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  • 2022
  • Working Paper

Racial Diversity in Private Capital Fundraising
By: Johan Cassel, Josh Lerner and Emmanuel Yimfor
Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We...  View Details
Keywords: Buyouts; Capital Formation; Minorities; Venture Capital; Minority-owned Businesses; Race; Diversity; Investment Funds; Financial Services Industry
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  • 2022
  • Working Paper

Developing a Sustainable High Commitment, High Performance System of Organizing, Managing, and Leading: An Actionable Systems Theory of Change and Development
By: Michael Beer
This paper presents a theory for developing an adaptive high commitment, high performance system of organizing, managing, and leading. It is a synthesis of my 50 years of action and field research presented in my books and articles. It operationalized and makes...  View Details
Keywords: Organizational Learning; Organizational Change and Adaptation; Leadership; Management Practices and Processes
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  • 2022
  • Working Paper

Come Together: Firm Boundaries and Delegation
By: Raffaella Sadun, Laura Alfaro, Nicholas Bloom, Paola Conconi, Harald Fadinger, Patrick Legros, Andy Newman and John Van Reenen
We develop an incomplete-contracts model to jointly study firm boundaries and the allocation of decision rights within them. Integration has an option value: it gives firm owners authority to delegate or centralize decision rights, depending on who can best solve...  View Details
Keywords: Industrial Organization; Households And Firms; Firm Behavior; Microeconomics; Organizational Structure; Decision Making
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  • 2022
  • Working Paper

What Would It Mean for a Machine to Have a Self?
By: Julian De Freitas, Ahmet Kaan Uğuralp, Zeliha Uğuralp, Laurie Paul, Joshua B. Tenenbaum and Tomer Ullman
What would it mean for autonomous AI agents to have a ‘self’? One proposal for a minimal notion of self is a representation of one’s body spatio-temporally located in the world, with a tag of that representation as the agent taking actions in the world. This turns...  View Details
Keywords: Self; AI; Games; Reinforcement Learning; Avatar; AI and Machine Learning
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  • 2022
  • Working Paper

Human Capital and the Managerial Revolution in the United States
By: Tom Nicholas
This paper estimates the returns to human capital accumulation during the first era of megafirms in the United States by linking employees at General Electric—a canonical enterprise associated with the “visible hand” of managerial hierarchies—to data from the 1940...  View Details
Keywords: Returns To Education; Management Practices; Hierarchies; Human Capital; Management; Training; Higher Education; Government and Politics; United States
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  • 2022
  • Working Paper

Perceptions about Monetary Policy
By: Michael D. Bauer, Carolin Pflueger and Adi Sunderam
We estimate perceptions about the Fed's monetary policy rule from micro data on professional forecasters. The perceived rule varies significantly over time, with important consequences for monetary policy and bond markets. Over the monetary policy cycle, easings are...  View Details
Keywords: Monetary Policy; Central Banking; Forecasting and Prediction; Policy; Interest Rates
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  • 2022
  • Working Paper

What Do Impact Investors Do Differently?
By: Shawn A. Cole, Leslie Jeng, Josh Lerner, Natalia Rigol and Benjamin N. Roth
In recent years, impact investors – private investors who seek to generate simultaneously attractive financial and social returns – have attracted intense interest and controversy. We analyze a novel, comprehensive data set of impact and traditional investors to assess...  View Details
Keywords: ESG; Socially Responsible Investing; Investment Decisions; Public Goods; Impact Investment; Investment; Private Equity; Venture Capital
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  • 2022
  • Working Paper

Perceived Job Difficulty Influences Unionization Support for Workers in Low-Wage Jobs
By: Elizabeth R. Johnson and Ashley V. Whillans
Unionization is a critical way that workers in low-wage jobs have pushed large companies to improve labor conditions. In this research, we highlight a novel factor that prevents people from supporting unionization for workers in low-wage jobs: the perceived difficulty...  View Details
Keywords: Low-Wage Jobs; Inequality; Support For Unionization; Collective Organizing; Labor Unions; Wages; Working Conditions
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  • 2022
  • Working Paper

Are Transformational Ideas Harder to Fund? Resource Allocation to R&D Projects at a Global Pharmaceutical Firm
By: Joshua Krieger and Ramana Nanda
We study resource allocation to early-stage ideas at an internal startup program of one the largest pharmaceutical firms in the world. Our research design enables us to elicit every evaluator's scores across five different attributes, before seeing how would allocate...  View Details
Keywords: Project Selection; Pharmaceuticals; Financing Innovation; Resource Allocation; Innovation and Invention; Research and Development
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  • 2022
  • Working Paper

Private Equity Fund Valuation Management during Fundraising
By: Brian K. Baik
I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values, or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g.,...  View Details
Keywords: Private Equity; Institutional Investors; Valuation Multiples; Earnings Management; Private Firms; Valuation; Investment Funds
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  • 2022
  • Working Paper

