Brownbag: Christoph Herpfer – Darden School of Business

Darden, FOB 194

Human Capital, Intrinsic Motivation, and Productivity: Evidence from the Hidden Costs of Government Shutdowns We study how intrinsic motivation affects human capital retention and productivity using millions of employee records for the U.S. federal government. Exploiting heterogenous exposure to government shutdowns as shocks to intrinsic motivation, we show that affected Read more…

Scott Baker – Kellogg School of Management (Northwestern University)

Darden, FOB 194

The Effects of Cryptocurrency Wealth on Household Consumption and Investment Abstract This paper uses transaction-level bank and credit card data to identify cryptocurrency investors and assess the impact of crypto wealth fluctuations on household consumption, as well as on investments in other assets. We find an $0.09 MPC from crypto Read more…

Gordon Phillips – Tuck School of Business (Dartmouth)

Darden

New Technology Sectoral Disruptions  Abstract We construct a novel measure of technology sectoral disruptions (TSDs) using a dynamic text-based spatial model of patents based on the extent to which innovation is suddenly highly correlated across multiple industries. We identify multiple TSDs occurring over a 70-year period of time. Abnormal stock Read more…

Brownbag Seminar: Sangeun Ha (Copenhagen Business School)

Darden, FOB 294

Outsourcing Workplace Safety Abstract I study if firms deliberately sacrifice workplace safety for profits by using contract workers, for whom they are not legally liable. I exploit a regression discontinuity design around the amendment to the Occupational Health and Safety Act in Korea,2017, which expanded the legal accountability of firms Read more…

Shaojun Zhang – Fisher School of Business (Ohio State)

Darden, FOB 194

Oil-Driven Greenium Abstract As climate attention grows, many argue that investors discipline carbon-intensive firms by increasing their costs of capital, creating a “greenium” favoring green firms. We challenge this view, demonstrating that the observed greenium variation is largely driven by oil demand fluctuations, which boost product prices and growth options Read more…

Yael Hochberg – Jones Graduate School of Business (Rice)

Darden, FOB 194

LEARNING TO QUIT? A MULTI-YEAR FIELD EXPERIMENT WITH INNOVATION DRIVEN ENTREPRENEURS We use a randomized experiment with 553 science- and technology-based startups in 12 coworking spaces across the US to evaluate the effects of intensive, short-term entrepreneurial training programs similar to that offered by accelerator programs and executive education programs Read more…

Alexander Butler – Jones Graduate School of Business (Rice)

Darden, FOB 194

A Market-based Measure of Climate Risk for Cities Abstract We use information from financial markets to construct a comprehensive measure of cities’ economic exposure to climate-related risks. Studying a large sample of municipal bonds issued by U.S. cities, we document substantial variation in how municipal bond prices respond to innovations Read more…

Brownbag: Marco Cipriani (Federal Reserve Bank of New York)

Darden, FOB 294

Tracing Bank Runs in Real Time Abstract We use high-frequency interbank payments data to trace deposit flows in March 2023 and identify twenty-two banks that suffered a run, significantly more than the two that failed but fewer than the number with large negative stock returns. The runs were driven by Read more…