This paper investigates how economic downturns affect the flow of human capital to startups. Using proprietary data from AngelList Talent, we study how individuals’ online job searches and applications changed during the emergence of the COVID-19 crisis. We find that job seekers shifted their searches toward larger firms and away from early-stage ventures, even within the same individual over time. Simultaneously, job seekers broadened their other search parameters, considering lower salaries and a wider variety of job types, roles, markets, and locations. Relative to larger firms, early-stage ventures experienced a decline in the number of applications per job posting, a decline driven by higher quality and more experienced job seekers. This led to a deterioration in the quality of the human capital pool available to early-stage ventures during the downturn. These declines hold within a firm as well as within a job posting over time. Our findings uncover a flight to safety channel in the labor market, which may amplify the pro-cyclical nature of entrepreneurial activities.
{"title":"Flight to Safety: How Economic Downturns Affect Talent Flows to Startups","authors":"Shai Bernstein, Richard R. Townsend, Ting Xu","doi":"10.2139/ssrn.3701394","DOIUrl":"https://doi.org/10.2139/ssrn.3701394","url":null,"abstract":"This paper investigates how economic downturns affect the flow of human capital to startups. Using proprietary data from AngelList Talent, we study how individuals’ online job searches and applications changed during the emergence of the COVID-19 crisis. We find that job seekers shifted their searches toward larger firms and away from early-stage ventures, even within the same individual over time. Simultaneously, job seekers broadened their other search parameters, considering lower salaries and a wider variety of job types, roles, markets, and locations. Relative to larger firms, early-stage ventures experienced a decline in the number of applications per job posting, a decline driven by higher quality and more experienced job seekers. This led to a deterioration in the quality of the human capital pool available to early-stage ventures during the downturn. These declines hold within a firm as well as within a job posting over time. Our findings uncover a flight to safety channel in the labor market, which may amplify the pro-cyclical nature of entrepreneurial activities.","PeriodicalId":431392,"journal":{"name":"IRPN: Innovation & Behavioral Economics (Topic)","volume":"2018 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127578503","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Xiaoyong Dai, M. Verreynne, Jian-Hang Wang, Yanan He
This paper investigates the behavioral additionality effects of a unique high- and new- technology enterprise (HNTE) program in China. The program provides a reduced corporate income tax to certificated HNTEs. By distinguishing research expenses from development costs, we examine if the tax incentive program affects firms' composition of R&D investment, based on a sample of Chinese listed firms. The results indicate that the tax incentive program encourages firms to focus more on development than on research. The effects are also found to be heterogeneous among the first-time, repeated, and one-time certification users. The results imply that tax incentives prompt firms to invest in short-term development opportunities with promising private returns. Conversely, they are less likely to stimulate risky research projects with potential high rates of social and long-term economic returns. Our study highlights the importance of understanding the behavioral additionality effects for innovation policy evaluations and better policy designs.
{"title":"The Behavioral Additionality Effects of a Tax Incentive Program on Firms’ Composition of R&D Investment","authors":"Xiaoyong Dai, M. Verreynne, Jian-Hang Wang, Yanan He","doi":"10.1111/radm.12401","DOIUrl":"https://doi.org/10.1111/radm.12401","url":null,"abstract":"This paper investigates the behavioral additionality effects of a unique high- and new- technology enterprise (HNTE) program in China. The program provides a reduced corporate income tax to certificated HNTEs. By distinguishing research expenses from development costs, we examine if the tax incentive program affects firms' composition of R&D investment, based on a sample of Chinese listed firms. The results indicate that the tax incentive program encourages firms to focus more on development than on research. The effects are also found to be heterogeneous among the first-time, repeated, and one-time certification users. The results imply that tax incentives prompt firms to invest in short-term development opportunities with promising private returns. Conversely, they are less likely to stimulate risky research projects with potential high rates of social and long-term economic returns. Our study highlights the importance of understanding the behavioral additionality effects for innovation policy evaluations and better policy designs.","PeriodicalId":431392,"journal":{"name":"IRPN: Innovation & Behavioral Economics (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128890672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The extended Friday the 13th Effect is a calendar anomaly consisting in abnormal stock returns that occur in a time interval that starts some trading days before the supposed unlucky day of Friday the 13th and it ends some trading days after. This paper approaches the presence of such patterns in the evolution of the closed values of five indexes from the London Stock Exchange: FTSE 100, FTSE 250, FTSE 350, FTSE SmallCap and FTSE All-Share. This investigation is performed for two periods: the first from January 1998 to December 2006 and the second from January 2007 to July 2019. While the first one could be considered as relative quiet, the second one was more turbulent. In the case of first period the results revealed, for four indexes, that in the trading day that follows Friday the 13th the returns were significant higher than the average. Instead, in the case of second period, we found, for the same four indexes, that two trading days before the Friday the 13th the returns were significant lower than the average. We conclude that, like many other calendar anomalies, extended Friday the 13th Effect is not persistent in time.
