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  • August 2023
  • Article

Formal Employment and Organized Crime: Regression Discontinuity Evidence from Colombia
By: Gaurav Khanna, Carlos Medina, Anant Nyshadham, Jorge Tamayo and Nicolas Torres
Safety net programs, common in settings with high informality like Latin America, often use a means test to establish eligibility. We ask: in settings in which organised crime provides lucrative opportunities in the informal market, will discouraging formal employment...  View Details
Keywords: Gangs; Informality; Crime and Corruption; Job Search; Recruitment; Colombia
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  • 2023
  • Working Paper

Keep Your Enemies Closer: Strategic Platform Adjustments during U.S. and French Elections
By: Rafael Di Tella, Randy Kotti, Caroline Le Pennec and Vincent Pons
A key tenet of representative democracy is that politicians' discourse and policies should follow voters' preferences. In the median voter theorem, this outcome emerges as candidates strategically adjust their platform to get closer to their opponent. Despite its...  View Details
Keywords: Political Ideology; Political Elections; United States; France
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  • 2022
  • Working Paper

Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads
By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for and constrained intermediaries' supply of long-term interest rate swaps. Swap spreads reflect compensation both for using scarce intermediary capital and for bearing convergence...  View Details
Keywords: Swap Spreads; Risk and Uncertainty; Interest Rates; Financial Crisis; Financial Markets
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  • September 2022
  • Article

Experimentation and Startup Performance: Evidence from A/B Testing
By: Rembrand Koning, Sharique Hasan and Aaron Chatterji
Recent scholarship has argued that experimentation should be the organizing principle for entrepreneurial strategy. Experimentation leads to organizational learning, which drives improvements in firm performance. We investigate this proposition by exploiting the...  View Details
Keywords: Experimentation; A/B Testing; Data-driven Decision-making; Organizational Learning; Entrepreneurship; Strategy; Business Startups; Learning; Performance; Decision Making
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  • January–February 2022
  • Article

Algorithm-Augmented Work and Domain Experience: The Countervailing Forces of Ability and Aversion
By: Ryan Allen and Prithwiraj Choudhury
How does a knowledge worker’s level of domain experience affect their algorithm-augmented work performance? We propose and test theoretical predictions that domain experience has countervailing effects on algorithm-augmented performance: on one hand, domain experience...  View Details
Keywords: Automation; Domain Experience; Algorithmic Aversion; Experts; Algorithms; Machine Learning; Future Of Work; Employees; Experience and Expertise; Decision Making; Performance
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  • 2020
  • Working Paper

Algorithm-Augmented Work and Domain Experience: The Countervailing Forces of Ability and Aversion
By: Ryan Allen and Prithwiraj Choudhury
Past research offers mixed perspectives on whether domain experience helps or hurts algorithm-augmented work performance. To reconcile these perspectives, we theorize that domain experience affects algorithm-augmented performance via two distinct countervailing...  View Details
Keywords: Automation; Domain Experience; Algorithmic Aversion; Experts; Algorithms; Machine Learning; Decision-making; Future Of Work; Employees; Experience and Expertise; Decision Making; Performance
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  • 2021
  • Working Paper

The Effects of Temporal Distance on Intra-Firm Communication: Evidence from Daylight Savings Time
By: Jasmina Chauvin, Prithwiraj Choudhury and Tommy Pan Fang
Cross-border communication costs have plummeted and enabled the global distribution of work, but frictions attributable to distance persist. We estimate the causal effects of temporal distance, i.e., time zone separation between employees, on intra-firm communication,...  View Details
Keywords: Communication Patterns; Time Zones; Geographic Frictions; Knowledge Workers; Multinational Companies; Communication; Multinational Firms and Management; Geographic Location
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  • 2020
  • Working Paper

Costly External Financing and Monetary Policy Transmission: Evidence from a Natural Experiment
By: Emily Williams
I provide new evidence that large and small banks have different external financing costs, which generates cross sectional variation in a deposits market pricing power channel of monetary policy transmission. I do so by exploiting a natural experiment using anti-trust...  View Details
Keywords: External Financing; Monetary Policy Transmission; Experiment; Banks and Banking; Financing and Loans; Interest Rates
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  • 2020
  • Working Paper

Digital Experimentation and Startup Performance: Evidence from A/B Testing
By: Rembrand Koning, Sharique Hasan and Aaron Chatterji
Recent work argues that experimentation is the appropriate framework for entrepreneurial strategy. We investigate this proposition by exploiting the time-varying adoption of A/B testing technology, which has drastically reduced the cost of experimentally testing...  View Details
Keywords: Experimentation; A/B Testing; Data-driven Decision-making; Entrepreneurship; Strategy; Business Startups; Information Technology; Performance
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  • February 2018
  • Article

