin America

Educators

Purchase

2010
Working Paper

Valuation When Cash Flow Forecasts Are Biased

By: Richard S. Ruback

This paper focuses adaptations to the discount cash flow (DCF) method when valuing forecasted cash flows that are biased measures of expected cash flows. I imagine a simple setting where the expected cash flows equal the forecasted cash flows plus an omitted downside.... View Details

Keywords: Forecasting and Prediction; Cash Flow; Cost of Capital; Performance Expectations; Prejudice and Bias; Valuation

2008
Working Paper

Fixing Market Failures or Fixing Elections? Agricultural Credit in India

By: Shawn A. Cole

This paper integrates theories of political budget cycles with theories of tactical electoral redistribution to test for political capture in a novel way. Studying banks in India, I find that government-owned bank lending tracks the electoral cycle, with agricultural... View Details

Keywords: Agribusiness; Banks and Banking; Financing and Loans; Political Elections; State Ownership; Banking Industry; India

September 2006
Article

Decomposing Trust and Trustworthiness

By: Nava Ashraf, Iris Bohnet and Nikita Piankov

What motivates people to trust and be trustworthy? Is trust solely "calculative," based on the expectation of trustworthiness, and trustworthiness only reciprocity? Employing a within-subject design, we run investment and dictator game experiments in Russia, South... View Details

Keywords: Trust; Change