Annual Conference

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Corporate Finance

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May 2022

Smokestacks and the Swamp

Arkodipta SARKAR, Emilio BISETTI, Stefan LEWELLEN, Xiao ZHAO
We examine the causal effect of politicians’ partisan ideologies on the industrial pollution decisions of constituent firms. Using a regression discontinuity design involving close U.S. congressional elections, we show that plants increase pollution and invest less in emissions abatement following...
Keywords: Political ideology, industrial pollution, reallocation, health outcomes
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Annual Conference

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Trade, Growth and Development, Senior Fellows/Fellows

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May 2022

SMEs Amidst the Pandemic and Reopening: Digital Edge and Transformation

Lin William CONG, Xiaohan YANG, Xiaobo ZHANG
Using administrative universal business registration data as well as primary offline and online surveys of small businesses in China, we examine (i) whether digitization helps small and medium enterprises (SMEs) better cope with the COVID-19 pandemic, and (ii) whether the pandemic has spurred digita...
Keywords: Small Businesses, COVID-19, Digital Economy, E-Commerce
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Annual Conference

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Investment Finance

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May 2021

Smart(Phone) Investing? A within Investor-Time Analysis of New Technologies and Trading Behavior

Andreas HACKETHAL, Alessandro PREVITERO, Benjamin LOOS, Ankit KALDA
Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones increase the purchase of riskier, lottery-type, non-diversifying assets, and of p...
Keywords: FinTech, investor behavior, financial risk-taking, lottery-type assets, investment biases, trend chasing, spillover effects
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

Smart and Illicit: Who Becomes an Entrepreneur and Does it Pay?

Ross LEVINE, Yona RUBINSTEIN
We disaggregate the self-employed into incorporated and unincorporated to distinguish between “entrepreneurs” and other business owners. We show that the incorporated self-employed and their businesses engage in activities that demand comparatively strong nonroutine cognitive abilities, while th...
Keywords: Entrepreneurship, Self-employment, Occupational choice, Compensation, Firm organization, Corporate finance, Cognitive and Noncognitive traits
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Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

Six Lessons for Public Health in the Fight Against COVID-19

Hanming FANG
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