The Market for Financial Adviser Misconduct -- by Mark Egan, Gregor Matvos,...
We construct a novel database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector....
View ArticleThe Long Run Effects of Labor Migration on Human Capital Formation in...
We provide new evidence of one channel through which circular labor migration has long run effects on origin communities: by raising completed human capital of the next generation. We estimate the net...
View ArticleCan Fixed-Term Contracts Put Low Skilled Youth on a Better Career Path?...
By reducing the commitment made by employers, fixed-term contracts can help low-skilled youth find a first job. However, the long-term impact of fixed-term contracts on these workers' careers may be...
View ArticleThe Social Value of Financial Expertise -- by Pablo Kurlat
I study expertise acquisition in a model of trading under asymmetric information. I propose and implement a method to estimate the ratio of social to private marginal value of expertise. This can be...
View ArticleGlobalization and Political Structure -- by Gino Gancia, Giacomo A.M....
The first wave of globalization (1830-1914) was accompanied by a decline in the number of countries from 125 to 54. The second wave of globalization (1950-present) has led instead to an increase in the...
View ArticleExcess Volatility: Beyond Discount Rates -- by Stefano Giglio, Bryan Kelly
We document a form of excess volatility that is irreconcilable with standard models of prices, even after accounting for variation in discount rates. We compare prices of claims on the same cash flow...
View ArticleSafe Asset Scarcity and Aggregate Demand -- by Ricardo J. Caballero, Emmanuel...
We explore the consequences of safe asset scarcity on aggregate demand in a stylized IS-LM/Mundell Fleming environment. Acute safe asset scarcity forces the economy into a "safety trap" recession. In...
View ArticleEstimating Social Preferences and Gift Exchange at Work -- by Stefano...
We design a model-based field experiment to estimate the nature and magnitude of workers' social preferences towards their employers. We hire 446 workers for a one-time task. Within worker, we vary (i)...
View ArticleThe Long-Run Effects of Disruptive Peers -- by Scott E. Carrell, Mark...
A large and growing literature has documented the importance of peer effects in education. However, there is relatively little evidence on the long-run educational and labor market consequences of...
View ArticleOffshoring and Labor Markets -- by David Hummels, Jakob R. Munch, Chong Xiang
We survey the recent empirical literature on the effects of offshoring on wages, employment and displacement. We start with the measurement of offshoring, focusing on the use of imported inputs that...
View ArticleNet Neutrality, Pricing Instruments and Incentives -- by Joshua S. Gans,...
We correct and extend the results of Gans (2015) regarding the effects of net neutrality regulation on equilibrium outcomes in settings where a content provider sells its services to consumers for a...
View ArticleTransparency and Negotiated Prices: The Value of Information in...
We empirically examine the role of information in business-to-business bargaining between hospitals and suppliers of medical technologies. Using a new data set including all purchase orders issued by...
View ArticleA Theory of Bidding Dynamics and Deadlines in Online Retail -- by Dominic...
We present an equilibrium search model that parsimoniously rationalizes the use of auctions as a sales mechanism for new-in-box goods--a frequent occurrence in online retail markets--and analyze...
View ArticleSubsidies and Structure: The Lasting Impact of the Hill-Burton Program on the...
The hospital industry is one of the most important industries in the U.S., and industry structure can have profound effects on the functioning of markets. Using county-level panel data, we study the...
View ArticleHow Did Pre-Fed Banking Panics End? -- by Gary Gorton, Ellis W. Tallman
How did pre-Fed banking crises end? How did depositors' beliefs change? During the National Banking Era, 1863-1914, banks responded to the severe panics by suspending convertibility, that is, they...
View ArticleDynamic R&D Choice and the Impact of the Firm's Financial Strength -- by...
This article investigates how a firm's financial strength affects its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech...
View ArticleNasdaq Selected To Support ASX In Post-Trade Technology Overhaul - ASX To...
Nasdaq (Nasdaq:NDAQ) and Australian Securities Exchange (ASX) have announced that Nasdaq will replace ASX’s existing equities and equity options clearing technology platforms – a significant element of...
View ArticleDalian Commodity Exchange Expands Pilot For âInsurance &...
The 2016 No. 1 Document of CPC Central Committee clearly sets out a number of requirements, including developing agricultural futures products, conducting pilot for agricultural options, and steadily...
View ArticleTokyo Commodity Exchange: Final Settlement Price Of Dubai Crude Oil For...
Final settlement price of Dubai Crude Oil for February 2016 contract is 21,210 yen.read more...
View ArticleJapan's Financial Services Agency: Financial Policies Monitor
Based on the Strategic Directions and Priorities 2015–2016, announced in September 2015, the FSA has established the Financial Policies Monitor (System) to receive candid opinions and suggestions...
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