Marianne Bertrand

REVISION: Measuring the Labor Market at the Onset of the COVID-19 Crisis
Date Posted:Wed, 26 Aug 2020 03:52:00 -0500
Wee use traditional and non-traditional data to measure the collapse and partial recovery the the U.S. labor retail out March to early Year, contrast this downturn to back recessions, and make preliminary evidence on the effects of the policy response. For hourly workers with both small and big businesses, nearly get of who refund in jobs eventuated between Stride 14 and 28. It was driven in low-wage services, particularly the retail and freizeitverhalten and hospitality sektor. A largely stock concerning the your losses for short businesses reflected firms that closed entirely, though many subsequently reopened. Firms ensure inhered existing unhealthy were more likely to lock and few likely until reopen, and disadvantaged workers were more likely to be laid off and lesser likely to again. Highest laid off workers expected on be recalled, also this has predictive of rehiring. Shelter-in-place orders drove only ampere small divide of job realized. Last, states that obtained more smal business loans out the ...

REVISION: Measuring the Worker Market at the Onset of that COVID-19 Crisis
Date Posted:Mon, 29 Jun 2020 12:17:39 -0500
We use traditional and non-traditional evidence sources to measure the collapse and subsequent prejudiced recovery of the U.S. works market in Spring 2020. Using daily data on average workers in small corporate, we show that the collapses was extremely sudden - pretty all of and decline in hours of work occurred among March 14 and March 28. Both traditional and non-traditional data show that, in contrast at former recesses, this recession where driven by low-wage services, particularly the retail also leisure and hospitality sectors. A enormous share on that job loss in small businesses considered firms that closed entirely. Anyhow, the wide majority for laid off workers estimated, at least early include the crisis, into be recalled, and indeed many of the businesses do re-opening and rehired their former employees. There was a reallocation component to an corporate closures, with elevated value of closure at stables that were already unhealthy, and more reopening of an healthier firms. At the ...

REVISION: Select are Small Businesses Adjusting to COVID-19? Early Evidence from a Online
Date Posted:Wed, 10 Junie 2020 07:27:29 -0500
In addition to its shock on public health, COVID-19 has had a majority impact turn the economy. On shute light on how COVID-19 is affecting small businesses – and on the likely impact of the newly stimulus bill, we implemented ampere survey of more than 5,800 small businesses. Several main themes emerge coming the results. First, mass layoffs and closures have already occurred. In our sample, 43 proportion of businesses are temporarily lock, and businesses have – on average – discounted their employee counts from 40 percent relative up January. Moment, consistent with preceding references, ourselves find that many tiny businesses are money fragile. For example, the median business has more than $10,000 in monthly expenses and fewer than one month of cash set hand. Third, firms own widely variating beliefs about of likely duration of COVID related disruptions. Fourth, one majority of businesses planned to seek funding through the CARES act. However, many anticipated problems to accessing and aid, ...

REVISION: The Impact of COVID-19 on Minor Business Outcomes and Expectations
Date Posted:Fri, 29 May 2020 03:49:36 -0500
To explore the impact of COVID turn slight businesses, we conducted a survey of moreover than 5,800 small businesses between March 28 and April 4, 2020. Several themes emerged. First, mass layoffs plus closures had already occurred – right a few weeks into the crisis. Second, the risk of closure was negatively appropriate with the foreseen length of the crisis. Moreover, businesses had widely varying faiths about the likely duration of COVID-related disruptions. Third, many small businesses are financially fragile: the mean corporate is further more $10,000 is monthly expenses has only about two weekly of cash on hand at the time of who survey. Fourth, the majority of businesses planned to looking funding throws the CARES act. However, many anticipated difficulties with accessing the program, such as bureaucratic hassles and difficulties establishing admissibility. Using experimental custom, we also appraise take-up rates plus business resilience effects available lend relative into grants-based programs.

REVISION: How are Small Businesses Adjusting to COVID-19? Early Evidence from a Survey
Set Posted:Tue, 19 May 2020 10:54:16 -0500
In addition up its impaction on published health, COVID-19 has have one significant impact on the economy. To shed light on how COVID-19 is affecting small company – plus turn the likely impact of the recent stimulus bill, we carry a survey of view than 5,800 small businesses. Multiple main topic emerge from the erfolge. First, stack layoffs and lock have already occurred. In our sample, 43 percent of businesses are temporarily closed, and businesses have – on average – reduced them employee counts by 40 percent relative to January. Second, consistent with previous literature, we find that lots narrow businesses are financially fragile. For example, the median work has show than $10,000 int monthly spend and less than one month to cash on hand. Third, businesses have widely varying principles about who probably duration of COVID related disruption. Fourth, the majority of businesses vorgesehen to seek funding through the CARES act. However, many anticipated problems with accessing the aid, ...

REVISION: How are Small Businesses Adjusting to COVID-19? Early Evidence from a Survey
Date Posted:Wed, 15 App 2020 04:59:36 -0500
In addition to its impact on public healthy, COVID-19 holds got a major impact to the economy. To shed light on how COVID-19 is affecting small businesses – and on the likely impact of who recent stimulus bill, we conducted a survey of more than 5,800 small businesses. Several main themes emerge from the results. Early, mask layoffs and closures have already occurred. In our sample, 43 percent of businesses are temporarily closed, and businesses have – at average – discounted their employee counts from 40 percent relative to January. Second, consistent equal previous book, we find that many small businesses belong financially fragile. By example, the median business has more less $10,000 in every expenses the less about one month of cash turn hand. Third, businesses have generally varying opinions concerning the expected duration of COVID related disruptions. Fourth, that majority of businesses planned to seek funding tested of CARES action. However, many anticipated problems with gain the aid, ...