Heterogeneous Technology Diffusion and Ricardian Trade Patterns
By: William R. Kerr
This study tests the importance of Ricardian technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and...  View Details
Keywords: Exports; Comparative Advantage; Technological Transfer; Innovation; Networks; Patents; Residency; Technology Adoption; Trade; Research and Development; Immigration; United States
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  • February 2017 (Revised May 2017)
  • Case

Rapid7
By: Mitchell Weiss, Paul Gompers and Silpa Kovvali
That Corey Thomas, vice president at Boston-based Rapid7, Inc., was about to enter his investor’s boardroom to negotiate a potential acquisition of Metasploit, LLC, was already an unlikely achievement of sorts. After all, Rapid7 was a venture-backed, corporate...  View Details
Keywords: Acquisition; Computer Hacking; Open-source; Corey Thomas; Rapid7; Exploit Testing; Mergers and Acquisitions; Cybersecurity; Computer Industry; North and Central America; Boston
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  • 2013
  • Working Paper

Heterogeneous Technology Diffusion and Ricardian Trade Patterns
By: William R. Kerr
This study tests the importance of Ricardian technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and...  View Details
Keywords: Exports; Comparative Advantage; Technological Transfer; Innovation; Networks; Patents; Residency; Technology Adoption; Trade; Research and Development; Immigration; United States
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  • Spring 2013
  • Article

Does Mandatory IFRS Adoption Improve the Information Environment?
By: Joanne Horton, George Serafeim and Ioanna Serafeim
We examine the effect of mandatory International Financial Reporting Standards (IFRS) adoption on firms' information environment. We find that after mandatory IFRS adoption, consensus forecast errors decrease for firms that mandatorily adopt IFRS relative to forecast...  View Details
Keywords: International Accounting; Financial Reporting; Standards; Information; Quality; Earnings Management
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  • 2012
  • Article

Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
By: Mozaffar N. Khan, Leonid Kogan and George Serafeim
In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from...  View Details
Keywords: Equity; Market Transactions; Valuation; Capital Structure; Market Timing; Mathematical Methods; Acquisition
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  • September 2011
  • Article

Information Risk and Fair Value: An Examination of Equity Betas
By: Edward J. Riedl and George Serafeim
Using a sample of U.S. financial institutions, we exploit recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3 to test whether greater information risk in financial instrument fair values leads to higher cost of capital. We...  View Details
Keywords: Forecasting and Prediction; Assets; Cost of Capital; Financial Institutions; Financial Instruments; Corporate Disclosure; Information; Risk and Uncertainty; Value; United States
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  • 2016
  • Working Paper

Reviews, Reputation, and Revenue: The Case of Yelp.com
By: Michael Luca
Do online consumer reviews affect restaurant demand? I investigate this question using a novel dataset combining reviews from the website Yelp.com and restaurant data from the Washington State Department of Revenue. Because Yelp prominently displays a restaurant's...  View Details
Keywords: Revenue; Network Effects; Reputation; Social and Collaborative Networks; Food and Beverage Industry; Service Industry; Washington (state, US)
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  • Article

Temporal View of the Costs and Benefits of Self-Deception
By: Zoe Chance, Michael I. Norton, Francesca Gino and Dan Ariely
Researchers have documented many cases in which individuals rationalize their regrettable actions. Four experiments examine situations in which people go beyond merely explaining away their misconduct to actively deceiving themselves. We find that those who exploit...  View Details
Keywords: Hindsight Bias; Lying; Motivated Reasoning; Self-enhancement; Social Psychology; Perception; Performance Expectations
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  • 2010
  • Working Paper

Growth through Heterogeneous Innovations
By: Ufuk Akcigit and William R. Kerr
We study how exploration versus exploitation innovations impact economic growth through a tractable endogenous growth framework that contains multiple innovation sizes, multi-product firms, and entry/exit. Firms invest in exploration R&D to acquire new product lines...  View Details
Keywords: Business Ventures; Decision Choices and Conditions; Economic Growth; Investment; Innovation and Invention; Patents; Size; Research and Development; United States
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  • August 2010
  • Article

Sell-Side School Ties
By: Lauren H. Cohen, Christopher J. Malloy and Andrea Frazzini
We study the impact of social networks on agents' ability to gather superior information about firms. Exploiting novel data on the educational backgrounds of sell-side equity analysts and senior officers of firms, we test the hypothesis that analysts' school ties to...  View Details
Keywords: Investment Return; Investment Portfolio; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Knowledge Acquisition; Social and Collaborative Networks
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  • December 2009
  • Article

Media Markets and Localism: Does Local News en Español Boost Hispanic Voter Turnout?
By: Felix Oberholzer-Gee and Joel Waldfogel
Since the dawn of broadcasting, and especially in the past decade, Americans have turned their attention from local to more distant sources of news and entertainment. While the integration of media markets will raise the private welfare of many consumers, critics of a...  View Details
Keywords: Voting; Ethnicity; Behavior; Local Range; Journalism and News Industry; Media and Broadcasting Industry; United States
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