Working Papers

# Title Author(s)
# Title Author(s)
158  Public Policy in an AI Economy
Austan Goolsbee
157  Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce
Austan Goolsbee
156 The Death of a Regulator: Strict Supervision, Bank Lending, and Business Activity Christian Leuz
155 Who Falls Prey to the Wolf of Wall Street? Investor Participation in Market Manipulation
Christian Leuz
154 On the Economics of Audi Partner Tenure and Rotation: Evidence from PCAOB Data
Christian Leuz
153 The Economic Limits of Bitcoin and the Blockchain Eric Budish
152 Evidence-based Policymaking: Promise, Challenges, and Opportunities for Accounting and Financial Markets Research
Christian Leuz
151 How Common is the Audit Market
Michael Minnis
150 Bad Company: The Reputational Implication of Cross-Sector Interactions with a Stigmatized Firm
Elizabeth Pontikes
149 Climate Change and Long-Run Discount Rates: Evidence from Real Estate Stefano Giglio
148 Credit Allocation under Economic Stimulus: Evidence from China Lin William Cong and Jacopo Ponticelli
147 Migrants, Ancestors, and Foreign Investments  Tarek A. Hassan
146  How Public Markets Foster Firm Standardization? Evidence from Chinese IPOs  Lin William Cong 
145 Prices and Promotions in U.S. Retail Markets: Evidence from Big Data  Günter Hitsch 
144  Pledgeability, Industry Liquidity, and Financing Cycles Douglas Diamond and Raghuram Rajan
143 Shocks vs Responsiveness  Joseph Vavra 
142 House Prices, Local Demand and Retail Prices Joseph Vavra 
141 Stimulating Housing Markets Eric Zwick
140 Price Uncertainty and Market Power in Retail Gasoline: The Role of Price Signs on an Italian Highway Pradeep Chintagunta
139 The Dynamic Effect of Incentives on Post-Reward Task Engagement Oleg Urminsky
138 Executives’ Legal Records and Insider Trading Activities Abbie Smith
137 CEO Materialism and Corporate Social Responsibility Abbie Smith
136 Accounting for the New Gains from Trade Liberalization Chang-Tai Hsieh and Ralph Ossa
135 Are CEOs Different? Characteristics of Top Managers Steven N. Kaplan
134 Government Economic Policy, Sentiments, and Consumption Amir Sufi
133 Household Debt and Business Cycles Worldwide Amir Sufi
132 The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research Christian Leuz
131 Public Audit Oversight and Reporting Credibility: Evidence from the PCAOB Inspection Regime Christian Leuz and Mark Maffett
130 Fraudulent Income Overstatement on Mortgage Applications During the Credit Expansion of 2002 to 2005 Amir Sufi
129 Household Debt and Defaults from 2000 to 2010: Facts from Credit Bureau Data Amir Sufi
128 Income and Wealth Effects on Private-label Demand: Evidence from the Great Recession Jean-Pierre Dubé and Günter Hitsch 
127 The Mere-reminder Effect of Salient Calorie Labeling Oleg Urminsky
126 Carry Tobias Moskowitz
125 Size Matters, If You Control Your Junk Tobias Moskowitz
124 Momentum Crashes Tobias Moskowitz
123 Monnet's Error? Luigi Zingales
122 Taste Heterogeneity, Trade Costs, and Global Market Outcomes in the Automobile Industry Kerem Cosar
121 A Field Experiment in Motivating Employee Ideas Michael Gibbs
120 Asset Pricing and Sports Betting Tobias Moskowitz
119 Decision-making Under Gambler's Fallacy: Evidence from Asylum Judges, Loan Officers, and Baseball Umpires Tobias Moskowitz
118 Corporate Culture, Societal Culture, and Institutions Luigi Zingales
117 Does Finance Benefit Society? Luigi Zingales
116 Price Transparency and Retail Prices Pradeep Chintagunta
115 Financial Statements as Monitoring Mechanisms: Evidence from Small Commercial Loans Michael Minnis 
114 The Effect of Regulatory Harmonization on Cross-Border Labor Migration: Evidence from the Accounting Profession Hans Christensen and Christian Leuz
113 Which Banks Recover from Large Adverse Shocks? Anil K Kashyap
112 The Effects of Price Transparency Regulation on Prices in the Healthcare Industry Hans Christensen and Mark Maffett
111 Can Ratings Have Indirect Effects?: Evidence from the Organizational Response to Peers' Environmental Ratings Amanda J. Sharkey
110 Private Equity, Jobs and Productivity Steven J. Davis
109 Do Pharmacists Buy Bayer? Sophisticated Shoppers and the Brand Premium Jean-Pierre Dube, Matthew Gentzkow, and Jesse Shapiro
108 How Does Macroprudential Regulation Change Bank Credit Supply? Anil K Kashyap
107 Principles for Macroprudential Regulation Anil K Kashyap
106 Scale and Skill in Active Management Lubos Pastor
105 House Price Gains and U.S. Household Spending from 2002 to 2006 Amir Sufi
104 Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry Chad Syverson
103 Growth through Rigidity: An Explanation for the Rise in CEO Pay Kelly Shue
102 Banks Are Where the Liquidity Is Luigi Zingales
101 Market Tantrums and Monetary Policy Anil K Kashyap
100 The High-frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response Eric Budish
99 Preventing Economists' Capture Luigi Zingales
98 The Value of Corporate Culture Luigi Zingales
97 Do Fixed Patent Terms Distort Innovation? Eric Budish
96 Time Varying Risk Aversion Luigi Zingales
95 The Twilight Zone: OTC Regulatory Regimes and Market Quality Christian Leuz
94 Sticky Covenants Regina Wittenberg-Moerman
93 Duration Dependence and Labor Market Conditions: Evidence from a Field Experiment Matthew Notowidigdo


