Bankrupt Innovative Firms
This paper studies how innovative firms manage their innovation portfolios after filing for Chapter 11 reorganization using three decades of data. We find that they sell off core (i.e., technologically [...]
Suburbanization in the United States 1970-2010
The second half of the twentieth century saw large-scale suburbanization in the United States, with the median share of residents who work in the same county where they live falling [...]
Property Rights and Urban Form
How do the different elements in the standard bundle of property rights, including those of possession and transfer, influence the shape of cities? This paper incorporates insecure property rights into [...]
Optimal Patent Policy for Pharmaceutical Industry
We show how characterizing optimal patent policy for the pharmaceutical industry only requires information about generic producers' responses to changes in the effective duration and scope of new drug patents. [...]
The Performance of Hedge Fund Performance Fees
We study the long-run outcomes associated with hedge funds' compensation structure. Over a 22-year period, the aggregate effective incentive fee rate is 2.5 times the average contractual rate (i.e., around [...]
Warding Off Development: Local Control, Housing Supply and NIMBYs
Local control of land-use regulation creates a not-in-my-backyard (NIMBY) problem that can suppress housing construction, contributing to rising prices and potentially slowing economic growth. I study how increased local control [...]
Single-Family Zoning Reform: An Analysis of SB 1120
The COVID-19 pandemic has exacerbated California’s housing crisis by heightening social and economic inequalities, with disparate impact on those unable to perform their jobs. The strong likelihood of a prolonged [...]
Does Finance Benefit Society? A Language Embedding Approach
We measure popular sentiment toward finance using a computational linguistics approach applied to millions of books published in eight countries over hundreds of years. We document persistent differences in finance [...]
Crisis-Critical Intellectual Property: Findings From the COVID-19 Pandemic
A pandemic calls for large-scale action across national and international innovation systems in order to mobilize resources for developing and manufacturing crisis-critical products efficiently and in the huge quantities needed. [...]
Who Values Human Capitalists’ Human Capital? Healthcare Spending and Physician Earnings
Is government guiding the invisible hand at the top of the labor market? We study this question among physicians, the most common occupation among the top one percent of income [...]