Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2019

Top Management Team Power in China: Measurement and Validation

Bin KE, Xinshu MAO, Bin WANG, Zhuo LUO
We propose and validate a comprehensive measure of power for the top management teams (TMTs) of publicly listed Chinese firms. We show that our measure is positively associated with the four power dimensions developed by prior research for U.S. firms as well as three Asia-relevant power dimensions, ...
Keywords: power, top management team, executive compensation, nonmarket institutional force, China
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Tobin Tax Policy, Housing Speculation, and Property Market Dynamics

Sumit AGARWAL, Kwong Wing CHAU, Maggie Rong HU, Wayne Xinwei WAN
Hong Kong introduced a Tobin property tax—the Special Stamp Duty (SSD) Policy—in 2010, which substantially increased the selling costs of short-term property holders. This study examines the effectiveness of this Tobin property tax in curbing speculation and cooling down the market. We find that...
Keywords: Tobin tax policy, stamp duty tax, property speculators, lock-in period, bunching effect
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Annual Conference

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Trade, Growth and Development, Senior Fellows/Fellows

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May 2022

To Own or to Rent? The Effects of Transaction Taxes on Housing Markets

Lu HAN, L. Rachel NGAI, Kevin D. SHEEDY
Using transaction records on residential property sales and leases, this paper estimates the effects of Toronto’s imposition of a tax on property purchases in 2008. Three novel effects are uncovered: (i) a rise in buy-to-rent transactions alongside a fall in transactions by owneroccupiers in spite...
Keywords: rental market, buy-to-rent investors, homeownership rate, transaction taxes.
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Time Savings When Working from Home

Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO, Cevat Giray AKSOY, Mathias DOLLS, Pablo ZARATE
We quantify the commute time savings associated with work from home, drawing on data for 27 countries. The average daily time savings when working from home is 72 minutes in our sample. We estimate that work from home saved about two hours per week per worker in 2021 and 2022, and that it will save ...
Keywords: Work from home, commute times, allocation of time savings
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

The Unprecedented Stock Market Reaction to COVID-19

Steven J. DAVIS, Scott R. BAKER, Nicholas A. BLOOM, Kyle KOST, Marco SAMMON, Tasaneeya VIRATYOSIN
No previous infectious disease outbreak, including the Spanish Flu, has affected the stock market as forcefully as the COVID-19 pandemic. In fact, previous pandemics left only mild traces on the U.S. stock market. We use text-based methods to develop these points with respect to large daily stock ma...
Keywords: COVID-19, Pandemic, stock market
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