Manufacturing Decline, Housing Booms, and Non-Employment Erik Hurst and Matthew Notowidigdo


No News is News: Do Markets Underreact to Nothing? Stefano Giglio and Kelly Shue


Who Should Pay for Credit Ratings and How? Anil K Kashyap


Advertising and Competition in Privatized Social Security: The Case of Mexico

Chad Syverson


Economic Experts vs. Average Americans

Luigi Zingales


Does Fair Value Accounting for Non-Financial Assets Pass the Market Test?

Hans Christensen and Valeri Nikolaev


Wireless Carriers' Exclusive Handset Arrangements: An Empirical Look at the iPhone

Pradeep Chintagunta and Ting Zhu


Swinging for the Fences: Executive Reactions to Quasi-Random Options Grants

Kelly Shue


Gender Identity and Relative Income within Households

Marianne Bertrand and Emir Kamenica


Measuring Economic Policy Uncertainty

Steven J. Davis


Competition and Ideological Diversity: Historical Evidence from US Newspapers

Matthew Gentzkow and Jesse Shapiro


The Joint Identification of Utility and Discount Functions From Stated Choice Data: An Application to Durable Goods Adoption

Jean-Pierre Dubé and Günter Hitsch


Value and Momentum Everywhere 

Tobias Moskowitz


Time Series Momentum 

Tobias Moskowitz


The Role of Shorting, Firm Size, and Time on Market Anomalies 

Tobias Moskowitz


How Tax Efficient are Equity Styles? 

Tobias Moskowitz


Do Newspapers Serve the State? Incumbent Party Influence on the US Press, 1869-1928

Matthew Gentzkow and Jesse Shapiro


Declining Labor Shares and the Global Rise of Corporate Savings

Loukas Karabarbounis and Brent Neiman


Housing, Monetary Policy, and the Recovery

Amir Sufi


Mandatory IFRS Reporting and Changes in Enforcement

Hans B. Christensen and Christian Leuz


Financial Regulation in General Equilibrium 

Anil K Kashyap


Stressed Out: Macroprudential Principles for Stress Testing

Anil K Kashyap


Has Economic Policy Uncertainty Hampered the Recovery?

Steven J. Davis


The Corporation in Finance Raghuram Rajan


The Life Cycle of Plants in India and Mexico Chang-Tai Hsieh


Private Equity and Employment Steven J. Davis


Inefficient Provision of Liquidity Luigi Zingales


Fund Managers, Career Concerns, and Asset Price Volatility Veronica Guerrieri


Constituencies and Legislation: The Fight over the McFadden Act of 1927 Raghuram Rajan


The Optimal Conduct of Monetary Policy with Interest on Reserves Anil Kashyap


Trade Adjustment and Productivity in Large Cities Brent Neiman


Sovereign Wealth Fund Portfolios Adair Morse


The Macroprudential Toolkit  Anil Kashyap


Best Prices Anil Kashyap


A Macroprudential Approach to Financial Regulation Anil Kashyap


The Political Economy of the Subprime Mortgage Credit Expansion Amir Sufi and Francesco Trebbi
56 City Structure and Congestion Costs Francesco Trebbi
55 Ideological Segregation Online and Offline Matthew Gentzkow and Jesse Shapiro
54 Voters, Dictators, and Peons: Expressive Voting and Pivotality Emir Kamenica

Different Approaches to Corporate Reporting Regulation: How Jurisdictions Differ and Why