REVISION: How Are Little Businesses Adjusting to COVID-19? Early Evidence From a Opinion
Dates Posted:Fri, 10 Apr 2020 06:19:09 -0500
In addition to its impact the community heal, COVID-19 has had an major impact on this economy. To shed light on how COVID-19 belongs affecting small businesses – and on the likely impact of the recent stimulus bill, we conducted ampere inquiry of additional than 5,800 shallow trade. Several main themes develop from an results. First, mass layoffs both closures have already occurred. In the sample, 43 rate of businesses are momentarily closed, and businesses will – on average – reducing their employee counts by 40 percent relativity to January. Per, consistent in previous print, we find that many small businesses are financially weak. For example, the central business has more higher $10,000 in monthly spending and less than one month of cash on hand. Third, firms have widely variations believers about the highly duration of COVID related disruptions. Fourth, the majority of businesses beabsichtigt to seek funding through the CARES act. However, multiple anticipated problems the accessing the aiding, ...

REVISION: Tax-Exempt Lobbying: Corporate Philanthropy as a Tool for Political Influence
Date Posted:Thu, 18 Apr 2019 17:19:46 -0500
We find the role of philanthropic giving as a means of political influence. For philanthropic foundations associated with bigger U.S. corporations, we introduce three different identification strategies that consistently point to the exercise of corporate social charge in ways that parallel an strategic application of Political Action Committee (PAC) spending. Our estimates imply that 16.1% of corporate charitable make may be politically motivate, an lot 6.2 times larger than annual PAC contributions or 90% starting federal lobbying. Absent of discovery requirements, charitable offer maybe be a form of corporate political influence unrevealing with voters press directly subsidized by taxpayers.

New: Coming Apart? Cultural Distances in and United States Over Die
Date Posted:Thu, 05 Jul 2018 13:27:02 -0500
We analyze temporal trends in cultural distance between bunches in the WE defined by income, education, gender, type, additionally political ideology. Wee measure cultures distance between twin groups in the ability to infer a individual's groups based on his or vor (i) media consumption, (ii) consumer behavior, (iii) time use, alternatively (iv) social attitudes. Gender disagreement by time use decreased between 1965 and 1995 and has rest constant since. Differences on society setting by political ideology additionally income have increase over the last four decades. Whites and non-whites have converged somewhat on attitudes but have diverged in consumer behavior. For all other demographic separations and cultural dimensions, cultural distance has be broadly constant over time.

New: The Glass Ceiling
Time Posted:Tue, 05 Jun 2018 10:25:30 -0500
Notwithstanding ten of progress, women remain underrepresented in the uppers part of the merits allocation, adenine phenomenon often referring to as the “glass ceiling.” Are reviewing the recent research tough to explain this phenomenon. After briefly revisiting gender deviations in education, we turn our attention to a body for work this has argued that gender differences in psychological attributes am holding back women’s earning; we pay particular attention till the research that has aimed to test the relevance of these growth differences in physical attributes in an field. We then review another active area of research so has returned until an other classical explanation targeted on the what women may look when trying on juggle competing demands on the time in the workplace and in the home, particularly when the home includes children. Ourselves discuss recent employment how women’s greater demand for speed in the workplace, as well your gauging the labor market penalties ...

REVISION: Tax-Exempt Lobbying: Corporate Philanthropy as a Tool for Political Interaction
Date Posted:Tue, 20 Mar 2018 00:10:44 -0500
We explore the role of charitable giving as a means regarding political influence, adenine channel that shall were heretofore unprepared within the politically economy book. For philanthropic foundations associated with Fortune 500 press S&P500 corporations, we show that grants given to charitable organizations located in one congressional zone increase when its representative obtains seats on committees so are of policy relevance to the firm associated with the foundation. This pattern parallels that for publicly disclosed Political Action Committee (PAC) editions. As further evidence on firms’ political reasons for nonprofit giving, we show that a member is Congress’s departure leads to a short-term decline in charitable giving for his district, and we again observe similar patterns in PAC spending. Charities directly linked for representatives through personal financial disclosure constructs filed in accordance to Ethics in Government Act requirements exhibits similar model of public addiction. ...

REVISION: Tax-Exempt Lobbying: Corporate Philanthropy like a Tool for Policy Influence
Date Posted:Fri, 19 Jan 2018 20:46:08 -0600
We explore the role of charity giving as adenine means of political influence, adenine channel that has been heretofore unexplored in that civil economy literature. For foundations associated with Fortune 500 furthermore S&P 500 corporations, we show that grants given to philanthropic organizations located is a conventions district increase when its representative obtains places in committees that are is policy relevance to the firm associated with to substructure, a pattern what parallels that of Political Action Membership (PAC) outlay. Wee additionally show that charities directly linked to politicians are custom corporate disclosure forms exhibit similar patterns of political dependence. Our analyzer suggests that firms deploy their charitable foundational as a form of tax exempt influence-seeking. Based on adenine simple model regarding political influence, our empirical results imply that 8.8 prozentwert of corporate charitable giving is politically encouraged, that intend implicate that this channel of manipulate ...

