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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Real Estate and Urban Economics

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May 2025

Nonbank Growth and Local Housing Booms

Hyun-Soo CHOI, Yongheng DENG, Heejin YOON
We study the effect of uneven nonbank mortgage expansion on localized housing market dynamics. Leveraging the local conforming loan-eligible share as an instrument for nonbank credit supply, we show that increased nonbank lending drives housing booms, characterized by rapid home price appreciation, ...
Keywords: nonbank, conforming loan limit, increased local housing credit, localized home price
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Non-executive Employee Stock Options and Corporate Innovation

Angie LOW, Xin CHANG, Kangkang FU, Wenrui ZHANG
We provide empirical evidence on the positive effect of non-executive employee stock options on corporate innovation. The positive effect is more pronounced when employees are more important for innovation, when free-riding among employees is weaker, when options are granted broadly to most employee...
Keywords: Employee Stock Options, Corporate Innovation, Risk-taking Incentives, Employee Compensation
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

News-driven business cycles in small open economies

Christoph THOENISSEN
The focus of this paper is on news-driven business cycles in small open economies. We make two significant contributions. First, we develop a small open economy model where the presence of financial frictions permits the replication of business cycle co-movements in response to news shocks. Second, ...
Keywords: Business Cycles, open economy, macroeconomics, Financial Frictions, VAR
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Senior Fellows/Fellows

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Senior Fellows/Fellows

News Diffusion in Social Networks and Stock Market Reactions

David HIRSHLEIFER, Lin PENG, Qiguang WANG
We study how the social transmission of public news influences investors' beliefs and securities markets. Using data on investor social networks, we find that earnings announcements from firms in higher-centrality locations generate stronger immediate price, volatility, and trading volume reactions....
Keywords: Social Networks, Information Diffusion, Earnings Announcement, Investor Attention, Disagreement, Social Finance
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