Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2016

A Dynamic Model of Characteristic-Based Return Predictability

Sheridan TITMAN, Aydogan ALTI
We present a dynamic model that links characteristic-based return predictability to systematic factors that determine the evolution of firm fundamentals. In the model, an economy-wide disruption process reallocates profits from existing businesses to new projects and thus generates a source of syste...
Keywords: characteristic-based return predictability, systematic risk, mispricing
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Senior Fellows/Fellows

A Comprehensive GIS Database for China’s Surface Transport Network with Implications for Transport and Socioeconomics Research

Steven J. DAVIS, Meijun QIAN, Wen ZENG
We build a granular GIS database that covers China’s national highways, modern motorways, traditional railways, high-speed railways, and waterways at an annual frequency from 1993 to 2020. Overall network length more than tripled after 1993, with half the increase accounted for by modern motorways...
Keywords: Transport network, GIS database, China, Infrastructure investments, Transport access, Socioeconomic development
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

60 million fewer commuting hours per day: How Americans use time saved by working from home

Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO
Drawing on original surveys of our own design, we estimate that the pandemic-induced shift to working from home lowers commuting time among Americans by more than 60 million hours per work day. Cumulative time savings over the past seven months exceed 9 billion hours. Our survey data also say that A...
Keywords: Covid-10, Pandemic, Work from home
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