Toward a Pedagogy for Consumer Anthropology: Method, Theory, Marketing
This paper focuses on teaching the application of anthropology in business to marketing students. It begins with the premise that consumer marketers have long used ethnography as a component of their qualitative market research toolkit to inform their knowledge about and empathy for consumers. A question for market research educators who include ethnography in their curricula is if and how to teach the richness of anthropologically based approaches, especially given a decoupling of ethnographic method from anthropological theory in much consumer research practice.
Diversity initiatives in the US workplace: A brief history, their intended and unintended consequences
Diversity initiatives are designed to help workers from disadvantaged backgrounds achieve equitable opportunities and outcomes in organizations. However, these programs are often ineffective. To better understand less-than-desired outcomes and the shifting diversity landscape, we synthesize literature on how corporate affirmative action programs became diversity initiatives and current literature on their effectiveness. We focus specifically on work dealing with mechanisms that make diversity initiatives effective as well as their unintended consequences.
Financial and Total Wealth Inequality with Declining Rates
Where Has All the Data Gone?
As financial technology improves and data becomes more abundant, do market prices reflect this growing information and allocate capital more efficiently? While a number of recent studies have documented rises in aggregate price efficiency, we show that there are large cross-sectional differences. The previously-documented increases are driven by a rise in the informativeness of large, growth stocks. The informational efficiency of smaller assets' prices or prices of assets with less growth potential are either flat or declining.
“Invisible” Discrimination: Divergent Outcomes for the Nonprototypicality of Black Women
By integrating the intersectional invisibility hypothesis with the behaviors from intergroup affect and stereotypes map framework, we examine the extent to which Black women’s dual-subordinated identities render them nonprototypical victims of discrimination, relative to White women and Black men, and the corresponding consequences.
Crypto and meme corporate bonds may follow their own path
The crash of some of the flagbearers of the equity bubble in recent years has been painful for investors. We have seen “pandemic winner” Netflix dive 75 per cent from 2021 peaks, crypto exchange operator Coinbase plunge 86 per cent and the one-time meme stock and cinema chain AMC lose 80 per cent.
Bond Convenience Yields in the Eurozone Currency Union
In a monetary union, the risk-free rate cannot respond to country-level fiscal shocks, leaving only default spreads and convenience yields to respond. Empirically, we find that convenience yields play an important role as fiscal shock absorbers in the Eurozone. Consistent with downward-sloping demand for safety, Eurozone countries earn larger convenience yields after they release positive fiscal news.
Man vs. Machine: Quantitative and Discretionary Equity Management
In modern asset markets, man and machine compete for profits. How does each fare? I build a learning model in which quantitative investors (reliant on computer models) have more learning capacity but less flexibility to adapt to market conditions than discretionary investors (reliant on human judgment). I use machine learning to categorize US active equity mutual funds as quantitative or discretionary. Consistent with the model's predictions, I find that quantitative funds hold more stocks, specialize in stock picking, and engage in more overcrowded trades.
Bank Liquidity Provision across the Firm Size Distribution
We use supervisory loan-level data to document that small firms (SMEs) obtain shorter maturity credit lines than large firms, post more collateral, have higher utilization rates, and pay higher spreads. We rationalize these facts as the equilibrium outcome of a trade-off between lender commitment and discretion. Using the COVID recession, we test the prediction that SMEs are subject to greater lender discretion. Consistent with this hypothesis, SMEs did not draw down whereas large firms did, even in response to similar demand shocks.
Can Monetary Policy Create Fiscal Capacity?
Delays in Banks' Loan Loss Provisioning and Economic Downturns: Evidence from the U.S. Housing Market
I study whether banks' loan loss provisioning contributes to economic downturns, by examining the U.S. housing market. Specifically, I examine the aggregate effects of banks' delayed loan loss recognition (DLR) on house prices during the Great Recession and the channels through which these potential effects arose. I construct ZIP-code-level exposure to banks' DLR before the crisis and compare high- and low-exposure ZIP codes during the crisis to examine the aggregate effects of banks' DLR on the housing market.
Financing Infrastructure in the Shadow of Expropriation
We examine the optimal financing of infrastructure when governments have limited financial commitment and can expropriate rents from private sector firms that manage infrastructure. While private firms need incentives to implement projects well, governments need incentives to limit expropriation. This double moral hazard limits the willingness of outside investors to fund infrastructure projects.