Christian Leuz
52 Civic Capital as the Missing Link Luigi Zingales
51 Debt Analysts' Views of Debt-Equity Conflicts of Interest Regina Wittenberg-Moerman
50 Audit Quality and Auditor Reputation: Evidence from Japan Douglas Skinner
49 Can We Infer Social Preferences from the Lab? Evidence from the Trust Game Luigi Zingales
48 Information Disclosure, Cognitive Biases and Payday Borrowing Marianne Bertrand and Adair Morse
47 The Effect of Newspaper Entry and Exit on Electoral Politics Matthew Gentzkow and Jesse Shapiro
46 Determinants of Hedge Fund Internal Controls and Fees Joseph Gerakos
45 Hedge Funds: Pricing Controls and the Smoothing of Self-Reported Returns Joseph Gerakos
44 Paulson's Gift Pietro Veronesi and Luigi Zingales
43 Stickiness, Synchronization, and Exchange Rate Passthrough in Intrafirm Trade Prices Brent Neiman
42 The Effects of Stock Lending on Security Prices: An Experiment Steven Kaplan and Tobias Moskowitz
41 Did Fair-Value Accounting Contribute to the Financial Crisis? Christian Leuz
40 The Household Leverage-Driven Recession of 2007 to 2009 Atif Mian and Amir Sufi
39 Measuring Central Bank Communication: An Automated Approach with Application to FOMC Statements Francesco Trebbi
38 Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan Anil Kashyap
37 House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis Atif Mian and Amir Sufi
36 Mishmash on Mismatch?
Balance-Sheet Effects and Emerging-Markets Crises
Hoyt Bleakley
35 Maturity Mismatch and Financial Crises: Evidence from Emerging Market Corporations Hoyt Bleakley
34 Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors Christian Leuz
33 The Crisis of Fair Value Accounting: Making Sense of the Recent Debate Christian Leuz
32 The Housing Crisis and Bankruptcy Reform: The Prepackaged Chapter 13 Approach Luigi Zingales
31 Competition and Political Organization: Together or Alone in Lobbying for Trade Policy? Francesco Trebbi
30 Innovation and Institutional Ownership Luigi Zingales
29 What Do High-Interest Borrowers Do With Their Tax Rebate? Marianne Bertrand and Adair Morse
28 Disclosure and the Cost of Capital: Evidence from Firms' Response to the Enron Shock Christian Leuz
27 The Future of Securities Regulation Luigi Zingales
26 The Failure of Models That Predict Failure: Distance, Incentives and Defaults Amit Seru
25 The Political Economy of the U.S. Mortgage Default Crisis Atif Mian, Amir Sufi, and Francesco Trebbi
24 Media versus Special Interests Luigi Zingales 
23 The Price of Political Opposition: Evidence from Venezuela's Maisanta Chang-Tai Hsieh
22 The Intergenerational Transfer of Public Pension Promises Robert Novy-Marx and Joshua D. Rauh
21 Landed Interests and Financial Underdevelopment in the United States Raghuram Rajan
20 Long Term Persistence Luigi Zingales
19 Votes or Money? Theory and Evidence from the U.S. Congress Francesco Trebbi
18 Measuring and Modeling Execution Cost and Risk Jeffrey Russell
17 Tipping and Concentration in Markets with Indirect Network Jean-Pierre Dubé, Günter Hitsch, and Pradeep Chintagunta
16 Competition and Truth in the Market for News Matthew Gentzkow and Jesse Shapiro
15 The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis Atif Mian and Amir Sufi
14 Procrastination and Impatience Luigi Zingales
13 Social Capital as Good Culture Luigi Zingales
12 Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences Christian Leuz
11 Understanding Trust Luigi Zingales
10 What Drives Media Slant? Evidence from U.S. Daily Newspapers Matthew Gentzkow and Jesse Shapiro
9 Measuring the Dynamics of Young and Small Businesses: Integrating the Employer and Nonemployer Universes Steven Davis

Was the Sarbanes-Oxley Act of 2002 Really This Costly?

Christian Leuz

Investment Spikes: New Facts and a General Equilibrium Exploration

Anil Kashyap
6 Market Forces and News Media in Muslim Countries Matthew Gentzkow and Jesse Shapiro

Adopting a Label: Heterogeneity in the Economic Consequences of IFRS Adoptions

Christian Leuz
4 The Contradiction in China’s Gradualist Banking Reforms Anil Kashyap
3 Who Blows the Whistle on Corporate Fraud? Luigi Zingales
2 Cost of Capital Effects and Changes in Growth Expectations around U.S. Cross-Listings Christian Leuz
1 Is the U.S. Capital Market Losing Its Competitive Edge? Luigi Zingales

IGM Economic Experts Panel
For USMPF Information and Papers
Upcoming IGM Events
Read the faculty blog | IGM Forum >