Quantifying the Macroeconomic Impact of Credit Expansions
Although the literature has emphasized different channels through which changes in credit conditions affect economic activity, the relative quantitative importance of these channels remains unclear In this paper, we seek to evaluate the relative role

Corina Boar, Matthew Knowles, Kjetil Storesletten, Yicheng Wang

Working Paper | No. 20231103 |

Keywords: Credit Market Deregulation, Credit Market Friction, Macroeconomic Impact, Heterogenous Firm, New Keynesian, Firm Dynamics

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Spatial Search
This paper considers a random search model where some locations provide sellers with better chances of meeting many buyers than other locations (for example popular shopping streets or the first page of a search engine) When sellers are heterogeneous

Xiaoming Cai, Pieter Gautier, Ronald Wolthoff

Working Paper | No. 20231102 |

Keywords: search frictions, spatial equilibrium, sorting

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Search, Screening and Sorting
We examine how search frictions impact labor market sorting by constructing a model consistent with recent evidence that employers collect a pool of applicants before interviewing a subset We derive the necessary and sufficient conditions for sorti

Xiaoming Cai, Pieter Gautier, Ronald Wolthoff

Working Paper | No. 20231101 |

Keywords: sorting, complementarity, search frictions, information frictions, heterogeneity

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Leasing and the Idiosyncratic Volatility Puzzle
Our study elucidates the idiosyncratic volatility puzzle, the observed negative correlation between past idiosyncratic volatility and stock returns, by examining firms optimal decisions to buyversus- lease capital We find that firms with elevated

Kai Li, Kaihong Song

Working Paper | No. 20230902 |

Keywords: idiosyncratic volatility; financial constraint; leased capital; cross-section of expected returns; incomplete market

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Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks
We study whether climate-related innovation leads to carbon emission reductions by analyzing supply chain networks We find that climate innovation reduces carbon emissions at customer firms, but only for the supplier firm s product innovation patents,

Ulrich Hege, Kai Li, Yifei Zhang

Working Paper | No. 20230901 |

Keywords: : climate change mitigation technologies (CCMTs); climate innovations; supply chain; new customer firms; carbon emissions; ESG scores; discrete choice model

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Affirmative Action’s Connected Apportionments
It is not feasible to reserve a fraction of a seat, therefore to respect the spirit of affirmative action the Indian reservation system adheres to a rotating system of seat claiming, commonly referred to as a roster Developing a roster involves addres

Haydar Evren, Manshu Khanna

Working Paper | No. 20230701 |

Keywords: Affirmative Action, Rotation, Indivisibility, Apportionment, Divisor Methods

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Guilty by Political Association: The Impact of Political Scandals on Connected Firms
Using scandals involving US congresspersons over the period 1992-2018, we investigate the reputational spillover effect between scandal-tainted congresspersons and politically-connected firms Following the first media report of a scandal, firms connec

April Knill, Baixiao Liu, John J. McConnell, Cayman Seagraves

Working Paper | No. 20230504 |
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The Effect of Short Sale Restrictions on Corporate Managers
We examine how the exemption of short sale uptick tests due to the Regulation SHO pilot program affects managers’ decisions to abandon value-reducing acquisition attempts We find that when deciding whether to abandon value-reducing acquisition attem

Baixiao Liu, John McConnell, Andrew Schrowang

Working Paper | No. 20230503 |

Keywords: Short Sale Restrictions, Short Selling, Regulation SHO, Pilot Program

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Common Correlated Effects Estimation of Nonlinear Panel Data Models
This paper focuses on estimating the coefficients and average partial effects of observed regressors in nonlinear panel data models with interactive fixed effects, using the common correlated effects (CCE, hereafter) framework The proposed two-step estim

Liang Chen, Minyuan Zhang

Working Paper | No. 20230502 |

Keywords: Panel data, interactive fixed effects, nonlinear models, incidental parameters, bias correction

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Exporting, Wage Profiles, and Human Capital: Evidence from Brazil
Export activity shapes workers’ experience-wage profiles Using detailed employer-employee and customs data for Brazilian manufacturing, we document that workers’ experience-wage profiles are steeper at exporters than at non-exporters and, among ex

Xiao Ma, Marc-Andreas Muendler, Alejandro Nakab

Working Paper | No. 20230501 |

Keywords: Export Activity; Wage Profiles; Human Capital Accumulation

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