Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2024

Foreign Discount in International Corporate Bonds

Zhe GENG
In the dollar-denominated corporate bond market, 42% of bonds with an amount outstanding of USD 5.9 Trillion are issued by non-US firms. Despite the increasing importance of cross-border financing, foreign issuers are paying an extra premium of 22 bps, compared with their US counterparts. A similar ...
Keywords: international corporate bonds, foreign discount, foreign squeeze, economic political uncertainty, home bias
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

Why Does Working from Home Vary Across Countries and People?

Pablo ZARATE, Mathias DOLLS, Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO, Cevat Giray AKSOY
We use two surveys to assess why work from home (WFH) varies so much across countries and people. A measure of cultural individualism accounts for about one-third of the cross-country variation in WFH rates. Australia, Canada, the UK, and the US score highly on individualism and WFH rates, whereas A...
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

Investment and Subjective Uncertainty

Nicholas A. BLOOM, Steven J. DAVIS, Lucia FOSTER, Scott OHLMACHER, Itay SAPORTA-EKSTEN
A longstanding challenge in evaluating the impact of uncertainty on investment is obtaining measures of managers’ subjective uncertainty. We address this challenge by using a detailed survey measure of uncertainty collected by the U.S. Census Bureau for approximately 25,000 manufacturing plants. W...
Keywords: Subjective expectations, business-level uncertainty
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

Application Flows

Steven J. DAVIS, Brenda Samaniego DE LA PARRA
We build and analyze a new U.S. database that links 125 million applications to job vacancies and employer-side clients on Dice.com, an online platform for jobs and workers in software design, computer systems, engineering, financial analysis, management consulting, and other occupations that requir...
Keywords: worker applications, job vacancies, intermediaries, tightness, vacancy durations, non-sequential search, staffing firms, recruitment firms
  • View
  • Download
  • Bookmark
  •    |   

Webinar Series

|

Capital Market Development: China and Asia

|

Mar 2024

EXIM’s Exit: The Real Effects of Trade Financing by Export Credit Agencies

Poorya KABIR, Adrien MATRAY, Karsten MULLER, Chenzi XU
We study the role of export credit agencies—the predominant tool of industrial policy—on firm behavior by using the effective shutdown of the Export-Import Bank of the United States (EXIM) from 2015-2019 as a natural experiment. We show that firms that previously relied on EXIM support saw a 18%...
  • View
  • Download
  • Bookmark
  •    |