Papers Containing Tag(s): 'Disclosure Review Board'
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Viewing papers 1 through 10 of 177
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Working PaperDesperate Capital Breeds Productivity Loss: Evidence From Public Pension Investments in Private Equity
July 2026
Working Paper Number:
CES-26-47
I study investments of U.S. public pensions in private equity (PE), and trace them to ultimate micro assets'target firms which PE funds invest in, using micro-data on private investments combined with confidential U.S. Census data. I show that more severely underfunded public pensions receive lower average PE returns, and match with smaller GPs on average, than less underfunded pensions. Consistent with matching and returns, firms financed by most underfunded public pensions and smallest PE funds face labor productivity decreases. I introduce a novel instrument'public unionization'in support of underfunding positions driving selection into funds. Lastly, I evaluate alternate mechanisms.View Full Paper PDF
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Working PaperWho Hires Whom? Entrepreneurial Backgrounds and Labor Market Opportunities
July 2026
Working Paper Number:
CES-26-45
What are the implications of unequal access to entrepreneurial careers for labor markets? Using data from the U.S. Census and LinkedIn profiles, we document that entrepreneurs are significantly more likely to hire workers from similar social backgrounds (gender, race, age, education, etc.). These effects are quantitatively large across several demographic dimensions. For example, female employee share at female-founded startups is 36.4pp higher after controlling for industry-by-metro area-by-cohort fixed effects, with corresponding estimates of 51.2pp for Blacks, 37.3pp for Hispanics, and 11.3pp for non-college individuals. Large effects are present in high-growth startups, across industries and occupations, and remain stable across new firm cohorts. In addition, we find that these differences persist out to at least 20 years. We use wage data and an AKM research design to untangle whether the relative differences are driven by labor demand or labor supply effects. We find that demand drives the differences: group-specific wage decompositions show that new firms pay higher relative wages to individuals from similar backgrounds to the entrepreneur. Using these estimates, we calibrate a model of entrepreneurship with heterogeneous ability and production functions, and assess the impacts on relative wage from reducing access barriers to entrepreneurship.View Full Paper PDF
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Working PaperThe Impact of Female Teachers on Female Students' Lifetime Well-Being
June 2026
Working Paper Number:
CES-26-39
We document an enduring influence of female primary school teachers on their female students in rural America circa 1940. Using historical US Census data linked to IRS records, later censuses, and death records, we find that exposure to female teachers significantly improved girls' educational attainment'particularly among those with poorly-educated parents and in areas with limited labor market opportunities for women. These educational gains translated into delayed marriage and childbearing, marriage matches to better-educated husbands and higher household income. We also find that exposure to female teachers increased longevity of women relative to men.View Full Paper PDF
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Working PaperThe Adoption of Non-Rival Inputs and Firm Scope
April 2026
Working Paper Number:
CES-26-28
Custom software is distinct from other types of capital in that it is non-rival'once a firm makes an investment in custom software, it can be used simultaneously across its many establishments. Using confidential U.S. Census data, we document that while firms with more establishments are more likely to invest in custom software, they spend less on it as a share of total capital expenditure. We explain these empirical patterns by developing a model that incorporates the non-rivalry of custom software. In the model, firms choose whether to adopt custom software, the intensity of their investment, and their scope, balancing the cost of managing multiple establishments with the increasing returns to scope from the nonrivalrous custom software investment. Using the calibrated model, we assess the extent to which the decline in the rental rate of custom software over the past 40 years can account for a number of macroeconomic trends, including increases in firm scope and concentration.View Full Paper PDF
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Working PaperThe Microstructure of AI Diffusion: Evidence From Firms, Business Functions, and Worker Tasks
April 2026
Working Paper Number:
CES-26-25
Using novel, nationally representative data from the 2026 AI supplement to the U.S. Census Bureau's Business Trends and Outlook Survey (BTOS), we characterize AI diffusion across three interconnected layers: overall firm use, deployment across business functions, and worker-task use. This multi-layered approach provides a nuanced picture of business AI adoption. During the supplement reference period (Nov 2025-Jan 2026), 18% of firms used AI in a business function, rising to 32% on an employment-weighted basis; adoption is expected to reach 22% within six months. AI use is substantially higher in large firms and knowledge-intensive sectors, with use rates reaching 50%-60% (60%-70%, employment-weighted) for very large firms in the Information, Professional Services, and Finance sectors. Among adopting firms, the scope of use remains limited: 57% of users integrate AI in three or fewer business functions, most commonly Sales and Marketing (52%), Strategy and Business Development (45%), and IT (41%). In 23% (41%, employment-weighted) of firms, workers use AI in work-related tasks. Writing, document analysis, and information search are the leading Generative AI use in tasks, though 65% of firms limit use to three or fewer tasks. The evidence points to both top-down and bottom-up diffusion channels: worker task use sometimes occurs without formal firm-level adoption, and firm-level adoption sometimes occurs without worker task use. Most users (66%) rely on AI solely to augment tasks, while AI-related employment decreases are rare, occurring in only 2% of firms. Regression analysis shows a robust positive correlation between firm commercial performance and the breadth of AI integration, including functional deployment, task-level use, and operational investment. A distinct divergence emerges, however, with respect to labor outcomes. Functional breadth and operational investment are positively associated with employment decreases, whereas worker-task integration shows no significant link to headcount reduction once functional integration and operational investment are taken into account.View Full Paper PDF