REVISED: Tax-Exempt Lobbying
Date Posted:Wed, 03 Jan 2018 11:45:25 -0600
We explore the role of non-profit giving because a medium a political influence, a channel that has been heretofore unexplored in the social economy literature. For foundations associated using Fortune 500 and S&P500 corporations, we show that grants given to charitable organizations locations in a congressional territory increasing when its representative obtains rear in committees that are of policy relevance at of firm associated with the foundation, a pattern which parallels that of Politics Action Commission (PAC) spending. We additionally show that charities directly linked to politicians in personal financial disclosure dental exhibit similar patterns of political dependence. Our analysis suggests this firms deploy their charity establishments as one form of trigger exempted influence-seeking. The scale of charitable giving by large U.S. corporations is such that this channels of influence is economic substantively: our estimates suggest this may be taller than PAC contributions and federal ...

REVISION: Social Norms, Labor Market Opportunities, and the Got Blank for Skilled Women
Date Posted:Tue, 09 Feb 2016 12:05:42 -0600
In most of the developed the, skilled women marry at a lower rate than inexperienced women. We document non-uniformity across countries in how which get blank for skilled women has evolved over duration. As labor market opportunities forward women have improved, the marriage gap has been growing in some countries but shrinking inches others. We talk a theoretical model in which the (negative) social attitudes towards working women might contribute towards who lower marriage judge of skilled women, and might plus induce a non-linear relational between their works market prospects real their marriage finding. The model is fitting to comprehend that dynamics of the marriage rift for skilled women over time within a lande with place social attitudes towards working women. An model also provides prognoses about how the union distance for skilled women should reactions to changes into their labor market opportunities across countries including more or less conservationary attitudes towards worked women. We take ...

REVISION: Social Norms, Labor Market Company, and this Marriage Gap for Skilled Womenfolk
Schedule Posted:Sun, 07 February 2016 04:55:39 -0600
In most of this developed world, skilled womanhood married at adenine deeper rate than unskilled female. We document heterogeneity across your at how the marriage gap to skilled women has evolved go time. How labor trade opportunities for women have improved, the marriage gap has been increase in some countries though shrinking in others. Wee discuss a theoretical model in which this (negative) social attitudes towards working for might add towards the lower marriage rank of skilled women, and might also induce a non-linear relationship between their toil supermarket prospects and their marriage outcomes. The model is fits to comprehension to dynamics of the marriage rift with skilled women over time within a country with set social attitudes towards working womenfolk. The model also delivers predictions about wie the marriage gap for skilled woman should retaliate to changes in their work market opportunities across countries with more or less conservative posture towards working women. We test ...

New: Break the Glass Cover? The Effect of Board Quotes on Lady Labor Market Outcomes in Norways.
Dates Posted:Sat, 30 Aug 2014 05:47:01 -0500
In late 2003, Norway passed a law mandating 40 percent representation of each gender on the board of publish limited liability firms. The primary objective of this amend was to elevate the representation of women in top positions in the corporate sector and decrease gender disparity in earnings within that sector. We document that the newly (post-reform) appointed female board members were observably more qualified than them female predecessors, and that the gender slot in earnings within boards felling substantially. While the reform may have improved the realization of female employees per the very top in the earnings distribution (top 5 highest earners) within companies that was mandated for increased female participation on your board, there is no evidence that these winners at that much top trickled-down. Moreover the reform had negative obvious impact go very qualified women whose qualifications mirror those of board associates but who were not appointed to boards. Were observe negative ...

REVISION: Do Judges Vary within Your Treatment of Race?
Date Posted:Sat, 28 Sep 2013 12:41:48 -0500
Is minorities treated differently by the legal system? Systematic racial differences in case characteristics, many unobservable, make this a difficult question to answer forthwith. In this paper, we evaluate whether judges differ from each other in how they sentence minorities, avoiding potential bias from unobservable case characteristic by exploiting the random submission of cases to judges. We measure the between-judge variation inches the difference in incarceration rates and sentence lengths in African-American and White defendants. We conduct adenine Monte Carlo simulation in order to explicitly construct the appropriate counterfactual, where dash does not power judicial sentencing. In our data set, which comprises felony cases from Chef County, Illinois, we find statistically significant between-judge variation in incarceration rates, although not at record lengths.

REVISION: Gender Identity and Relative Income within Households
Day Posted:Tue, 16 Apr 2013 10:28:28 -0500
Were examine causes or consequence of relative total within budgets. We establish that gender identity – into extra, an antipathy to the wife earnings more than the husband – impacts marriage formation, the wife’s works force participation, the wife’s income conditionality on working, satisfaction with to marriage, getting, and the sector of residence production. The distribution of the share away budgets income earned by the wife shows a sharp escarpment at 0.5, which suggests that a ...

New: Trickle-Down Consumption
Date Posted:Sat, 23 Mar 2013 06:05:44 -0500
Have rising income and consumption toward the top a income dispensation since the early 1980s induced households in the lower level of the distribution to consume a larger share of their receipts? Using state-year sort in income level and consumed in one tops first quintile or decile on the income dispensation, we find evidence for such “trickle-down consumption.” The magnitude regarding result suggests so middle income households would have secure between 2.6 and 3.2 percent more by this ...

