[size=1.5]Estimating Experienced Racial Segregation in U.S. Cities Using Large-Scale GPS Data
[size=1.125]Susan Athey, Billy Ferguson, Matthew Gentzkow, Tobias Schmidt
[size=1.125]November2021
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[size=1.125]We estimate a measure of segregation, experienced isolation, that captures individuals’ exposure to diverse others in the places they visit over the course of their days. Using Global Positioning System (GPS) data collected from…

[size=1.5]Organizational Structure and Decision-Making in Corporate Venture Capital
[size=1.125]Ilya A. Strebulaev, Amanda Wang
[size=1.125]November2021
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[size=1.125]This paper studies corporate venture capital (CVC) units of large US corporations to learn how they make decisions across several areas: internal organization of CVC units, relationships with parent companies, CVC unit objectives…

[size=1.5]Where the Blame Lies: Unpacking Groups Shifts Judgments of Blame in Intergroup Conflict
[size=1.125]Nir Halevy, Ifat Maoz, Preeti Vani Srinivasan, Em Reit
[size=1.125]October282021
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[size=1.125]Whom do individuals blame for intergroup conflict? Do people attribute responsibility for intergroup conflict to the in-group or the out-group? Theoretically integrating the literatures on intergroup relations, moral psychology…

[size=1.5]The Evolution of Empirical Methods in Accounting Research and the Growth of Quasi-Experiments
[size=1.125]Christopher Armstrong, John D. Kepler, Delphine Samuels, Daniel Taylor
[size=1.125]October22021
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[size=1.125]This paper reviews the empirical methods used in the accounting literature to draw causal inferences. Similar to other social science disciplines, recent years have seen a burgeoning growth in the use of methods that seek to…

[size=1.5]Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
[size=1.125]Arvind Krishnamurthy, Wenhao Li
[size=1.125]October2021
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[size=1.125]We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. We confront the model with data on…

[size=1.5]Learning New Auction Format by Bidders in Internet Display Ad Auctions
[size=1.125]Shumpei Goke, Gabriel Weintraub, Ralph Mastromonaco, Sam Seljan
[size=1.125]October2021
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[size=1.125]We study actual bidding behavior when a new auction format gets introduced into the marketplace. More specifically, we investigate this question using a novel data set on internet display ad auctions that exploits a staggered…

[size=1.5]Machine Learning, Behavioral Targeting and Regression Discontinuity Designs
[size=1.125]Sridhar Narayanan, Kirthi Kalyanam
[size=1.125]October2021
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[size=1.125]The availability of behavioral data on customers and advances in machine learning methods have enabled scoring and targeting of customers in a variety of domains, including pricing, advertising, recommendation and personal selling…

[size=1.5]Optimal Corporate Taxation Under Financial Frictions
[size=1.125]Eduardo Davila, Benjamin Hébert
[size=1.125]October2021
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[size=1.125]This paper studies the optimal design of corporate taxes when firms have private information about future investment opportunities and face financial constraints. A government whose goal is to efficiently raise a given amount of…

[size=1.5]Reshaping Global Trade: the Immediate and Long-Run Effects of Bank Failures
[size=1.125]Chenzi Xu
[size=1.125]October2021
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[size=1.125]I study the first modern global banking crisis that began in London in 1866 and provide causal evidence that financial sector disruptions can reshape international trade patterns for decades. Using newly collected archival loan…

[size=1.5]Are Intermediary Constraints Priced?
[size=1.125]Wenxin Du, Benjamin Hébert, Amy Wang
[size=1.125]September222021
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[size=1.125]Violations of no-arbitrage conditions measure the shadow cost of intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that the risk of these constraints tightening is priced. We describe a…

[size=1.5]Semiparametric Estimation of Treatment Effects in Randomized Experiments
[size=1.125]Susan Athey, Peter J. Bickel, Aiyou Chen, Guido W. Imbens, Michael Pollmann
[size=1.125]September62021
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[size=1.125]We develop new semiparametric methods for estimating treatment effects. We focus on a setting where the outcome distributions may be thick tailed, where treatment effects are small, where sample sizes are large and where…

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