Brownbag: Francis Won – Darden School of Business
Darden, FOB 294Brownbag: Christoph Herpfer – Darden School of Business
Darden, FOB 194Human 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…
Margarita Tsoutsoura (WashU)
McIntireDaniel Green – Harvard Business School
Darden, FOB 294Scott Baker – Kellogg School of Management (Northwestern University)
Darden, FOB 194The 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)
DardenNew 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 294Outsourcing 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…
Pekka Honkanen – University of Georgia, Terry College of Business
Darden, FOB 274Intermediation, Pricing, and Hedging in OTC Markets: Equity Total Return Swaps Abstract I present a simple theoretical framework for pricing and hedging equity total return swaps and test the model’s predictions using novel, transaction level data. I find that swap spreads are based on a dealer’s financing cost when the Read more…
Ron Kaniel (Rochester)
McIntireShaojun Zhang – Fisher School of Business (Ohio State)
Darden, FOB 194Oil-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…
Katharina Lewellen (Dartmouth)
McIntireYael Hochberg – Jones Graduate School of Business (Rice)
Darden, FOB 194LEARNING 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…
Nancy Xu – Carroll School of Management (Boston College)
Darden, FOB 174Shuaiyu Chen – Mitchell E. Daniels, Jr. School of Business (Purdue)
Darden, FOB 274Machine-Learning about ESG Preferences: Evidence from Fund Flows Abstract We construct Environmental, Social, and Governance (ESG) scores for U.S. active equity mutual funds based on over 500 underlying metrics covering a wide range of ESG issues and rating agencies. We use a revealed preference approach, combined with machine learning methods, Read more…