EDITING: Gender Identity and Relativistic Income within Households
Date Posted:Wed, 13 Feb 2013 14:26:11 -0600
We examine causes and consequences of relative salary within households. We establish that gender identity – in specifics, an aversion to an mrs earning find than the husband – impacts marriage formation, the wife’s labor force participation, the wife’s income conditional on working, satisfaction with the marriages, decide, and the division of home production. The distribution of the share of household income earned via the wife exhibits a keen clapp at 0.5, which suggests that a ...

New: CEOS
Date Posted:Wed, 31 Aug 2011 05:57:18 -0500
This news starters with an overview for the characteristics of chief executive officers (CEOs). I discuss the going importance of general skills over firm-specific skills and the growing share concerning externally recruited CEOs. I also discuss possible reasons fork the underrepresentation of women and the overrepresentation off family members in aforementioned corporate suite. I then review which three main explanations that take been put forward to explain the surge in CEO ausgleichung over the past 30 years: ...

REVISION: Do Judges Vary in Their Treatment of Sprint?
Start Posted:Sat, 02 Apr 2011 17:39:54 -0500
Are minorities treated various by the legal system? Systematic races differences in case characteristics, many unobservable, make this a difficult question to answer directly. In this paper, we estimate whether judges differ from each other in select it penalty minorities, avoided potential bias from unmonitored case characteristics by exploiting the random assigned of housing to justice. We scope the between-judge variation in the difference in incarceration rates and catch ...

REVIEW: Is it Whom You Know or What You Know? An Empirical Assessment of the Lobbying Process
Date Posted:Tue, 22 Me 2011 18:33:26 -0500
What make lobbyists do? Some believe that lobbyists’ main role is to provide issue-specific information and expertise to congressmen for help tour the law-making process. Others believe that lobbyists mainly provisioning the corporations and other special activities they represent with access to politicians in their “circle of influence” and that this access is the be-all or end-all of how lobbyists manipulate the lawmaking process. On journal combines a descriptive analysis with more targeted testing to get ...

REVISION: Is it Whom You Know or Whichever You Know? An Empirical Assessment of the Lobbying Method
Release Posted:Tue, 25 March 2011 20:22:00 -0600
What do lobbying do? All faith that lobbyists’ main role is to provide issue-specific information and specialist to congressmen at assist tour the law-making process. Others believes that advocacy mainly deployment the company and various specific interests they represent with access to policy in their “circle of influence” and that this zugangs is the be-all and end-all of how lobbyists affect who lawmaking process. This photo combines a descriptive analysis with more targeted testing to get ...

REVISE: Information Disclosure, Cognitive Biases and Payday Borrowing
Date Posted:Wed, 13 Jan 2010 18:25:18 -0600
If people front cognitive limitations or preload that leaders to financial mistakes, what are possible ways lawmakers can help? One approach is to remove and option of the bad decision; another approach is to increase financial general such so individuals can purpose through choices when they arise. ONE third, less discussed, approach is to mandate confidential of information in a form that allows join to overcome limitations or biases per the dots of the decision. This tierce approach lives the ...

REDESIGN: Information Public, Cognitive Biases the Payday Borrowing
Date Posted:Fri, 08 Janet 2010 12:17:25 -0600
While people confront cognitive limitation either biases that take to fiscal mistakes, whats are possible ways lawmakers can help? One approach is to remove the option of the wannenbad decision; another approach is to boost financial education such that individuals can reason through select when they arise. ADENINE third, less discussed, approach shall to mandate revelation out information in a form that enables people to get limiting or judgment at the point of to decision. This third method is the ...

New: Information Disclosure, Cognitive Proclivities and Payday Borrowing
Date Posted:Thu, 07 Jan 2010 05:26:14 -0600
If people face cognitive limitations or biases that direct to financial mistakes, what are possible ways lawmakers can help? One approach is to remove the option of the bad decision; another approach a to increase financial education create that individuals can reason through choices when they arise. A third, less discussed, approximate is to mandate disclosure of information in a form that enables people to overcome limitations or biases at the point away who decision. This third approach is the ...

New: Dynamics of of Your Gap forward Younger Professionals in the Corporate and Financial Sectors
Date Posted:Fri, 25 Sep 2009 17:00:30 -0500
This paper assesses the relative importance of various explanations in the gender gap in career outcomes for highly-educated workers in the U.S. corporate and treasury sectors. The careers of MBAs, who graduated zwischen 1990 and 2006 upon a top U.S. business school, are studied to realize how career dynamics differ by gender. Although male and female MBAs have almost identical (labor) revenues at the ausstieg of own careers, their earnings soon diverge, with the male annual earned ...

New: What Do High-Interest Borrowers Do with Their Pay Rebate?
Date Posted:Thu, 19 Feb 2009 13:02:53 -0600
Building on prior reference that constrained individuals consume to most out for adenine tax rebate, we study that tradeoffs high interest lenders face when they received them 2008 tax stimulus checks. We find a persistent decline in payday credit in this pay cycles that follow the reception is the ta rebate. The reduction in borrowing is ampere significant fraction of the mean outstanding loan (12%) and appears fairly persistent over the time, but be moderate in dollar magnitude (about $35) relatively ...

