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NBER News
- The Heterogeneous Effect of Affirmative Action on Performance -- by Anat Bracha, Alma Cohen, Lynn Conell-PriceThis paper experimentally investigates the effect of gender-based affirmative action (AA) on performance in the lab, focusing on a tournament environment. The tournament is based on GRE math questions commonly used in graduate school admission, and at which women are known to perform worse on average than men. We find heterogeneous effect of AA on […]
- Investment Returns and Distribution Policies of Non-Profit Endowment Funds -- by Sandeep Dahiya, David YermackWe present the first estimates of investment returns and distribution rates for U.S. non-profit endowment funds, based on a comprehensive sample of more than 28,000 organizations drawn from Internal Revenue Service filings for 2009-2016. Endowments badly underperform market benchmarks, with mean annual returns 3.86 percentage points below a 60-40 mix of U.S. equity and Treasury […]
- Firm Leverage and Regional Business Cycles -- by Xavier Giroud, Holger M. MuellerThis paper shows that buildups in firm leverage predict subsequent declines in aggregate regional employment. Using confidential establishment-level data from the U.S. Census Bureau, we exploit regional heterogeneity in leverage buildups by large U.S. publicly listed firms, which are widely spread across U.S. regions. For a given region, our results show that increases in firms' […]
- Equity Concerns are Narrowly Framed -- by Christine L. Exley, Judd B. KesslerWe show that individuals narrowly bracket their equity concerns. Across four experiments including 1,600 subjects, individuals equalize components of payoffs rather than overall payoffs. When earnings are comprised of "small tokens" worth 1 cent and "large tokens" worth 2 cents, subjects frequently equalize the distribution of small (or large) tokens rather than equalizing total earnings. […]