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In business research, firm size is both ubiquitous and readily measured. Complexity, another firm-related construct, is also relevant, but difficult to measure and not well-defined. As a result, complexity is less frequently incorporated in empirical designs. We argue that most extant measures of complexity are one-dimensional, have limited availability, and/or are frequently misspecified. Using both machine learning and an application-specific lexicon, we develop a text solution that uses widely available data and provides an omnibus measure of complexity. Our proposed measure, used in tandem with 10-K file size, provides a useful proxy that dominates traditional measures.
The Depression housing crisis caused enormous distress, with social, economic and political implications. The roles and experiences of some major players are well established. Tenants were evicted. National statistics on foreclosures show that many property owners lost their homes. Lending institutions went under. Municipalities struggled when property tax receipts fell. The federal government stepped in, establishing new programs and agencies, with long-term consequences.
Other parts of the story have been neglected. Many borrowers surrendered their properties voluntarily, rather than await foreclosure. As vacancies rose and rents fell, landlords, many owning only one or two properties and/or renting part of their own homes, struggled. Neglected sources show they defaulted at a higher rate than homeowners. Among lenders, private individuals held more mortgages than any type of institution. Relying on investment income, many had a hard time. Both landlords and private lenders made concessions to avoid having to evict or foreclose, mitigating the effects of the Depression on tenants and borrowers. Sources exist to document local variations in the role of landlords and private lenders. These can give us a fuller picture of the Depression, one that still has relevance today.
This article studies how the rise of financial technology (Fintech) lending affects credit access, interest rates, and social welfare. We consider a lending competition model with two incumbent banks and a Fintech lender, which use different information and technologies to assess borrower creditworthiness. We show that Fintech lending could negatively affect high-quality borrowers’ access to credit when the Fintech lender’s screening accuracy is superior to that of the banks. Furthermore, Fintech lending may worsen the allocative efficiency of credit and reduce social welfare under some conditions. Analytical and numerical results suggest that Fintech lending mostly reduces the expected interest rates.
Motivated by traffic congestion and air pollution, Beijing is one of several major cities to restrict vehicle ownership by requiring residents to win a lottery for the right to obtain an additional car. We examine the welfare cost of preventing people from owning cars because of misallocation: under a lottery, some individuals with low willingness to pay (WTP) for cars can obtain cars, while other individuals with high WTP cannot. We estimate welfare costs using a new contingent valuation method survey of Beijing lottery participants which we designed and conducted explicitly for this purpose. We find that restricting vehicle ownership reduced private welfare by 26 billion yuan. Back-of-the-envelope calculations suggest that the benefits of lower congestion and pollution roughly equal the costs. Our WTP estimates indicate a net welfare gain of approximately 32 billion yuan if Beijing’s lottery were replaced with an auction, which is similar to previous estimates.
Research has examined the impact of the “entrepreneurial university” on regional socioeconomic development by focusing on the entrepreneurial intentions and performance of alumni, staff, and students. The study of impact, to date, has focused on direct and short-term mechanisms, such as alumni's entrepreneurial activities, faculty spin-outs, and active public engagement with policy agendas. Our point of departure is in conceptualizing and empirically testing a longer-term and more systemic mechanism. We theorize and empirically test how the entrepreneurial university imprints on its graduates, some of whom take on leadership positions in innovation policymaking years later. We test this relationship by employing a text-as-data approach to examine the extent to which innovation policy leaders speak about startup-centric innovation, comparing the media coverage of entrepreneurial university alumni relative to their peers. Our original dataset comprises the 485 individuals who held senior innovation policy positions in East Asia's eleven largest economies from 1998 to 2019, detailing their educational background and media coverage (10,816 documents). We conceptualize the “alumni policymaker” mechanism, which constitutes entrepreneurial university alumni shaping the future of national innovation policy by referring to startup-centric innovation three times more than their peers. Those who completed MBAs at entrepreneurial universities express an even greater preference for startup-centric innovation policy.
In the wake of the pandemic, many employers continue to allow their employees to work from home, but much of the workplace remains governed by strict structural norms such as shifts, schedules, attendance, and leave-of-absence policies that determine when and where work is performed. In The Workplace Reimagined, Nicole Buonocore Porter explores how these workplace norms marginalize people with disabilities and workers with caregiving responsibilities. Using COVID-19 as a lens to illustrate how entrenched workplace norms are often not inevitable or necessary, Porter theoretically and practically reconceptualizes the workplace to end the stigmatization of these employees and helps readers understand the value of accommodating all workers. The Workplace Reimagined is timely, eye-opening, and will help us realize a workplace in which we account for the reality, the precarity, and the diversity of all our lives and bodies.
We test the signaling view of corporate social responsibility (CSR) engagement using two complementary quasi-natural experiments that impose exogenous negative pressure on stock prices. Firms under such adverse price pressure increase CSR activities compared to otherwise similar firms. This effect concentrates among firms with stronger signaling incentives, namely, those facing greater information asymmetry, more product market competition, higher shareholder litigation risk, and higher stock price crash risk. Firms under the exogenous negative price pressure mainly improve CSR strengths, including costly environmental investments. We also find that CSR engagement attracts socially responsible investors and lowers the cost of capital for signaling firms.
The information revolution has ushered in a data-driven reorganization of the workplace. Big Data and artificial intelligence (AI) are used to surveil workers and shift risk. Workplace wellness programs appraise our health. Personality job tests calibrate our mental state. The monitoring of social media and the surveillance of the workplace measure our social behavior. With rich historical sources and contemporary examples, The Quantified Worker explores how the workforce science of today goes far beyond increasing efficiency and threatens to erase individual personhood. With exhaustive detail, Ifeoma Ajunwa shows how different forms of worker quantification are enabled, facilitated, and driven by technological advances. Timely and eye-opening, The Quantified Worker advocates for changes in the law that will mitigate the ill effects of the modern workplace.