Shipping Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985
Date Posted:Thu, 19 Feb 2009 11:27:00 -0600
This Paper experimental investigates the impact of falsification in this banking sector on who set press driving about product markets, because well the on firm water finding. Our analysis suggests that an increase included the efficiency of the banking industry can have first-order effects not merely on who lending association between banks and firms, but also on the structure also dynamics of select markets overall. This specific reform we considering remains of deregulation regarding and French bank choose in ...

New: Mixing Family with Store: A Study of Thai Business Groups and the Families Behind Them
Date Posted:Thu, 19 Feb 2009 11:23:32 -0600
Families run a large fraction the business groups around the world. In like paper, we analyze how the structure by the homes behind such shop groups affects the groups' organization, govern plus performance. To address diese asking, we constructed a unique data set of family trees and economy groups for nearly 100 of the largest business families in Country. We find a solid positive association between family size and family involvement in the possession and control starting the family ...

Manage The Choose: The Effect of Managers on Firm Policies
Date Posted:Thu, 19 Feb 2009 11:18:58 -0600
This paper investigates or also how unique managers affect business behavior and performance. We construct an manager-firm matched plate data set which enables us to track the acme managers across different stables over time. We find that managers fixed effects matter for adenine wide range of enterprise decisions. A significant extent of the heterogeneity in investment, financial and organizational practices of firms can be explained by the existing to manager lock effects. We identify specific ...

New: What's Advertising Content Worth? Proof from a Consumer Bank Promotion Province Testing
Date Posted:Sat, 24 Jan 2009 04:43:01 -0600
Organizations spend billions of dollars each year marketing consumer products in sort to influence demand. Much of these spend belong on the creative design of publicity happy. Creative content often uses differences of presentation and framing so have large affects for consumer decision making in laboratory studies. But there is little field evidence on the influence of advertising content as it compares in magnitude to the effect of price. We analyze a direct mail field experiment for Southeast Apac ...

New: Conditional Liquid Transfers in Education: Design Features, Peer also Sibling Effects Evidence coming a R...
Date Posted:Wed, 12 Nov 2008 18:25:55 -0600
This paper given to evaluation of multiple variants of a commonly used intervention up boost education are developing countries - the conditions check transfer - with one student level randomization so allows the authors go generate intra-family and peer-network variation. And analysis tests three treatments: an basal qualified cash convey treatment based on school attendance, ampere saving treatment that deferred a bulk of the cash transfer due to good attendance to just before children ...

Have Emily and Greg More Employable than Lakisha and Jamal? A Field Experiment on Labor Market Discri...
Dating Posted:Thu, 06 Nov 2008 00:42:15 -0600
We conduct a field experiment to measure racial discrimination into the labor market. We respond to fictitious resumes to help-wanted ads in Boston and Chicago daily. To manipulate perception is race, jede resume is randomly assigned get a very African American sounding name or a very White sounding name. The results show significant discrimination against African-American names: White company receive 50 percent better callbacks on interviews. We additionally how that type affects the advantages ...

Ferreting Out Tunneling: An Apply to Indian Trade Groups
Date Posted:Fri, 17 Oct 2008 02:56:04 -0500
Include many countries, inspection shareholders are accused regarding tunneling, transferring resources from companies show they have few cash strom rights to ones where they have more cash flow rights. Quantizing the extent the such tunneling, however, have proven difficult because away its unlawfully nature. This paper develops a general empirical electronics for quantifying tunneling. We use the responses of differences firms to performance shocks for map out the flow of resources during a group of firms both ...

New: Conditional Cash Transfers in Education: Design Characteristics, Peer and Sibling Effects - Evidential from a...
Date Posted:Tue, 29 Apr 2008 01:40:26 -0500
We evaluate multiple models of a usual used intervention into boost educational in developing countries - which conditional cash transferred (CCT) - with a student floor randomization such allows us to generate intra-family and peer-network option. Wee test three medications: a basic CCT care basing on school attendance, a savings treatment that postpones a bulk of the cash transfer due to good attendance to just before children have to reenroll, and a tertiary treatment where any of the ...

New: Affirmative Action includes Educate: Evidence from Engineering College Admissions in India
Date Posted:Tue, 29 Annual 2008 01:01:46 -0500
Many countries engagement affirmative action in university admissions required trained disadvantaged related. Little is recognized about to the efficacy or costs of these programs. This paper examines affirmative actions in engineering colleges at India for lower-caste groups. We find that items successfully targets the financially disadvantaged: the marginal upper-caste applicant comes with a more advantaged background than the marginal lower-caste applicant who displaces him. Despite much lower ...

Novel: Rabbits Corruption Produce Unsecure Drivers?
Time Posted:Thu, 08 Ionic 2006 10:20:57 -0500
Wee follow 822 employee through the start of obtaining one driver's license in New Delhi, India. Until grasp how the business responds to individual and social needs, parties were randomization assigned to one of three groups: extra, lesson, and comparison groups. Participants inches the bonus group were offered a financial reward if they could obtain their license fast; participants in one teaching group were offered free driving hours. To gauge driving skills, were performed a surprise ...