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Working PaperUnemployment Insurance Extensions, Labor Market Concentration, and Match Quality
April 2026
Working Paper Number:
CES-26-24
I investigate whether the effects of UI extensions are different for workers exposed to higher levels of local labor market concentration, a potential source of employer market power. I exploit measurement error in state unemployment rates that led to quasi-random assignment of UI durations in the U.S. during the Great Recession. Using matched employer-employee data from the Longitudinal Employer-Household Dynamics program, I find that UI extensions lengthen nonemployment durations by one week and cause economically meaningful but not statistically significant increases in earnings. The UI-earnings effect is significantly lower at higher levels of concentration, while there is no difference in the UI-duration effect. The lower UI-earnings effect is driven by the extremes of the distribution of concentration. My results suggest that match improvements from UI are attenuated at higher levels of concentration.View Full Paper PDF
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Working PaperStatus Inconsistency and Geographic Mobility in the United States
March 2026
Working Paper Number:
CES-26-20
This study examines how neighborhood status and individual status jointly shape geographic mobility in the United States. Drawing on restricted-use American Community Survey data, we conceptualize neighborhood status as the relative standing of a census tract's median family income compared to demographically similar reference neighborhoods, and individual status as a household's relative income rank within its tract. Building on comparison theory and status inconsistency perspectives, we test whether mismatches between neighborhood and individual status influence short-distance (within-county) and long-distance (between-county) mobility. Multinomial logistic models reveal that disadvantaged neighborhood status increases within-county mobility, particularly when paired with high individual status, supporting spatial assimilation arguments. Conversely, low individual status in high-status neighborhoods heightens mobility, consistent with relative deprivation theory rather than status signaling. Results suggest that status inconsistency plays a central role in residential decision-making and that neighborhood status primarily affects short-distance mobility. The findings advance research on stratification and internal migration by integrating relative contextual and positional mechanisms.View Full Paper PDF
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Working PaperNeighborhood Racial Status and White Out-Mobility
March 2026
Working Paper Number:
CES-26-19
Drawing on American Community Survey data, this study examines how whites' relative socioeconomic standing vis-'-vis nonwhite neighbors affects the association between minority presence and white out-mobility. Moving beyond the racial preferences versus racial proxy debate, we integrate group competition and contact theories with status theory to conceptualize 'racial status' as whites' first-order income rank relative to the subgroup status of Black, Hispanic, and Asian residents at the census tract level. Multilevel linear probability models show that whites lacking advantaged status are generally more likely to move. However, the positive association between Black or Asian concentration and white departure is weaker among status-disadvantaged whites, while the negative association with Hispanic concentration is stronger. These patterns lend greater support to contact theory than to group competition theory. By foregrounding relative status, the study demonstrates that racial and socioeconomic mechanisms are intertwined in shaping white residential mobility.View Full Paper PDF
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Working PaperCollege Majors and Earnings Growth
February 2026
Working Paper Number:
CES-26-14
We estimate major-specific earnings profiles using matched American Community Survey (ACS) and Longitudinal Employer-Household Dynamics (LEHD) data. Building on Deming and Noray (2020), we exploit a long earnings panel to overcome key limitations of cross-sectional approaches to lifecycle estimation. We find that engineering and computer science majors experience earnings growth that is comparable to or faster than that of other majors, a category including humanities, education, psychology, and similar fields. In contrast, Deming and Noray (2020) use a crosscohort approach and find that earnings for engineering and computer science majors decline relative to other fields over the lifecycle.View Full Paper PDF
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Working PaperFresh Start or Fresh Water: The impact of Environmental Lender Liability
January 2026
Working Paper Number:
CES-26-05
I study the impact of lenders' environmental responsibility. The empirical setting exploits the U.S. Lender Liability Act of 1996, which reduced lenders' exposure to the environmental clean-up costs attached to some of their debtors' collateral, and employs difference-indifferences specifications estimated using EPA and U.S. Census microdata. Firms whose lenders face lower environmental liability risks increase pollution, reduce investment in abatement technologies by 14.7%, while experiencing small production and employment distortions. Lenders facing higher liability risks offer loans with less favorable pricing, thus financially incentivizing firms to become more environmentally responsible, and potentially monitor borrowers via shorter debt maturity.View Full Paper PDF
