ESG Metrics in Executive Compensation:a Multitasking Approach
We model the multitasking nature of managerial incentives when ESG metrics are introduced jointly with standard financial or accounting metrics in executive compensation. Building on insights from multitasking theory, we predict that pay-performance sensitivity or dollar delta of standard metrics should optimally decrease when value-adding but less measurable ESG goals are introduced in executive pay....
Vikas Agarwal, Georgia State University
Wednesday, March 26, 2025 | 2:00pm-3:30pm | Room 339
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Priority-Based Incentives in Organ Donation
Organ transplants rely on donations from both living and deceased donors, yet severe organ shortages persist worldwide. To address this challenge, various policy initiatives have been introduced to enhance both channels of organ supply. This study examines priority-based incentives in organ allocation, specifically policies that grant priority to living donors and individuals who register as deceased ...
Mengling Li, Xiamen University
Wednesday, March 26, 2025 | 2:00pm-3:30pm | Room 337
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Sustainable Finance under Regulation
We build a model analyzing optimal environmental regulation in the presence of socially responsible investors. Investors care about greenness of their portfolios but cannot fully resolve the pollution externality. Regulations, such as pollution tax and subsidies to clean firms, reduce dirty firms’ size but also reshape firms’ shareholder compositions. Under the regulations, dirty firms’ shareholders ...
Shiyang Huang, University of Hong Kong
Wednesday, March 12, 2025 | 2:00pm-3:30pm | Room 339
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Female Employment and Structural Transformation
Two prominent secular trends characterize the transformation of labor markets in industrialized countries in recent decades. First, employment has shifted from manufacturing to services. Second, the share of female employment in total employment has risen sharply. This paper documents a novel fact linking these two trends: female employment shares within manufacturing and within services have remained ...
Xincheng Qiu, Peking University (Guanghua)
Wednesday, March 12, 2025 | 2:00pm-3:30pm | Room 337
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From Lasswell to Large Language Models: Evolving Methods for Understanding Audiences
The concept of audience has continuously evolved alongside technological advancements, from mass media to social media, and now to AI-driven platforms. Traditional audience research relied on surveys and content analysis, but digital traces, algorithmic curation, and generative AI are redefining how we observe and understand audience behavior. This talk revisits the shifting landscape of audience studies,...
Tai-Quan“Winson" Peng, Michigan State University
Wednesday, March 5, 2025 | 2:00pm-3:30pm | Room 333
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Capital Flows and Sovereign Debt Rollover Risk
We show that sovereign debt rollover risk depreciates exchange rates, increases CDS prices, and decreases bond prices. Using granular bond data to construct each country’s maturity structure, we provide the first evidence that many countries experience changes in their maturity structures over time, with considerable crosscountry variation. We then leverage the mechanical rebalancing of a local-currency ...
Jaewon Choi, Seoul National University
Wednesday, March 5, 2025 | 2:30pm-4:30pm | Room 339
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The Spill-Back and Spillover Effects of US Monetary Policy: Evidence on an International Cost Channel
We find that an unanticipated tightening of US monetary policy tends to raise US import prices. This empirical "spill-back" pattern differs from the predictions of typical open-economy macro models. We also document a new empirical "spillover" effect: import prices of other countries also rise following an unexpected US monetary tightening. To understand the mechanism, we examine Chinese exporters ...
Yao Amber Li, The Hong Kong University of Science and Technology
Wednesday, March 5, 2025 | 2:00pm-3:30pm | Room 337
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Navigating Anti-ESG Currents: Firms' Strategic Responses to Shifting Environmental Sustainability Policies
This study investigates how firms strategically adapt to anti-ESG legislation, where institutional pressures for environmental sustainability are lifted. While existing research has primarily focused on firms' responses to positive ESG shifts, little is known about their behaviors under negative policy changes. We argue that firms' responses to anti-ESG legislation are not merely a reversal of pro-...
Heli Wang, Singapore Managment University
Wednesday, February 26, 2025 | 10:30am-12:00pm | Room 335
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The Economics of Greenwashing Funds
This paper examines the benefits and costs of greenwashing in mutual funds. We identify greenwashing funds by analyzing their green disclosures using large language models (LLMs) alongside actual green investments. We find that funds engaging in greenwashing charge higher expenses while attracting greater flows from investors. Moreover, investors tend to be lenient and less sensitive to poor performance ...
Sean Cao, University of Maryland
Wednesday, February 26, 2025 | 10:30am-12:00pm | Room 339
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In Search of Solutions: Impact of Machine Intelligence on Knowledge Sourcing
While scholars have long studied knowledge search from a problem-solving perspective, research examining how technological changes shape the specific components of knowledge search, namely problem formulation and solution finding, remains scant. This study bridges this gap by teasing apart these components and examining how Artificial Intelligence-Generated Content (AIGC) technologies affect the solution ...
Nianchen Han, Nanyang Technological University
Wednesday, January 8, 2025 | 10:30am-12:00pm | Room 335
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