01 JOURNAL ARTICLE / ARTICOLO SU RIVISTA

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Pay transparency and productivity

This article investigates the productivity consequences of pay transparency. Tracking research output of 20,000 US academics and leveraging staggered shocks to transparency, we show that productivity responses vary predictably based on what pay transparency reveals. We reject a hypothesis that pay transparency leads to a decline in productivity. Rather, we find that those who transparency reveals to be inequitably overcompensated subsequently increase their effort, while those inequitabl...

Fundamental groups and the Milnor conjecture

Counterexample to the famous Milnor Conjecture formulated in 1968.

Bewley Banks

How do movements in the distributions of bank size and income affect the macroeconomy?To answer this question we develop a dynamic general equilibrium model with heteroge-neous financial intermediaries, incomplete markets, and aggregate uncertainty. We find that market incompleteness and uninsured idiosyncratic bank rate of return risk generate minimal concentration in the bank net worth distribution, leading to an “as-if” result, whereby the economy behaves as if it had a representative bank...

Let us not speak of them, but look and pass? Organizational responses to online reviews

In a world where five stars have become the standard for evaluating many transactions, and consumers turn to the crowd for guidance when making a wide variety of choices, organizations cannot dismiss online reviews as inconsequential. And while we know a lot about how organizations respond to reviews online, there has been a lack of systematic evidence showing how organizations behave in response to online feedback once their screens are turned off. This paper leverages a novel combination of...

The impact of loosening concealed carry laws on firearm demand

Since 2021, 14 states have loosened Concealed Carry Weapon (CCW) laws. This research investigates the impact of loosening CCW laws on legal firearm purchases. Specifically, we explore CCW Shall Issue adoption, which removes local authority discretion on permit issuance, and CCW Permitless Carry, the least restrictive policy. We construct both state and county-month panel datasets covering 2010 to 2017, using background checks and online firearm retail purchase data. We find that CCW Shall Is...

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