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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Webinar Series

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Capital Market Development: China and Asia

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Aug 2022

The Economic Cost of Locking down like China: Evidence from City-to-City Truck Flows

Containing the COVID-19 pandemic by non-pharmacological interventions is costly. Using high-frequency, city-to-city truck flow data, this paper estimates the economic cost of lockdown in China, a stringent but effective policy. By comparing the truck flow change in the cities with and without lockdo...
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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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