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Senior Fellows/Fellows

Why Does Working from Home Vary Across Countries and People?

Pablo ZARATE, Mathias DOLLS, Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO, Cevat Giray AKSOY
We use two surveys to assess why work from home (WFH) varies so much across countries and people. A measure of cultural individualism accounts for about one-third of the cross-country variation in WFH rates. Australia, Canada, the UK, and the US score highly on individualism and WFH rates, whereas A...
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Senior Fellows/Fellows

Investment and Subjective Uncertainty

Nicholas A. BLOOM, Steven J. DAVIS, Lucia FOSTER , Scott OHLMACHER, Itay SAPORTA-EKSTEN
A longstanding challenge in evaluating the impact of uncertainty on investment is obtaining measures of managers’ subjective uncertainty. We address this challenge by using a detailed survey measure of uncertainty collected by the U.S. Census Bureau for approximately 25,000 manufacturing plants. W...
Keywords: Subjective expectations, business-level uncertainty
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Senior Fellows/Fellows

Application Flows

Steven J. DAVIS, Brenda Samaniego de la Parra
We build and analyze a new U.S. database that links 125 million applications to job vacancies and employer-side clients on Dice.com, an online platform for jobs and workers in software design, computer systems, engineering, financial analysis, management consulting, and other occupations that requir...
Keywords: worker applications, job vacancies, intermediaries, tightness, vacancy durations, non-sequential search, staffing firms, recruitment firms
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Senior Fellows/Fellows

SMEs Amidst the Pandemic and Reopening: Digital Edge and Transformation

Lin William CONG, Xiaohan YANG, Xiaobo ZHANG
Using administrative universal business registration data as well as primary offine and online surveys of small businesses (including unregistered self-employments) in China, we examine (i) whether digitization helps small and medium enterprises (SMEs) better cope with the COVID-19 pandemic, and (ii...
Keywords: COVID-19, Digital Economy, E-Commerce, Small Businesses
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Senior Fellows/Fellows

Growing the Efficient Frontier on Panel Trees

Lin William CONG, Guanhao FENG, Jingyu HE, Xin HE
We develop a new class of tree-based models (P-Trees) for analyzing (unbalanced) panel data using economically guided, global (instead of local) split criteria that guard against overfitting while preserving interpretability. To generalize security sorting and better estimate the efficient frontier,...
Keywords: Asset Pricing, Decision Tree, Factors, Interpretable AI, Investment
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