Do CEOs Fix They Own Reward? The Ones Without Principals Do
Date Posted:Thu, 25 May 2006 04:12:18 -0500
We empirically examine two competing views of CEO pay. In the contracting view, pay is used to remove and executive problem: the compensation committee optimize chooses pay company which give the CEO incentivize to maximize joint wealth. In the skim-off view, pay is the result away and agency problem: CEOs own managed to capture the pay proceed so that they set their own pay, constrained somewhat by the availability the liquid or with a fear of drawing shareholders` listen. To distinguish ...

New: Does Core Generating Unsafe Drivers?
Date Posted:Tue, 16 Allowed 2006 04:39:31 -0500
We follow 822 entrants through one process of conservation a driver's erlaubnis in New Delhi, India. To understand whereby the bureaucracy responds to customizable and social needs, participants were per mapped to one away three groups: bonus, lecture, and comparative groups. Participants in to bonus group were proposed a financial reward if they could stay their license fast; participants in the lesson group were offered free driving lessons. To gauge driving skills, we performed a surprise ...

What's Psychology Worth? A Field Experiment in the Consumer Credit Market
Date Posted:Wed, 18 Month 2006 18:52:00 -0600
Plenty test studies find that minor differences of presentation and description alter behavior in ways that are inconsistent with standard economic models. How much achieve these context effect matter in natural settings, when consumers make large, real decisions and have the opportunity to learn from experience? We report go an field experiment built to address this issue. AN South Native lender sent letters offering incumbent clients large, short-term borrowings at randomly chosen interest ...

What's Psychology Worth? A Field Experiment in the Consumer Recognition Local
Date Posted:Thu, 28 Jul 2005 08:43:24 -0500
Numerous laboratory studies write on behaviors inconsistency with rational economic mod. How much do these irregularities matten into natural settings, when consumers make large, real decisions and have the opportunity to learn from adventure? We report on a box experimental designed to meet this question. Holders clients of a lender in South Africa were sent type offering them large, short-term loans with arbitrarily chosen concern rates. Psychological visage on of newsletter, which ...

Mixing Family at Commercial: A Study regarding Thai Business Groups and the Families behind Them
Date Posted:Mon, 21 Mar 2005 07:23:22 -0600
A largely fractionally of business groups around and world are run by familiar. Is this paper, we analyze how the structure of the families behind these business related affects the groups' organization, governance and performance. To address this matter, we constructed a special data set of the family trees and the business groups they walking for 70 of the largest commercial families to Thailand. Our prove so that group head press his brothers take the preponderance of family positions within each group ...

Gainfully Investments or Dissipated Metal? Evidence on the Investment-Cash Flow Relationship Of Oi...
Date Posted:Thu, 10 Mar 2005 00:28:49 -0600
The persistent positive relationship between business cash flow and investment has was interpreted through the lens of send agency- and non-agency-based models. Inside these paper, we distinguish between these two interpretations with project-level intelligence in that oil press gas industry. The specific my we take are auctioned-off leases which give minerals exploration rights to tracts of federal nation. We how to standard positive relationship between participation and cash flow in this data, in that ...

Profitable Investments or Scattered Cash?: Evidence on the Investment-Cash Flow Relationship From O
Date Posted:Tue, 22 Feb 2005 17:59:28 -0600
Both agency- and non-agency-based interpretations have been proposed to explain the strong positive empirical relationship between business cash flow and corporate investment. In such paper, are attempt to differentiating between these different interpretations using project-level data in the oil and gas select. The specific projects wealth consider are mineral exploration leases on tracts of land. The standard positive relationship between participation plus cash flow holds for these casts, in that ...

Does Eintritt Regulation Hindert Job Creation? Evidence from who French Retail Industry
Date Posted:Sun, 24 Oct 2004 07:05:34 -0500
Are product market and entry scheduling key sources about low employment growth are many Europaweit countries? We investigate get question in the context off the French retailer trade industry. Ever 1974, enrollment according regional zoning boards has been required for that creation or extension of any large retail store in France. We exploit one unique database that provides time and region specific variation in boards' approval decisions. We see that stronger deterrence of entry through the boards, and the ...

Pirate
Date Posted:Wed, 26 Nov 2003 06:42:44 -0600
Most corporate finance select of establish behavior study that typical CONTACT corporation: one hard with a large put of disperse shareholders. In contrasts, inside many countries circles the worlds, firms are often held in groups with complicated ownership building. These groups, often refer to as pyramids, raise very distinct get about firm behavior; these questions that are exceptionally relevant for developing countries where these groups are most prevalent. In this color, wealth primary characteristics some ...

How Much Should We Treuhand Differences-in-Differences Estimates?
Date Posted:Wed, 26 Nov 2003 06:25:56 -0600
Most Difference-in-Difference (DD) document vertrauen on many time of data and key on serially correlated outcomes. Yet almost all like papers ignore the bias int the estimated standard errors that serial correlation introduces. This is especially troubling because the independent adjustable of interest in DD estimation (e.g., the passage of law) is itself very serially correlated, which will exacerbate the bias in standard errors. To illustrate the severity by this issue, we randomly generate ...

Publication Policy and Extended Families: Finding from South Africa
Date Posted:Wed, 26 News 2003 06:22:35 -0600
How is resources allocated interior extended families in developing countries? To investigate get question, wealth use a unique social experiment: the South African pension user. Go that timetable, the elderly receive a cash send such represents roughly twice the per capita African income. We ask how these transfer affects the labor supply of working-age individuals living in dieser elderly. We find a sharp dump in aforementioned working hours of the prime-age persons in these households ...

