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Annual Conference

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Trade, Growth and Development

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May 2024

The Economic Dynamics of City Structure: Evidence from Hiroshima's Recovery

Kohei TAKEDA, Atsushi YAMAGISHI
We provide new theory and evidence on the resilience of internal city structure after a large shock. We analyze the atomic bombing of Hiroshima, which destroyed the city center but not its outskirts. Exploiting newly digitized data on block-level population and employment, we document that the city ...
Keywords: agglomeration, history, expectations, atomic bombing, spatial dynamics
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Annual Conference

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Corporate Finance

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May 2025

The Echoes of Muted Political Speech in Financial Speech

Utpal BHATTACHARYA, Tse-Chun LIN, Janghoon SHON
Does impairment of political speech affect financial speech? We exploit the introduction of the National Security Law (NSL) in Hong Kong in June 2020 to answer this question. We find that after the NSL enactment, compared to foreign analysts covering the same firms, local analysts self-censor their ...
Keywords: National security law in Hong Kong, Self-censorship, analyst forecasts, Political speech
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Annual Conference

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Labour Economics

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May 2024

The Dual Local Markets: Family, Jobs, and the Spatial Distribution of Skills

Jingting FAN, Ben ZOU
We study how the interactions between the local labor market and the local marriage market determine the spatial distribution of economic activities. We develop the first spatial equilibrium model with endogenous marriage formation. Calibrating the model to U.S. cities, we find that despite strong p...
Keywords: quantitative spatial models, spatial distribution of economic activities, local marriage market
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Annual Conference

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Corporate Finance

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May 2017

The Dollar Profits to Insider Trading

Peter CZIRAKI, Jasmin GIDER
This paper studies insider trading quantities and dollar profits to measure the benefits insiders extract from their superior information. Dollar profits are economically small for a typical insider, the median insider earning $464 per year. The correlation between dollar profits and percentage retu...
Keywords: insider trading, trading profits, Corporate governance, executive compensation
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Annual Conference

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Trade, Growth and Development

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May 2022

The Distributional Impacts of Transportation Networks in China

Yang TANG, Lin MA
This paper evaluates the dynamic and distributional impacts of transportation networks in China. We argue that the quality of roads and railroads vary substantially over time and space, and therefore binary measures of connectivity in the literature are inadequate. Instead, we construct a new panel ...
Keywords: regional trade, Migration, welfare, economic geography
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