The Effect of Court-Ordered Hiring Guidelines on Teacher Composition and...
This paper examines the effect of a court-ordered hiring guidelines intended to increase the share of black teachers employed in a school district in Louisiana. We find that the court-ordered hiring...
View ArticleThe Social Origins of Inventors -- by Philippe Aghion, Ufuk Akcigit, Ari...
In this paper we merge three datasets - individual income data, patenting data, and IQ data - to analyze the determinants of an individual's probability of inventing. We find that: (i) parental income...
View ArticleIntentions for Doing Good Matter for Doing Well: The (Negative) Signaling...
Prosocial incentives and Corporate Social Responsibility (CSR) initiatives are seen by many firms as an effective way to motivate workers. Recent empirical results seem to support the expectation that...
View ArticleThe Costs of (sub)Sovereign Default Risk: Evidence from Puerto Rico -- by...
Puerto Rico's unique characteristics as a U.S. territory allow us to examine the channels through which (sub)sovereign default risk can have real effects on the macroeconomy. Post-2012, during the...
View ArticleIs Occupational Licensing a Barrier to Interstate Migration? -- by Janna E....
Occupational licensure, one of the most significant labor market regulations in the United States, may restrict the interstate movement of workers. We analyze the interstate migration of 22 licensed...
View ArticleAusterity and the rise of the Nazi party -- by Gregori Galofre-Vila,...
The current historical consensus on the economic causes of the inexorable Nazi electoral success between 1930 and 1933 suggests this was largely related to the Treaty of Versailles and the Great...
View ArticleFinancial Spillovers and Macroprudential Policies -- by Joshua Aizenman,...
We investigate whether and to what extent macroprudential policies affect the financial link between the center economies (CEs, i.e., the U.S., Japan, and the Euro area), and the peripheral economies...
View ArticleDo Public Firms Respond to Investment Opportunities More than Private Firms?...
Using U.S. Census data, we track firms at birth and compare the growth pattern of IPO firms and their matched always-private counterparts over their life cycle. Firms that are larger at birth with...
View ArticleThe Efficiency Consequences of Heterogeneous Behavioral Responses to Energy...
The behavioral responses to taxes and subsidies are often subject to various behavioral biases and transaction costs--what we define as "microfrictions." We develop a theoretical framework to show how...
View ArticleDoes the Stock Market Make Firms More Productive? -- by Benjamin Bennett,...
We test the hypothesis that greater stock price informativeness (SPI) leads to higher firm-level productivity (TFP). Management, directly or indirectly, learns more from more informative stock prices,...
View ArticleBehavioral Impediments to Valuing Annuities: Evidence on the Effects of...
This paper examines two behavioral factors that diminish people's ability to value a lifetime income stream or annuity, drawing on a survey of about 4,000 adults in a U.S. nationally representative...
View ArticleThe Effect of Primary Care Visits on Health Care Utilization: Findings from a...
We conducted a randomized controlled trial, enrolling low-income uninsured adults to determine whether cash incentives are effective at encouraging a primary care provider (PCP) visit, and at lowering...
View ArticleProperty Rights, Land Misallocation and Agricultural Efficiency in China --...
This paper examines the impact of a property rights reform in rural China that allowed farmers to lease out their land. We find the reform led to increases in land rental activity in rural households....
View ArticleStock Price Crashes: Role of Capital Constrained Traders -- by Mila...
We study two fast crashes using orders/cancellations/trades data with trader identities for a stock trading in the spot and single stock futures markets on the National Stock Exchange of India during...
View ArticlePersonality Traits of Entrepreneurs: A Review of Recent Literature -- by Sari...
We review the extensive literature since 2000 on the personality traits of entrepreneurs. We first consider baseline personality traits like the Big-5 model, self-efficacy and innovativeness, locus of...
View ArticleBehavioral Inattention -- by Xavier Gabaix
Inattention is a central, unifying theme for much of behavioral economics. It permeates such disparate fields as microeconomics, macroeconomics, finance, public economics, and industrial organization....
View ArticleCost Sharing in Insurance Coverage for Precision Medicine -- by Mark V. Pauly
This paper describes current pattern of insurance coverage for precision medicines and, especially, companion diagnostics and explores what coverage would improve efficiency. We find that currently...
View ArticleDid the American Recovery and Reinvestment Act Help Those Most in Need? A...
One of the statements of purpose of the American Recovery and Reinvestment Act (ARRA) was "to assist those most impacted by the recession." The ARRA is assessed along this dimension using theoretical...
View ArticleValuing Government Obligations When Markets are Incomplete -- by Jasmina...
Determining how to value net government obligations is a long-standing and fundamental question in public finance. Its answer is critical to cost-benefit analysis, the assessment of fiscal...
View ArticleInferring the Ideological Affiliations of Political Committees via Financial...
About two thirds of the political committees registered with the Federal Election Commission do not self identify their party affiliations. In this paper we propose and implement a novel Bayesian...
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