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Levi’s Agrees to #Payup, as Advocates Demand More for Garment Workers

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Do Americans Even Need A Second Stimulus Check?

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Latest Research

Do Rich People “Deserve” to Be Rich? Charitable Giving, Internal Attributions of Wealth, and Judgments of Economic Deservingness

Authors
Juliana F. Black, and Shai Davidai
Date
Format
Journal Article
Journal
Management Science
1 / 3

People often judge how much “the rich” deserve to be rich by taking into consideration how they had made their wealth. How do people make such judgments about the origins of others' wealth? In nine studies (N = 1707) and two supplemental analyses (N = 197), we examine whether the attributions people make about wealth are influenced by the way wealthy people spend their money. We find that people are more likely to attribute economic success to internal factors (such as hard work and competence) when “the rich” spend their money charitably versus when they spend it in a more luxurious manner. Moreover, we find that the tendency to attribute wealth to internal factors is due to judgments about wealthy individuals' character, and that the influence of spending on trait attribution is substantially larger for merit-related traits (e.g., persistence or industriousness) than other positive traits that are unrelated to merit (e.g., elegance or youthfulness). Finally, we find that how “the rich” spend their fortunes influences beliefs about how much they deserve to be rich. The more wealthy people give their money to charity, the more people believe that they deserve to have it in the first place.

Financial Markets and News about the Coronavirus

Author
Harry Mamaysky
Date
Format
Working Paper
2 / 3

I examine how financial markets interact with news about the COVID-19 pandemic. A twelve topic model optimizes the trade-off between number of topics and topic coherence. Using this model, I show that before mid-March 2020 markets react more to the same quantum of news when volatility is higher – a phenomenon I call hypersensitivity. Formal tests identify a structural break in mid-March, post which markets are no longer hypersensitive. In the hypersensitive stage, markets are overly volatile and overreact to news. Despite hypersensitivity, lagged prices better forecast future COVID-19 case counts than do lagged news.

Can the COVID Bailouts Save the Economy?

Authors
Vadim Elenev, Tim Landvoigt, and Stijn Van Nieuwerburgh
Date
Format
Working Paper
3 / 3

The covid-19 crisis has led to a sharp deterioration in firm and bank balance sheets. The government has responded with a massive intervention in corporate credit markets. We study equilibrium dynamics of macroeconomic quantities and prices, and how they are affected by government policy. The interventions prevent a much deeper crisis by reducing corporate bankruptcies by about half and short-circuiting the doom loop between corporate and financial sector fragility. The additional fiscal cost is zero since program spending replaces what would otherwise have been spent on intermediary bailouts. The model predicts rising interest rates on government debt. We propose a more effective intervention with lower fiscal cost. Finally, we study longer-run consequences for firm leverage and intermediary health when pandemics become the new normal.

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UX designers from Tech: NYC along with faculty from the Business and Engineering Schools discuss the ongoing development of the New York State contact tracing app.

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Economics & Policy, Social Impact

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For the School’s Leading Through Crisis webinar series, CBS faculty, alumni, and special guests have shared insights over the past six months on the future of the economy during the pandemic.

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Government policy will play a crucial role in the future of the residential and commercial market.

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The Workplace, Leadership, Social Impact

The Intersection of Housing and Technology With Inclusive Leadership

Robert Reffkin ’03, founder and CEO of Compass, discusses with Professor Christopher Mayer his optimism about the present and future of the housing market and emphasizes the importance of building a company that focuses on inclusivity.

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Webinar
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Sandra Matz and Daniel Ames share insights into why individuals experience the same pandemic in different ways.

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