How the Wealth Was Won: Factors Shares as Market Fundamentals
We provide novel evidence on the driving forces behind the sharp increase in equity values over the post-war era. From the beginning of 1989 to the end of 2017, 23 [...]
Does Occupational Licensing Impact Access to Dental Care?
There is a need in the United States for greater access to dental and oral health services. As of 2018, over five thousand three hundred dental Health Professional Shortage Areas [...]
Patent Examiner Specialization
We study the matching of patent applications to examiners at the U.S. Patent and Trademark Office. Using test statistics originally developed to identify industry agglomeration, we find strong evidence that [...]
Gentrification and pioneer businesses
We study gentrification at a micro-geographic scale using information on residents and businesses in New York from 1990 to 2010. We exploit atypical location decisions of businesses to identify the [...]
Primary Care Physician Practice Styles and Patient Care: Evidence from Physician Exits in Medicare
Primary care physicians (PCPs) provide frontline health care to patients in the U.S.; however, it is unclear how their practice styles affect patient care. In this paper, we estimate the [...]
Do Distressed Banks Really Gamble for Resurrection?
We explore the actions of financially distressed banks in two distinct periods that include financial crises (1985-1994, 2005-2014) and differ in bank regulations, especially concerning capital requirements and enforcement. In [...]
To ask or not to ask: bank capital requirements and loan collateralization
We study the impact of higher capital requirements on banks’ decisions to grant collateralized rather than uncollateralized loans. We exploit the 2011 EBA capital exercise, a quasi-natural experiment that required [...]
Procrastination in the Workplace: Evidence from the U.S. Patent Office
Despite much theoretical attention to the concept of procrastination and much exploration of this phenomenon in laboratory settings, there remain few empirical investigations into the practice of procrastination in real [...]
The Cost of Bank Regulatory Capital
The Basel I Accord introduced a discontinuity in required capital for undrawn credit commitments. While banks had to set aside capital when they extended commitments with maturities in excess of [...]
Do Land Use Restrictions Increase Restaurant Quality and Diversity?
There is significant evidence that restrictions on residential land use reduce housing supply, increase house prices, and limit inflows of low‐income households. Local decision‐makers often argue that their efforts are [...]