The Effect of Employee Lateness and Absenteeism on Store Performance
By: Caleb Kwon and Ananth Raman
We empirically analyze the effects of employee lateness and absenteeism on store performance by examining 25.5 million employee shift timecards covering more than 100,000 employees across more than 500 U.S. retail grocery store locations over a four year time period....  View Details
Keywords: Absenteeism; Lateness; Scheduling; Performance Productivity; Employees; Retail Industry
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  • 2022
  • Working Paper

Scapegoating and Discrimination in Times of Crisis: Evidence from Airbnb
By: Michael Luca, Elizaveta Pronkina and Michelangelo Rossi
We present evidence that discrimination against Asian-American Airbnb users sharply increased at the start of the COVID-19 pandemic. Using a DiD approach, we find that hosts with distinctively Asian names experienced a 12 percent decline in guests relative to...  View Details
Keywords: Discrimination; Behavioral Economics; Market Design; Health Pandemics; Prejudice and Bias; Digital Platforms; Design
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  • 2022
  • Working Paper

The Impact of the Chinese Exclusion Act on the U.S. Economy
By: Joe Long, Carlo Medici, Nancy Qian and Marco Tabellini
This paper studies the impact of the Chinese Exclusion Act, which banned Chinese immigration to the United States after 1882, across U.S. counties between 1870 and 1940. We find that the Act reduced labor supply for both the Chinese and other groups (i.e., white and...  View Details
Keywords: Immigration; Growth; Productivity; Business History; Economic Slowdown and Stagnation; Business and Government Relations; Prejudice and Bias; Government Legislation; United States
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  • 2022
  • Working Paper

Buy Now, Pay Later Credit: User Characteristics and Effects on Spending Patterns
By: Marco Di Maggio, Justin Katz and Emily Williams
Firms offering "buy now, pay later" (BNPL) point-of-sale installment loans with minimal underwriting and low interest have captured a growing fraction of the market for short-term unsecured consumer credit. We provide a detailed look into the US BNPL market by...  View Details
Keywords: Household Finance; Fintech; Consumer Credit; Credit; Consumer Behavior
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  • 2022
  • Working Paper

Consumer Demand with Social Influences: Evidence from an E-Commerce Platform
By: El Hadi Caoui, Chiara Farronato, John J. Horton and Robert Schultz
For some kinds of goods, rarity itself is valued. "Fashionable'" goods are demanded in part because they are unique. In this paper, we explore the economics of rare goods using auctions of limited-edition shoes held by an e-commerce platform. We model endogenous entry...  View Details
Keywords: Rare Goods; Scarcity; E-commerce; Consumer Behavior; Auctions
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  • 2022
  • Working Paper

Do Job Seekers Value Diversity Information? Evidence from a Field Experiment and Human Capital Disclosures
By: Jung Ho Choi, Joseph Pacelli, Kristina M. Rennekamp and Sorabh Tomar
We examine how information about the diversity of a potential employer’s workforce affects individuals’ job-seeking behavior. We embed a field experiment in job recommendation emails sent from a leading career advice agency in the U.S. The experimental treatment...  View Details
Keywords: Diversity; Job Search; Human Capital Disclosure; Field Experiment; Recruitment
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  • 2022
  • Working Paper

Ethical Risks of Autonomous Products: The Case of Mental Health Crises on AI Companion Applications
By: Julian De Freitas, Ahmet Kaan Uğuralp and Zeliha Uğuralp
Increasingly, some products do not merely automate some piece of our lives but act as autonomous agents. When these technologies are not yet perfected, what are their risks? Here we explore the case of AI companion apps. Although these apps are designed...  View Details
Keywords: Autonomy; Artificial Intelligence; Chatbots; New Technology; Brand Crises; Ethics; Mental Health; AI and Machine Learning; Well-being; Health; Applications and Software
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  • 2022
  • Working Paper

Imagining the Future: Memory, Simulation and Beliefs about COVID
By: Pedro Bordalo, Giovanni Burro, Katherine B. Coffman, Nicola Gennaioli and Andrei Shleifer
How do people form beliefs about novel risks, with which they have little or no experience? A 2020 U.S. survey of beliefs about the lethality of COVID reveals that the elderly underestimate, and the young overestimate, their own risks, and that people with more health...  View Details
Keywords: Expectations; Memory; COVID-19 Pandemic; Perception; Behavior; Decision Choices and Conditions; Values and Beliefs
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  • 2022
  • Working Paper

Overreaction and Diagnostic Expectations in Macroeconomics
By: Pedro Bordalo, Nicola Gennaioli and Andrei Shleifer
We present the case for the centrality of overreaction in expectations for addressing important challenges in finance and macroeconomics. First, non-rational expectations by market participants can be measured and modeled in ways that address some of the key challenges...  View Details
Keywords: Overreaction; Rational Expectations; Macroeconomics; Market Participation; Social Psychology
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  • 2022
  • Working Paper

Speedy Activists: Firm Reaction Time to Sociopolitical Events Influences Consumer Behavior
By: Jimin Nam, M. Balakrishnan, Julian De Freitas and Alison Wood Brooks
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