The information revolution has ushered in a data-driven reorganization of the workplace. Big Data and artificial intelligence (AI) are used to surveil workers and shift risk. Workplace wellness programs appraise our health. Personality job tests calibrate our mental state. The monitoring of social media and the surveillance of the workplace measure our social behavior. With rich historical sources and contemporary examples, The Quantified Worker explores how the workforce science of today goes far beyond increasing efficiency and threatens to erase individual personhood. With exhaustive detail, Ifeoma Ajunwa shows how different forms of worker quantification are enabled, facilitated, and driven by technological advances. Timely and eye-opening, The Quantified Worker advocates for changes in the law that will mitigate the ill effects of the modern workplace.
The information revolution has ushered in a data-driven reorganization of the workplace. Big Data and artificial intelligence (AI) are used to surveil workers and shift risk. Workplace wellness programs appraise our health. Personality job tests calibrate our mental state. The monitoring of social media and the surveillance of the workplace measure our social behavior. With rich historical sources and contemporary examples, The Quantified Worker explores how the workforce science of today goes far beyond increasing efficiency and threatens to erase individual personhood. With exhaustive detail, Ifeoma Ajunwa shows how different forms of worker quantification are enabled, facilitated, and driven by technological advances. Timely and eye-opening, The Quantified Worker advocates for changes in the law that will mitigate the ill effects of the modern workplace.
The information revolution has ushered in a data-driven reorganization of the workplace. Big Data and artificial intelligence (AI) are used to surveil workers and shift risk. Workplace wellness programs appraise our health. Personality job tests calibrate our mental state. The monitoring of social media and the surveillance of the workplace measure our social behavior. With rich historical sources and contemporary examples, The Quantified Worker explores how the workforce science of today goes far beyond increasing efficiency and threatens to erase individual personhood. With exhaustive detail, Ifeoma Ajunwa shows how different forms of worker quantification are enabled, facilitated, and driven by technological advances. Timely and eye-opening, The Quantified Worker advocates for changes in the law that will mitigate the ill effects of the modern workplace.
The information revolution has ushered in a data-driven reorganization of the workplace. Big Data and artificial intelligence (AI) are used to surveil workers and shift risk. Workplace wellness programs appraise our health. Personality job tests calibrate our mental state. The monitoring of social media and the surveillance of the workplace measure our social behavior. With rich historical sources and contemporary examples, The Quantified Worker explores how the workforce science of today goes far beyond increasing efficiency and threatens to erase individual personhood. With exhaustive detail, Ifeoma Ajunwa shows how different forms of worker quantification are enabled, facilitated, and driven by technological advances. Timely and eye-opening, The Quantified Worker advocates for changes in the law that will mitigate the ill effects of the modern workplace.
The information revolution has ushered in a data-driven reorganization of the workplace. Big Data and artificial intelligence (AI) are used to surveil workers and shift risk. Workplace wellness programs appraise our health. Personality job tests calibrate our mental state. The monitoring of social media and the surveillance of the workplace measure our social behavior. With rich historical sources and contemporary examples, The Quantified Worker explores how the workforce science of today goes far beyond increasing efficiency and threatens to erase individual personhood. With exhaustive detail, Ifeoma Ajunwa shows how different forms of worker quantification are enabled, facilitated, and driven by technological advances. Timely and eye-opening, The Quantified Worker advocates for changes in the law that will mitigate the ill effects of the modern workplace.
The information revolution has ushered in a data-driven reorganization of the workplace. Big Data and artificial intelligence (AI) are used to surveil workers and shift risk. Workplace wellness programs appraise our health. Personality job tests calibrate our mental state. The monitoring of social media and the surveillance of the workplace measure our social behavior. With rich historical sources and contemporary examples, The Quantified Worker explores how the workforce science of today goes far beyond increasing efficiency and threatens to erase individual personhood. With exhaustive detail, Ifeoma Ajunwa shows how different forms of worker quantification are enabled, facilitated, and driven by technological advances. Timely and eye-opening, The Quantified Worker advocates for changes in the law that will mitigate the ill effects of the modern workplace.
The information revolution has ushered in a data-driven reorganization of the workplace. Big Data and artificial intelligence (AI) are used to surveil workers and shift risk. Workplace wellness programs appraise our health. Personality job tests calibrate our mental state. The monitoring of social media and the surveillance of the workplace measure our social behavior. With rich historical sources and contemporary examples, The Quantified Worker explores how the workforce science of today goes far beyond increasing efficiency and threatens to erase individual personhood. With exhaustive detail, Ifeoma Ajunwa shows how different forms of worker quantification are enabled, facilitated, and driven by technological advances. Timely and eye-opening, The Quantified Worker advocates for changes in the law that will mitigate the ill effects of the modern workplace.
The information revolution has ushered in a data-driven reorganization of the workplace. Big Data and artificial intelligence (AI) are used to surveil workers and shift risk. Workplace wellness programs appraise our health. Personality job tests calibrate our mental state. The monitoring of social media and the surveillance of the workplace measure our social behavior. With rich historical sources and contemporary examples, The Quantified Worker explores how the workforce science of today goes far beyond increasing efficiency and threatens to erase individual personhood. With exhaustive detail, Ifeoma Ajunwa shows how different forms of worker quantification are enabled, facilitated, and driven by technological advances. Timely and eye-opening, The Quantified Worker advocates for changes in the law that will mitigate the ill effects of the modern workplace.