Political Attitudes and Equity Market Reactions to Vaccine Mandate Bans
We study equity market reactions to states laws banning COVID-19 vaccine mandates and find a 0.64% increase in abnormal returns to affected firms around law passage, compared to unaffected firms. The positive market reaction concentrates in firms with a Republican workforce, especially if they face tight local labor markets or have Democratic leadership. Firms with a Democratic workforce experience ...
Yihui Pan, University of Utah
Wednesday, June 18, 2025 | 3:00pm - 4:30pm | Room 339
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Corporate Finance Through Loyalty Programs
Loyalty programs (LPs) are widely prevalent in practice and typically analyzed in economic research for their role in boosting business. This paper uncovers a novel finance role of LPs. We document stylized facts about LPs in travel industries, which lend support to this role. We build a dynamic model of LP financing, which features convenient rewards that give consumers flexibility in redeeming rewards....
Dan Luo, CUHK
Wednesday, June 18, 2025 | 10:30am - 12:00pm | Room 337
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Digital Ecosystems and Data Regulation
This paper provides a framework in which a multiproduct ecosystem competes with many single-product firms in both price and innovation. The ecosystem is able to use data collected on one product to improve the quality of its other products. The framework is used to evaluate the impact of three data policies on pricing, innovation, and consumer welfare: restricting cross-product data usage within the ...
Junjie Zhou, Tsinghua University
Thursday, June 12, 2025 | 3:00pm - 4:30pm | Room 337
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Indebted Supply and Monetary Policy: A Theory of Financial Dominance
We develop a New Keynesian model with financial frictions to explore the concept of “financial dominance” in monetary policy. Our theory is based on how the path of interest rates affects firms' ex-ante capital structure decisions and ex-post financial constraints. Ex ante, firms have a “market timing” motive to exploit differences between the cost of debt and equity, leading to increased leverage ...
Olivier Wang, New York University
Wednesday, June 11, 2025 | 10:00am - 11:30am | Room 337
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Factors Affecting Perception of AI Communicators
AI communicators will soon be a big part of our lives. This talk focuses who who they are, what can they do, and more importantly, how we do look at them. We identify factors that affect our perception of AI communicators, and will use an experiment to illustrate how audience perceived AI anchors. AI communicators that they implication on communication, on being human and on life are discussed.
Shuhua Zhou, CityUHK
Wednesday, June 4, 2025 | 10:30am - 12:00pm | Room 333
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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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