We document that prior work experience of mutual fund managers outside of the asset management industry is valuable from an investment perspective in that it provides managers with a stock picking and industry timing advantage. Fund managers' stock picks from industries where they previously...

We investigate the effect of employee heterogeneity on the incentive to put forth effort in a market-based tournament. Employers use the tournament's outcome to estimate employees' abilities and accordingly condition their wage offers. Employees put forth effort, because by doing so they...

We study the effects of improvements in eBay's rating mechanism on seller exit and continuing sellers' behavior. Following a large sample of sellers over time, we exploit the fact that the rating mechanism was changed to reduce strategic bias in buyer rating. That improvement did not lead to...

We investigate the role of consumer confidence in the transmission of monetary policy shocks from an empirical and theoretical perspective. Standard VAR based analysis suggests that an empirical measure of consumer confidence drops significantly after a monetary tightening and amplifies the...

Nous vivons un choc numérique, qui n'est plus une déformation lente, mais une rupture brutale, planétaire, rapide et globale. Aucun secteur, aucune activité ne sont épargnés. Mobilité, outils collaboratifs, objets connectés, big data… le monde numérique est là et irrigue toutes les...

It is now being assumed — without strong feelings or controversy — that thousands of intelligent objects will be connected to the Internet in the near future. These prospects might gladden hearts or scare weaker souls. They are, day after day, ever more likely ...

L’avènement du numérique, qui change notre rapport à l’information et à la connaissance, bouleverse nos modes de collaboration et nos modèles économiques.

We propose a theoretical explanation for the so-called “beauty premium”. Our explanation is based entirely on search frictions and the fact that physical appearance plays an important role in attracting a marriage partner. We analyse the interaction between frictional labour and marriage...

Using a framework that distinguishes short-term consumer preferences, individual reflective preferences and political preferences, we discuss from a constitutional economics perspective whether individuals find it in their common constitutional interest to endow representatives and bureaucrats...

We seed noisy information to members of a real-world social network to study how information diffusion and information aggregation jointly shape social learning. Our environment features substantial social learning. We show that learning occurs via diffusion which is highly imperfect: signals...