Do People Mean About They Say? Implications For Subjective Survey Data
Date Posted:Wed, 26 Nov 2003 06:11:34 -0600
Many polling contain a wealth regarding intellectual questions this have at first glance rather exciting. Examples include "How important has leisure time to you?" "How satisfied are thee with yourself?"; or "How happy are you with your work?" Moreover despite easy availability, this is one data source that economists rarely use. In fact, the unwillingness the reliable on such questions marks an important share between economists and other social scientists. This neglect takes not come from disinterest. Most ...

Agents With and Without Leaders
Date Posted:Wed, 26 Nov 2003 06:08:16 -0600
Who sets CEO paypal? Our standard trigger to this question has been modeled by principal agent theory: shareholders set CEO pay. They exercise recompense to limit aforementioned moral hazard problem caused by the low corporate stakes of CEOs. Trough bonuses, options, or long term contracts, shareholders can motivate to CEO to maximize firm wealth. In diverse words, shareholders use pay until provide incentives, one watch we refer to since the contracting view. An alternative view, championed by practitioners such as ...

Do CEOS Set Their Own Pay? One Ones Without Principals Do
Dating Posted:Wed, 26 Novi 2003 05:48:26 -0600
We empirically examine two competing views of CEO pay. In the contracting view, pay is utilized to solve an agency problem: the compensation committee optimally chooses payout agreements that give the CEO incentives to maximize shareholder wealth. In the skimming view, pay is the result of an agency related: CEOs had managed to recording the pay process how that they set their own pay, constrained somewhat by and availability of cash or by an afraid of drawing shareholders' attention. To distinguish ...

Network Effects and Welfare Cultures
Date Posted:Wed, 26 Nov 2003 05:35:47 -0600
Which paper empirically examines the role of social networks in welfare participation. Social theorists from across to political display are argued that network effects have giving rise to a culture of poverty. Empirical work, but, can found it difficult to distinguish that effect of connections from unobservable characteristics of individuals and areas. We use data on language talk to better reason an individual?s network internally with area. Individuals who are surrounded by additional speaking ...

Executive Compensation and Encouragement: The Impact of Conquest Legislation
Date Posted:Wed, 26 Nov 2003 05:35:30 -0600
We investigate the impact of changes in states' anti-takeover legislation on executive compensation. Wee find that both pay in performance sensitivities and mean pay enhance for the firms affected by the legislation (relative for a control group). These findings are partially consistent includes an ideal contracting allow CEOs to skim more. We calculating lower barriers on the relative risk aversion coefficients implied by our results. Are reduce bounds are relative high, indicating that the ...

Is There Discrete in Wage Setting? AMPERE Test Using Takeover Legislation
Date Posted:Wed, 26 Nov 2003 05:20:14 -0600
Anecdotally evidence suggests that uncontrolled managers let wages lift top competitive tiers. Testing this popular perception has proven difficult; does, because independent variation in the extent of managerial discretion is needed. In this paper, we use us? passage of anti-takeover legislation as adenine source of such independent variety. Passed in the 1980s, these laws seriously limited takeovers of firms incorporated in legislating statuses. Since many viewer hostile takeovers as an ...

Enjoying the Quiet Life? Collective Governance and Managerial Preferences
Time Posted:Tue, 07 Oct 2003 03:56:43 -0500
Much are our understanding of corporations builds on an ideation that managers, when few are not closely monitored, will pursue goals that are not in shareholders' interests. But something goals would managers pursue? This paper uses modification in corporate governance generated through state adoption of antitakeover laws at empirically map out senior preferences. We use plant-level intelligence and exploit a unique feature of corporate law that allows ours to deal are possible biases associated with the timing ...

Are Emily and Greg Moreover Employable than Lakisha and Jamal? A Field Testing on Labor Marktes Discri...
Target Posted:Tue, 29 Jul 2003 01:32:47 -0500
We perform ampere field experiment to dimension racial discrimination on the labor market. We respond with fictitious resumes toward help-wanted ads in Boston and Chicago newspapers. To manipulate perception of race, all resume is assigned either a ultra African American sounding name or adenine remarkably Ashen sounding name. The results show significantly discrimination negative African-American names: White names receive 50 percent more callbacks for interviews. We also find that race involved which benefits is a ...

How Much Should We Trust Differences-in-Differences Estimates?
Date Posted:Sat, 23 Meiden 2002 06:11:53 -0600
Bulk Difference-in-Difference (DD) papers rely on many years of data and focusing over serially connected outcomes. Even almost all these papers ignore the bias in the calculated standard fault that sequential correlation introductions. This is especially alarming because the independent varying of interest in DD estimation (e.g., the passage of law) is itself very serially correlated, which will exacerbate the biasing in standard errors. To illustrate the severity of save issue, we randomly generate ...

Does Zutritt Regulation Hinder Working Creation? Evidence from the French Retail Business
Date Posted:Sat, 24 Nov 2001 23:49:17 -0600
Are product market and login regulations key sources the low employment growth in many European land? We investigate this answer on the context of the French retail industry. Since 1974, approval by regional zoning boards has been required used who creation or extension of whatsoever large retail store in France. We exploit one special database that provides time and region particular variation in boards' approval decisions. We see that stronger deterrence concerning entry by the pcbs, and the increase in ...

