The Liquidity Cost of Private Equity Investments: Evidence from Secondary...
An important cost of investing in private equity is the illiquidity of these investments. In response to this illiquidity, a secondary market for transacting stakes in private equity funds has...
View ArticleDo Disaster Experience and Knowledge Affect Insurance Take-up Decisions? --...
This study examines the effect of experience and knowledge on weather insurance adoption. First, we conduct insurance games with farmers, and find that the treatment improves real insurance take-up by...
View ArticleForecasting China's Economic Growth and Inflation -- by Patrick Higgins, Tao...
Although macroeconomic forecasting forms an integral part of the policymaking process, there has been a serious lack of rigorous and systematic research in the evaluation of out-of-sample model-based...
View ArticleHit or Miss? Test Taking Behavior in Multiple Choice Exams -- by s. Pelin...
We model and estimate the decision to answer questions in multiple choice tests with negative marking. Our focus is on the trade-off between precision and fairness. Negative marking reduces guessing,...
View ArticleWhat Do Performance Appraisals Do? -- by Peter Cappelli, Martin Conyon
This paper investigates employee performance appraisals using data from a single US firm between 2001 and 2007. We find that performance appraisals are both informative and drive important components...
View ArticleAn Empirical Analysis of Racial Differences in Police Use of Force -- by...
This paper explores racial differences in police use of force. On non-lethal uses of force, blacks and Hispanics are more than fifty percent more likely to experience some form of force in interactions...
View ArticleSimplifying Teaching: A Field Experiment with Online...
We analyze an experiment in which middle-school math teachers were randomly given access to "off-the-shelf" lessons designed to develop students' deep understanding. These lessons were provided online,...
View ArticleRedistribution of Local Demand Shocks through Firms' Internal Networks -- by...
Local labor market shocks are difficult to insure against. Using confidential micro data from the U.S. Census Bureau's Longitudinal Business Database, we document that firms redistribute the adverse...
View ArticleNation Building Through Foreign Intervention: Evidence from Discontinuities...
This study uses discontinuities in U.S. strategies employed during the Vietnam War to estimate their causal impacts. It identifies the effects of bombing by exploiting rounding thresholds in an...
View ArticleThe Effects of Aggregate and Gender-Specific Labor Demand Shocks on Child...
In this paper, we estimate the relationship between cyclical changes in aggregate labor market opportunities and child health outcomes. In addition to using state unemployment rates to proxy for labor...
View ArticleThe Effect of Vietnam-Era Conscription and Genetic Potential for Educational...
This study examines whether draft-lottery estimates of the causal effect of Vietnam-era military service on schooling vary by genetic propensity toward educational attainment. To capture the complex...
View ArticleThe Gift of Moving: Intergenerational Consequences of a Mobility Shock -- by...
We exploit a volcanic "experiment" to study the costs and benefits of geographic mobility. We show that moving costs (broadly defined) are very large and labor therefore does not flow to locations...
View ArticleLiquidity Transformation in Asset Management: Evidence from the Cash Holdings...
We study liquidity transformation in mutual funds using a novel data set on their cash holdings. To provide investors with claims that are more liquid than the underlying assets, funds engage in...
View ArticleWhat Can We Learn from Charter School Lotteries? -- by Julia Chabrier, Sarah...
We take a closer look at what we can learn about charter schools by pooling data from lottery-based impact estimates of the effect of charter school attendance at 113 schools. On average, each year...
View ArticleDynamic Effects of Co-Ethnic Networks on Immigrants' Economic Success -- by...
This paper investigates how the size of co-ethnic networks at arrival affected the economic success of immigrants in Germany. Applying panel analysis with a large set of fixed effects and controls, we...
View ArticleCurrency Wars, Coordination, and Capital Controls -- by Olivier Blanchard
The strong monetary policy actions undertaken by advanced economies' central banks have led to complaints of "currency wars" by some emerging market economies, and to widespread demands for more...
View ArticleA Test of Adverse Selection in the Market for Experienced Workers -- by Kevin...
We show that in labor market models with adverse selection, otherwise observationally equivalent workers will experience less wage growth following a period in which they change jobs than following a...
View ArticleThe Causes of Peer Effects in Production: Evidence from a Series of Field...
Workers respond to the output choices of their peers. What explains this well documented phenomenon of peer effects? Do workers value equity, fear punishment from equity-minded peers, or does output...
View ArticleImmigrant Entrepreneurship -- by Sari Pekkala Kerr, William R. Kerr
We examine immigrant entrepreneurship and the survival and growth of immigrant-founded businesses over time relative to native-founded companies. Our work quantifies immigrant contributions to new firm...
View ArticleThe Common Origin of Uncertainty Shocks -- by Nicholas Kozeniauskas, Anna...
Various types of uncertainty shocks can explain many phenomena in macroeconomics and finance. But does this just amount to inventing new, exogenous, unobserved shocks to explain challenging features of...
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