{"title":"The Extended Friday the 13th Effect in the London Stock Exchange","authors":"R. Stefanescu, Ramona Dumitriu","doi":"10.2139/ssrn.3484517","DOIUrl":"https://doi.org/10.2139/ssrn.3484517","url":null,"abstract":"The extended Friday the 13th Effect is a calendar anomaly consisting in abnormal stock returns that occur in a time interval that starts some trading days before the supposed unlucky day of Friday the 13th and it ends some trading days after. This paper approaches the presence of such patterns in the evolution of the closed values of five indexes from the London Stock Exchange: FTSE 100, FTSE 250, FTSE 350, FTSE SmallCap and FTSE All-Share. This investigation is performed for two periods: the first from January 1998 to December 2006 and the second from January 2007 to July 2019. While the first one could be considered as relative quiet, the second one was more turbulent. In the case of first period the results revealed, for four indexes, that in the trading day that follows Friday the 13th the returns were significant higher than the average. Instead, in the case of second period, we found, for the same four indexes, that two trading days before the Friday the 13th the returns were significant lower than the average. We conclude that, like many other calendar anomalies, extended Friday the 13th Effect is not persistent in time.","PeriodicalId":431392,"journal":{"name":"IRPN: Innovation & Behavioral Economics (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134478263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Attention costs can cause some information to be ignored and decisions to be imperfect. Can we improve the material welfare of a rationally inattentive agent by restricting his information in the first place? In our model, a well-intentioned principal provides information to an agent for whom information is costly to process, but the principal does not internalize this cost. We show that full information is universally optimal if and only if the environment comprises one issue. With multiple issues, attention management becomes optimal: the principal restricts some information to induce the agent to pay attention to other aspects. (JEL D82, D83, D91)
{"title":"Attention Management","authors":"Elliot Lipnowski, Laurent Mathevet, Dong Wei","doi":"10.2139/ssrn.3161782","DOIUrl":"https://doi.org/10.2139/ssrn.3161782","url":null,"abstract":"Attention costs can cause some information to be ignored and decisions to be imperfect. Can we improve the material welfare of a rationally inattentive agent by restricting his information in the first place? In our model, a well-intentioned principal provides information to an agent for whom information is costly to process, but the principal does not internalize this cost. We show that full information is universally optimal if and only if the environment comprises one issue. With multiple issues, attention management becomes optimal: the principal restricts some information to induce the agent to pay attention to other aspects. (JEL D82, D83, D91)","PeriodicalId":431392,"journal":{"name":"IRPN: Innovation & Behavioral Economics (Topic)","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115736505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper extends the concept of fairness from fairness in presentation to the more progressive notions of fairness in distribution, fairness in disclosure to motivate calls for expanded disclosures, and information innovations.
本文将公平的概念从列报公平扩展到分配公平、披露公平以激励扩大披露的呼吁以及信息创新等更进步的概念。
{"title":"Fairness in Business","authors":"A. Riahi‐Belkaoui","doi":"10.2139/ssrn.3250410","DOIUrl":"https://doi.org/10.2139/ssrn.3250410","url":null,"abstract":"The paper extends the concept of fairness from fairness in presentation to the more progressive notions of fairness in distribution, fairness in disclosure to motivate calls for expanded disclosures, and information innovations.","PeriodicalId":431392,"journal":{"name":"IRPN: Innovation & Behavioral Economics (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121285574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the effects of fast-food restaurant advertising on television on the body composition of adolescents as measured by percentage body fat (PBF) and to assess the sensitivity of these effects to using conventional measures of youth obesity based on body-mass index (BMI). We merge measures of body composition from bioelectrical-impedance analysis (BIA) and dual-energy x-ray absorptiometry (DXA) from the National Health and Nutrition Examination Survey with individual level data from the National Longitudinal Survey of Youth 1997 and data on local fast-food restaurant advertising on television from Competitive Media Reporting. Exposure to fast-food restaurant advertising on television causes statistically significant increases in PBF in adolescents. These results are consistent with those obtained by using BMI-based measures of obesity. The responsiveness to fast-food advertising is greater for PBF than for BMI. Males are more responsive to advertising than females regardless of the measure. A complete advertising ban on fast-food restaurants on television would reduce BMI by 2 percent and PBF by 3 percent. The elimination of the tax deductibility of food advertising costs would still leave a considerable number of youth exposed to fast-food advertising on television but would still result in non-trivial reductions in obesity.