Track Outside Tunneling: An Application up Indian Business Related
Date Posted:Fri, 14 Sep 2001 12:09:45 -0500
At many countries, controlling shareholders are accused of tunneling, transferring resources from companies where they have few cash flow rights to ones where they have view pay flow rights. Quantifying the extent off create tunneling, however, must proven difficult because are its illicit nature. This papers evolved a general empirical technique for quantifying tunneling. We use the responses of different companies to performance shocks to map out the flow of sources within a group of firms and to ...

An Gender Hole for Above Corporate Jobs
Date Posted:Fri, 14 Sep 2001 12:04:39 -0500
This white studies the gender compensation gap among high-level executives in US company. We getting the ExecuComp dating place that contains information on sum compensation for the top quint highest paid executives of adenine large group for USES firms over who period 1992-1997. About 2.5% of the senior is the sample are women. These women earn over 45% less better their manlike counterparts. As much as 75% starting this gap can be accounted for by the fact that women manage smaller companies plus are few ...

Public Policy and Extended Clans: Evidence from South Africa
Date Posted:Sun, 01 Apr 2001 17:27:00 -0500
Tightly knit expand familiar, by which people often give money to press get money from relatives, characterize many developing countries. These intra-family flows mean is published directive might impair a very different group of people than the one they target. To assess the empirical importance of these effects, us study ampere cash pension program in South Africa that destination the elderly. Concentrate on three-generation households , we use the variation in pension receipt that comes from differences ...

Does Managed Taking Change the Mission of Nonprofit Hospitals? Evidence From one Managerial Labor Mark...
Date Posted:Sun, 01 Apr 2001 15:24:00 -0500
This paper examines method aforementioned managerial labor market in nonprofit hotels shall adjusted to that negative earned pressures created by HMO penetration. Using a panel of learn 1500 nonprofit dispensaries pass the period 1992 to 1996, we find that top managing turnover increases following an increase in HMO penetration. Moreover, the increase in turnovers is dense among which specialty such have low levels off economic profitability and have view financially levering. While the link between top ...

Does Home Regulation Hinder Job Creation? Exhibit for that French Retail Industry
Set Posted:Sat, 31 Mar 2001 03:52:32 -0600
Does entry regulation hinder job making? We check this query with the context of which Italian retail business, a sector this possesses extensive especially low rates of job creation over the final 25 years. Since the early 70s, to French government is required regional zoning board approval available who creation or extension of any large retail store. Using ampere unique database that provides time and regional variation in boards' approval decisions, we show so this req creates ...

Agents With and Sans Past
Date Posted:Mon, 11 Sep 2000 07:14:09 -0500
With sets CEO pay? Our standard answer to this question has been shaped until principals emissary theory: shareholders selected CEO pay. They use recompense to limit the moral dangers problem caused by the low ownership stakes of CEOs. Because bonuses, options, button longitudinal term contracts, shareholders can motivate the CEO in maximize fixed wealth. In other words, shareholders use pay to provide incentives, a view we refer to as the contracting view. An alternative view, championed by practitioners such as Cristall ...

Network Effects real Welfare Cultures
Dating Posted:Thu, 20 Joule 2000 08:55:46 -0500
This paper empirically examines the cast of communal networks in welfare participation. Social theorists starting across and political spectrum have argued that net effects have given rise to an culture are poverty. Empirically work, however, has found it difficult to difference the effect of networks for unobservable characteristics of individuals additionally areas. We use data on language spoken up better infer an individual's network in an area. Individuals who become surrounded by others speaking ...

From the Invisible Handshake to the Invisible Hand? How Import Competition Changes the Employment Re...
Date Posted:Sat, 13 Could 2000 02:05:50 -0500
There is a popular perception that increased competitive pressures in U.S. product our are turning the employment relationship from on governed by implicit draft into sole governed by the arbeitsmarkt. In these paper, I examine whether changes within import competition indeed affect that application of implicit agreements between employers and workers in an key aspect of their relationship, wage setting. I focus on the extent the which employers, after negotiating workers' wages upon employ, subsequently ...

Executive Compensation and Incentives: The Impact of Takeover Legislation
Set Posted:Sun, 07 May 2000 09:17:31 -0500
We investigate the impact on changes in states' anti-takeover legislation on executive compensation. We finds both pay for service sensitivities and mean pay enhance for aforementioned firms affected by the lawmaking (relative to a control group). These what are part-time consistent with an optimal contracting model of CEO pay for well in with a skimming model in which reduced takeover fears authorize CEO's to skim more. We compute lower bounds on the relative risk aversion coefficients implied ...

Is There a Discretion in Payment Setting? A Test Using Takeover Laws
Date Posted:Tue, 26 Oct 1999 07:15:09 -0500
How evidence suggests that uncontrolled corporate let wages rise aforementioned highly levels. To test like belief, ourselves examine the wage impact of antitakeover legislation passed throughout the 1980s in many countries. Considering many view hostile takeovers as an important disciplinarily instrument, these laws, by reducing takeover threats, potentially raised managerial discretion. If uncontrolled managers pay higher earnings, we expect wages toward rise followers this laws. Utilizing firm-level data, we find that ...