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Richard Jewell : and other tales of heroes, scoundrels, and renegades
Over the course of her career, journalist Marie Brenner has profiled heroes, villains, and those who fall in-between. This collection includes profiles of war correspondent Marie Colvin, teenage activist Malala Yousafzai, Donald Trump, and Richard Jewell, whose life was turned upside-down after being wrongfully named as a suspect in the 1996 Atlanta Olympics bombing.
Book
Short Selling and the Price Discovery Process
We show that stock prices are more accurate when short sellers are more active. First, in a large panel of NYSE-listed stocks, intraday informational efficiency of prices improves with greater shorting flow. Second, at monthly and annual horizons, more shorting flow accelerates the incorporation of public information into prices. Third, greater shorting flow reduces post-earnings-announcement drift for negative earnings surprises. Fourth, short sellers change their trading around extreme return events in a way that aids price discovery and reduces divergence from fundamental values. These results are robust to various econometric specifications, and their magnitude is economically meaningful.
Journal Article
Asset Quality Misrepresentation by Financial Intermediaries: Evidence from the RMBS Market
We document that contractual disclosures by intermediaries during the sale of mortgages contained false information about the borrower's housing equity in 7-14% of loans. The rate of misrepresented loan default was 70% higher than for similar loans. These misrepresentations likely occurred late in the intermediation and exist among securities sold by all reputable intermediaries. Investors—including large institutions—holding securities with misrepresented collateral suffered severe losses due to loan defaults, price declines, and ratings downgrades. Pools with misrepresentations were not issued at a discount. Misrepresentation on another easy-to-quantify dimension shows that these effects are a conservative lower bound.
Journal Article
Weather-Induced Mood, Institutional Investors, and Stock Returns
This study shows that weather-based indicators of mood impact perceptions of mispricing and trading decisions of institutional investors. Using survey and disaggregated trade data, we show that relatively cloudier days increase perceived overpricing in individual stocks and the Dow Jones Industrial Index and increase selling propensities of institutions. We introduce stock-level measures of investor mood; investor optimism positively impacts stock returns among stocks with higher arbitrage costs, and stocks experiencing similar investor mood exhibit return comovement. These findings complement existing studies on how weather impacts stock index returns and identify another channel through which it can manifest.
Journal Article
Can Hearts and Minds Be Bought? The Economics of Counterinsurgency in Iraq
We develop and test an economic theory of insurgency motivated by the informal literature and by recent military doctrine. We model a three-way contest between violent rebels, a government seeking to minimize violence by mixing service provision and coercion, and civilians deciding whether to share information about insurgents. We test the model using panel data from Iraq on violence against Coalition and Iraqi forces, reconstruction spending, and community characteristics (sectarian status, socioeconomic grievances, and natural resource endowments). Our results support the theory’s predictions: improved service provision reduces insurgent violence, particularly for smaller projects and since the “surge” began in 2007.
Journal Article
Early Childcare and Cognitive Development
Young children are thought to be vulnerable to separation from their primary caregiver. This raises concern about whether early childcare enrollment may harmchild development. We use childcare assignment lotteries to estimate the effect of enrollment at age 1–2 on cognitive development in Norway. Estimates show significant gains in language and mathematics at age 6–7 and a substantial drop in scores below publicly set thresholds for low performance. Across subsamples, we find a pattern of stronger effects on underperforming groups. We find little support for childcare quality or family income as drivers of our results.
Journal Article
Family-Controlled Firms and Informed Trading: Evidence from Short Sales
We investigate the relation between organization structure and the information content of short sales, focusing on founder-and heir-controlled firms. Our analysis indicates that family-controlled firms experience substantially higher abnormal short sales prior to negative earnings shocks than nonfamily firms. Supplementary testing indicates that family control characteristics intensify informed short selling. Further analysis suggests that daily short-sale interest in family firms contains useful information in forecasting stock returns; however, we find no discernable effect for nonfamily firms. This analysis provides compelling evidence that informed trading via short sales occurs more readily in family firms than in nonfamily firms.
Journal Article
Performance gender gap
Using data for students undertaking a series of real-world academic examinations with high future payoffs, we examine whether the differences in these evaluations’ competitive nature generate a performance gender gap. In the univariate setting we find that women’s performance is first-order stochastically dominated by that of men when the competition is higher, whereas the reverse holds true in the less competitive or noncompetitive tests. These results are confirmed in the multivariate setting. Our findings, from a real-world setting with important payoffs at stake, are in line with the evidence from experimental research that finds that females tend to perform worse in more competitive contexts.
Journal Article
Rational Inattention and Energy Efficiency
This paper argues that it will often be rational for consumers to pay limited attention to energy efficiency when choosing among energy-consuming durable goods like automobiles or home appliances. The reason is that the proper valuation of energy efficiency requires time and effort, but differences in efficiency across products will rarely be pivotal to choice when consumers have strong preferences regarding other product attributes. The paper first explains why proper valuation of efficiency is difficult, even in the presence of government energy labels. It next develops a model that shows how to value additional information about energy efficiency in a discrete-choice context. It then uses data on automobiles to show that consumers experience only small welfare losses when forced to choose a car without detailed information about fuel costs. Finally, the paper discusses the implications of rational inattention for both economic research and public policy.
Journal Article
Characterising the concept of service experience
Purpose - The purpose of this paper is to review the characterisation of the concept of service experience in service marketing research.Design methodology approach - Using content analysis, 30 articles and two books published in the period from 2005 to 2007 are analysed.Findings - Three characterisations of the concept of service experience are identified in the literature review: phenomenological service experience (which relates to the value discussion in service-dominant logic and interpretative consumer research); process-based service experience (which relates to understanding service as a sequential process); and outcome-based service experience (which relates to understanding service experience as one element in models of service linking a number of variables or attributes to various outcomes).Research limitations implications - To facilitate meaningful research in this area, it is important that researchers critically consider the nature of the concept of service experience in terms of who experiences it, the scope, content, and context of the service experience, and how service experience relates to other concepts, such as value.Originality value - No systematic literature review of the characterisation of the concept of service experience has previously been undertaken.
Journal Article