{"title":"Fast-Food Restaurant Advertising on Television and its Influence on Youth Body Composition","authors":"M. Grossman, E. Tekin, R. Wada","doi":"10.3386/W18640","DOIUrl":"https://doi.org/10.3386/W18640","url":null,"abstract":"We examine the effects of fast-food restaurant advertising on television on the body composition of adolescents as measured by percentage body fat (PBF) and to assess the sensitivity of these effects to using conventional measures of youth obesity based on body-mass index (BMI). We merge measures of body composition from bioelectrical-impedance analysis (BIA) and dual-energy x-ray absorptiometry (DXA) from the National Health and Nutrition Examination Survey with individual level data from the National Longitudinal Survey of Youth 1997 and data on local fast-food restaurant advertising on television from Competitive Media Reporting. Exposure to fast-food restaurant advertising on television causes statistically significant increases in PBF in adolescents. These results are consistent with those obtained by using BMI-based measures of obesity. The responsiveness to fast-food advertising is greater for PBF than for BMI. Males are more responsive to advertising than females regardless of the measure. A complete advertising ban on fast-food restaurants on television would reduce BMI by 2 percent and PBF by 3 percent. The elimination of the tax deductibility of food advertising costs would still leave a considerable number of youth exposed to fast-food advertising on television but would still result in non-trivial reductions in obesity.","PeriodicalId":431392,"journal":{"name":"IRPN: Innovation & Behavioral Economics (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132780927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Our study analyzes theories of learning for strategic interactions in networks. Participants played two of the 2 × 2 games used by Selten and Chmura [1]. Every participant played against four neighbors. As a distinct aspect our experimental design allows players to choose different strategies against each different neighbor. The games were played in two network structures: a lattice and a circle. We analyze our results with respect to three aspects. We first compare our results with the predictions of five different equilibrium concepts (Nash equilibrium, quantal response equilibrium, action-sampling equilibrium, payoff-sampling equilibrium, and impulse balance equilibrium) which represent the long-run equilibrium of a learning process. Secondly, we relate our results to four different learning models (impulse-matching learning, action-sampling learning, self-tuning EWA, and reinforcement learning) which are based on the (behavioral) round-by-round learning process. At last, we compare the data with the experimental results of Selten and Chmura [1]. One main result is that the majority of players choose the same strategy against each neighbor. As other results, we observe an order of predictive success for the equilibrium concepts that is different from the order shown by Selten and Chmura and an order of predictive success for the learning models that is only slightly different from the order shown in a recent paper by Chmura, Goerg and Selten [2].
{"title":"Learning in Networks – An Experimental Study Using Stationary Concepts","authors":"S. Berninghaus, Thomas Neumann, B. Vogt","doi":"10.2139/ssrn.2168327","DOIUrl":"https://doi.org/10.2139/ssrn.2168327","url":null,"abstract":"Our study analyzes theories of learning for strategic interactions in networks. Participants played two of the 2 × 2 games used by Selten and Chmura [1]. Every participant played against four neighbors. As a distinct aspect our experimental design allows players to choose different strategies against each different neighbor. The games were played in two network structures: a lattice and a circle. We analyze our results with respect to three aspects. We first compare our results with the predictions of five different equilibrium concepts (Nash equilibrium, quantal response equilibrium, action-sampling equilibrium, payoff-sampling equilibrium, and impulse balance equilibrium) which represent the long-run equilibrium of a learning process. Secondly, we relate our results to four different learning models (impulse-matching learning, action-sampling learning, self-tuning EWA, and reinforcement learning) which are based on the (behavioral) round-by-round learning process. At last, we compare the data with the experimental results of Selten and Chmura [1]. One main result is that the majority of players choose the same strategy against each neighbor. As other results, we observe an order of predictive success for the equilibrium concepts that is different from the order shown by Selten and Chmura and an order of predictive success for the learning models that is only slightly different from the order shown in a recent paper by Chmura, Goerg and Selten [2].","PeriodicalId":431392,"journal":{"name":"IRPN: Innovation & Behavioral Economics (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124946872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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