Using a large panel of U.S. brokerage accounts trades and positions, we show that a large fraction of retail investors trade as contrarians…
Forward-looking investments determine the resilience of Örmsà supply chains. Such investments confer externalities on other Örms in the…
Immigrants contribute disproportionately to entrepreneurship in many countries, accounting for a quarter of new employer businesses in the…
This paper provides new evidence on a long-standing question asked by Shiller (1997): Why do we dislike inflation? I conducted two surveys…
Recent social movements stand out by their spontaneous nature and lack of stable leadership, raising doubts on their ability to generate…
March 13, 2024, Paper: "We use widely adopted voluntary ESG disclosure standards and leading machine learning techniques to quantify and…
We evaluate the 2017 Tax Cuts and Jobs Act. Combining reduced-form estimates from tax data with a global investment model, we estimate…
March 2024, Paper: "We begin by examining determinants of aggregate foreign exchange reserve holdings by central banks (size of issuing…
February 25, 2024, Paper: "This article argues that a society’s level of social trust influences employers’ hiring strategies. Employers…
Global innovation and entrepreneurship has traditionally been dominated by a handful of high-income countries, especially the US. This…