Annual Conference

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Tech, Digital Markets and AI

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May 2025

Is There Wisdom Among the DAO Crowd? Evidence from Vote Delegation

Chuxuan FAN, Tao SHU, Fei XIE
Nearly half of decentralized autonomous organizations (DAOs) allow vote delegation to facilitate user participation in governance and decision making. Yet, how well this mechanism works is largely unknown. We evaluate the efficacy of the vote delegation scheme by examining token holders’ vote dele...
Keywords: Decentralized Autonomous Organizations, Vote Delegation, Incentive Alignment, Conflicts of Interest
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

Are Arbitrageurs Less Affected by Behavioral Biases? Evidence from the Cryptocurrency Market

Pulak GHOSH, Ruxue GONG, Hong ZHANG
Behavioral biases are well-documented among less sophisticated investors. Are arbitrageurs less affected by these issues? To explore this question, we analyze account-level trading data from a leading cryptocurrency exchange in India and use triangular arbitrage opportunities to identify arbitrageur...
Keywords: bitcoin, cryptocurrency, behavioral biases, retail traders
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Annual Conference

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Labour Economics

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May 2025

Intergenerational Effects of Debt Relief: Evidence from Bankruptcy Protection

Naser HAMDI, Ankit KALDA, Qianfan WU
Using bankruptcy filing information on parents matched with administrative data on their children, along with judicial leniency as an instrumental variable, we examine the effect of parental bankruptcy protection on children’s income, intergenerational mobility, and homeownership. We find that chi...
Keywords: Debt relief, bankruptcy protection, intergenerational effects, income, intergenerational mobility
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Annual Conference

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Labour Economics

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May 2025

Now You See It, Now You Don't: Financial Constraints, Minimum Wage Policies, and Employment

Alona BILOKHA, Iftekhar HASAN, Stefano MANFREDONIA, Ronald W. MASULIS
Corporate financial constraints play a crucial role in explaining the effect of minimum wage policies on employment levels. Using a border discontinuity design and establishment and firm-level information, we show that minimum wage increases, on average, have no significant impact on employment leve...
Keywords: Minimum Wage, Financial Frictions, Employment
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Annual Conference

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Labour Economics

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May 2025

The Effect of House Prices on Fertility: Evidence from House Purchase Restrictions

Ziqian LIU, Yu ZHANG
We study the causal effect of house price increases on China’s great birth rate decline since 2016, as well as on the country’s marriage market and private educational investments. Using quasi-experimental increases in urban house prices in nearby unregulated prefectures—driven by capital spil...
Keywords: house prices, fertility choice, marriage, urbanization, human capital investment
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