Annual Conference

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Accounting

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May 2019

The Information Content of Cost Behavior Components

Nir YEHUDA, Lianghui WANG, Wan WONGSUNWAI
We examine the information content of cost behavior components in firms’ asymmetric cost function, namely, aggregate-level elasticities of costs with respect to sales increases vs. decreases. We show that the persistence of the elasticity of costs is higher for sales increases than for sales decre...
Keywords: Cost behavior, sticky costs, labor flows
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Annual Conference

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Accounting

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May 2022

The Income Statement Channel of Monetary Policy

Peter JOOS, Oliver BINZ, Matthew KUBIC
We study the dynamic transmission of monetary policy shocks into corporate profitability. We find an initial negative association between monetary policy shocks and corporate revenues and expenses. The revenue response is consistent with a consumer substitution effect, while the expense response is ...
Keywords: Monetary Policy, Consumption, Investment, Revenues, Expenses, Earnings
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

The Inclusive Cost of Pandemic Influenza Risk

Victoria Y. FAN, Dean T. JAMISON, Lawrence H. SUMMERS
Estimates of the long-term annual cost of global warming lie in the range of 0.2-2% of global income. This high cost has generated widespread political concern and commitment as manifested in the Paris agreements of December, 2015. Analyses in this paper suggest that the expected annual cost of pand...
Keywords: COVID-19, Pandemic, Inclusive cost, risk
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The importance of network recommendations in the director labor market

Angie LOW, Rüdiger FAHLENBRACH, Hyemin KIM
Directors are more likely to obtain additional directorships or be promoted if the CEO and peer directors of their current board are well-connected. The impact of CEO and peer director connections is stronger for additional appointments and promotions at firms in the CEO’s and peer directors’ ne...
Keywords: board of directors, network connections, director labor market, CEO rolodex
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

The Impact of the COVID-19 Pandemic on Consumption: Learning from High Frequency Transaction Data

Wenlan QIAN, Haiqiang CHEN, Qiang WEN
We use daily transaction data in 214 cities to study the impact of COVID-19 on consumption after China’s outbreak in late January 2020. Based on difference-in-differences estimation, daily offline consumption—via UnionPay card and QR scanner transactions—fell by 32%, or 18.57 million RMB per c...
Keywords: COVID-19, Coronavirus, Pandemic, Consumption, economic impact, Policy response, fiscal stimulus, transaction data
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