Unlocking the Power of Communication and Shared Purpose for Social Impact: Beyond the Organisation-Centric Approach
This presentation explores a shift in strategic communication research – from a focus on organisational gain to a deeper inquiry into how communication can drive genuine social impact. My earlier work on organisation–public relationships and CSR communication has led to a current focus on how organisations develop and implement shared purpose with stakeholders. While CSR communication has often emphasised ...
Flora Hung-Baesecke, University of Technology Sydney
Wednesday, May 28, 2025 | 10:30am - 12:00pm | Room 333
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Early-Career Discrimination: Spiraling or Self-Correcting?
Do workers from social groups with comparable productivity distributions obtain comparable lifetime earnings? We study how a small amount of early-career discrimination propagates over time when workers' productivity is revealed through employment. In breakdown learning environments that primarily track on-the-job failures, such discrimination spirals into a substantial lifetime earnings gap for groups ...
Yingni Guo, Northwestern University
Wednesday, May 28, 2025 | 10:00am - 11:30am | Room 337
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Technology Adoption, Market Power, and the Dual Dynamics of Markups and Value Premium
This paper examines how technology adoption and market power jointly explain two significant macroeconomic trends in recent decades: the decline of the value premium and the rise of markups. Empirically, we demonstrate that these trends are predominantly concentrated among high-markup firms, whereas both the value premium and markups remain stable for firms with low markups. To rationalize these patterns,...
Xiaoji Lin, University of Minnesota
Thursday, May 22, 2025 | 10:00am - 12:00pm | Room 339
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How to Lie If You Must: Trust and Deception in Sender-Receiver Dynamics
Building on the sender-receiver game, this study develops a computational model of deceptive communication and empirically tests it using data from an online experiment. In the model, the success of deception is determined not only by the sender’s decision to send false signals but, more importantly, by the receiver’s willingness to accept those signals as true: that is, their trust in the sender....
Poong Oh, Nanyang Technological University
Wednesday, May 21, 2025 | 10:30am - 12:00pm | Room 333
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Why Do (So Many) Corporate Bonds Pay Coupons?
Firms pay a significant fraction of the total cash flow of corporate bonds in the form of coupons before the maturity date. Understanding why firms favor this bond structure has been overlooked by the literature, in part because standard models imply no cost-of-capital effect from making early payments (Modigliani and Miller, 1958). The goal of this paper is to study, empirically and theoretically,...
Sukjoon Lee, NYU Shanghai
Wednesday, May 21, 2025 | 2:00pm - 3:30pm | Room 337
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Subjective Expectations and Financial Intermediation
Using a customized survey and an information-provision experiment, we establish that loan officers’ individual subjective expectations about inflation, GDP growth, and policy rates vary substantially within and across bank types and have a sizable causal effect on credit supply decisions. Decisions about loan issuance and pricing exhibit large heterogeneity based on loan officers’ subjective expectations ...
Janet Gao, Georgetown Univeristy
Wednesday, May 14, 2025 | 2:00pm-3:30pm | Room 339
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The Origin of Risk
We propose a model in which risk, at both the micro and the macro levels, is endogenous. In the model, each firm can choose the mean and the variance of its productivity process, as well as how it covaries with the productivity of other firms. To study the aggregate impact of these decisions, we embed the firms into an otherwise standard production network economy. Through their impact on risk-taking ...
Mathieu Taschereau-Dumouchel, Cornell University
Wednesday, May 14, 2025 | 9:30am-11:00am | Room 337
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When Consumers Prefer Labor (vs. Material) Cost Justifications for Price Increases
Sometimes, firms justify price increases by citing an increase in their material costs; at other times, they justify the increases by citing an increase in their labor costs. Which justification – material or labor costs – is preferred by consumers? Previous theories suggest that material cost justifications are preferred because material costs tend to be more aligned, transient, and uncontrollable....
Rajesh Bagchi, "Virginia Polytechnic Institute and State University"
Wednesday, April 23, 2025 | 10:30am-12:00pm | Room 335
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Extracting Extrapolative Beliefs from Market Prices: An Augmented Present-Value Approach
We propose a latent-variables approach to recover extrapolative beliefs from asset prices. We estimate a present-value model of the price–dividend ratio of the market that embeds both return extrapolation and cash-flow extrapolation, alongside discount rates and rational expectations of dividend growth. This approach allows us to measure extrapolation bias without having to rely on survey data, and ...
Yan Liu, Tsinghua University
Wednesday, April 23, 2025 | 10:30am-12:00pm | Room 339
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