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SHA Working Papers
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Farm Mechanization and Rural Migration in the Great Depression
(2019-01-14)We study sectoral labor realloaction in the U.S. during the Great Depression by examining transitions between the farm and nonfarm sectors as well as movement within the farm sector. Towns and cities that are hit harder ... -
Customer Concentration and Cost Structure
(2017-04-01)This study examines the effects of customer concentration levels on firm cost structure decisions. Analyzing cost data from a sample of manufacturing firms from 1976 through 2013, we find a negative relationship between ... -
Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America
(2018-03-18)This paper establishes labor scarcity as an important economic channel through which access to finance shapes technological innovation. We exploit antebellum America, a unique setting with (1) staggered passage of free ... -
The Rate of Return on Real Estate: Long-Run Micro-Level Evidence
(2019-06-01)We provide evidence that direct real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level data on realized income, expenses, and transaction prices ... -
Where, When and How Do Sophisticated Investor Respond to Flood Risk?
(2019-06-01)While the empirical evidence on the pricing of flood risk exposure in residential real estate held by uninformed households is mixed, this study shows that sophisticated investors in commercial real estate markets rationally ... -
Preferences Toward Risk and Asset Prices: Evidence From Russian Lottery Bonds
(2005-11-03)This paper studies the relationship between investor risk preferences and asset returns. The paper provides direct evidence on the risk aversion of participants in a securities market. It uses the prices of lottery bonds ... -
Financial Globalization and Risk Sharing: Welfare Effects and the Optimality of Open Markets
(2006-01-01)To study the welfare effects of investment barriers and the opening of markets to foreigners, we construct an equilibrium model of international asset pricing without agency costs that allows endogenous market participation ... -
Financial Innovation and Russian Government Debt Before 1918
(2003-05-05)In this paper I describe debt instruments issued by the Russian Imperial Government. At the beginning of the 20th century, the Russian government was the largest borrower in the world. Russian government bonds were traded ... -
Learning to Become a Taste Expert
(2018-06-01)Evidence suggests that consumers seek to become more expert about hedonic products to enhance their enjoyment of future consumption occasions. Current approaches to becoming expert center on cultivating an analytic mindset. ... -
What Really Happens During Flight to Safety: Evidence from Real Estate Markets
(2018-05-15)Flight to safety (FTS) affects the markets for risky assets such as stocks, corporate bonds, and commodities. Yet, little is known about the effects on commercial real estate. We show that REITs offer a partial hedge against ...
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