Senior Fellows/Fellows

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2025

Tapping Business and Household Surveys to Sharpen Our View of Work from Home

Jose Maria BARRERO, Nicholas A. BLOOM, Kathryn BONNEY, Cory BREAUX, Catherine BUFFINGTON, Steven J. DAVIS, Lucia FOSTER, Brian MCKENZIE, Keith SAVAGE, Cristina TELLO-TRILLO
The Business Trends and Outlook Survey collected detailed data on work from home (WFH) practices at more than 150,000 American firms from November 2024 to January 2025. These data fill a key gap by providing timely business-level measures of WFH for the U.S. economy and complementing parallel data c...
Keywords: Work from home, remote work, working arrangements, productivity, management practices, employee monitoring, business surveys, household surveys
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Senior Fellows/Fellows

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2025

Informal Institutions, Corporate Innovation, and Policy Innovation

Jian XIE, Bernard YEUNG, Qinhong YU
Informal institutions can play a crucial role in fostering corporate and policy innovation, espe-cially when formal institutions are weak. However, their intangible nature makes them difficult to quantify. In this paper, we proxy the strength of kinship-based informal institutions using sur-name hom...
Keywords: Informal Institutions, Surname Homogeneity, Corporate Innovation, Policy Innovation, Entrepreneurs, Economic Development, China
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AMPF Papers

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Commissioned Paper

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May 2025

Interpreting Turbulent Episodes in International Finance

Helene REY, Vania STAVRAKEVA
We study the anatomy of the international portfolio finance network. As global financial linkages have become denser over time, cross-border portfolio equity positions have grown in importance relative to debt for Emerging markets and Advanced economies. Using the framework developed by Rey and Stav...
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Macro Shocks and Firm-Level Response Heterogeneity

Steven J. DAVIS, Stephen HANSEN, Cristhian SEMINARIO-AMEZ
Macro shocks produce high dispersion in firm-level equity returns, sales growth, and other outcomes. We show that this dispersion reflects observable differences in business characteristics. To do so, we combine firm-level returns on stock market “jump” days with text about business risks in pri...
Keywords: Firm Heterogeneity, Text-as-Data, Machine Learning, Shock Identification
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

The Private Value of Open-Source Innovation

Logan P. EMERY, Chan LIM, Shiwei YE
We investigate open-source innovation by public firms and the private value it generates for these firms. Unlike patents, which grant inventors exclusive rights to their inventions, open-source innovations can be used by anyone. Nevertheless, using an extensive dataset of public-firm activity on Git...
Keywords: Open Source, Innovation, Firm growth, Valuation, GitHub
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