Taylor A. Begley, Peter Haslag, and Daniel Weagley ♦ We show large flows of workers into the real estate agent occupation (REA) during the early 2000s from virtually all parts of the skill, wage, and education spectrums. We find those…
Gabriela Coiculescu, Yehuda Izhakian, and S. Abraham Ravid ♦ We view innovation investments as real options and explore the implications of risk (volatility) as well as a newly defined outcome-independent measure of ambiguity—Knightian uncertainty—for innovation decisions. The empirical analysis uses…
Siddharth M Bhambhwani, Hui Dong, and Allen Huang ♦ This paper uses the enactment of China’s 2007 Property Law (the Law), which reduces the risk of expropriation by local governments, as the setting to investigate the importance of property rights…
Richard B. Evans, Juan Pedro Gomez, Linlin Ma, and Yuehua Tang ♦ We examine the role of peer (e.g., Lipper manager indices) vs. pure (e.g., S&P 500) benchmarks in fund manager compensation. We model their impact on manager incentives and…
Sebastian Doerr, Gazi Kabas, and Steven Ongena ♦ What are the implications of an aging population for financial stability? To examine this question, we exploit geographic variation in aging across U.S. counties. We establish that banks with higher exposure to…
Filippo De Marco and Silvio Petriconi ♦ We show that bank competition diminishes banks’ incentives to produce information about prospective borrowers. We exploit the deregulation of U.S. interstate branching as a shock to competition and use borrowers’ stock returns after…
