We present evidence on how generative AI changes the work patterns of knowledge workers using data from a 6-month-long, cross-industry, randomized field experiment. Half of the 7,137 workers in the study received access to a generative AI tool integrated into the applications they already used...

We present new facts about the largest American companies over the past century. In manufacturing, top firms in the 1910s, 1950s, and 2010s predominantly date back to around 1900. Even as this special generation persists, turnover among top firms has been substantial. In contrast, in retail and...

Exploitation of disruptive technologies often requires resource deployment that creates conflict if there are divergent beliefs regarding the efficacy of a new technology. This arises when a visionary agent has more optimistic beliefs about a technological opportunity. Exploration in the form of...

Firms frequently fail to adopt profitable business opportunities even when they do not face informational or liquidity constraints. We explore three behavioral frictions that explain inertia among individuals--present bias, limited memory, and distrust--in a managerial setting. In partnership...

We characterize female-owned manufacturing establishments using newly digitized manuscripts from the US Census of Manufactures (1850, 1860, 1870, 1880). Female-owned establishments were smaller than male-owned establishments and had lower capital-to-output ratios, which could reflect...

Doidge, Karolyi, and Stulz (2017) show that from 1999 to 2012 the US develops a listing gap relative to other countries, meaning that it has abnormally few publicly listed firms. In this paper, we update their evidence to 2023 and find that the listing gap increases, but at a low rate. By 2023,...

We study market illiquidity in an economy subject to non-fundamental shocks. Asset trading occurs via decentralized one-on-one bargaining. The model has multiple rational expectations equilibria; we associate certain Pareto inferior equilibria with liquidity crises. The government can improve...

A lot! Profitability subsumes all of "quality" investing, explaining both the performance of the strategies that industry markets and the factors that academics employ. It also has striking power pricing "defensive equity" strategies that overweight low-beta or low-volatility stocks....

The integration of algorithmic trading with reinforcement learning, termed AI-powered trading, is transforming financial markets. Alongside the benefits, it raises concerns for collusion. This study first develops a model to explore the possibility of collusion among informed speculators in a...

Using 472 FOMC meetings (1969-2019) and the exogenous rotation of voting rights among Reserve Bank presidents, we identify meetings where local economic conditions in voting districts significantly affect the Federal funds target rate (FFR), while those in non-voting districts show no effect....