RCFS News

“Managerial Entrenchment and the Market for Talent” by Fabio Feriozzi

Donor-advised funds (DAFs), important vehicles for philanthropic giving in the United States, have grown significantly in the recent past and continue to do so. DAFs are different from traditional charities because of the inherent flexibility contained in their structures. Of particular importance is the possibility given to donors to “give now, decide later.” In the RCFS paper “Social Change through Financial Innovation: Evidence from Donor-Advised Funds,” Jillian Grennan uses a… Read More »Paper Spotlight: Social Change through Financial Innovation: Evidence from Donor-Advised Funds

The reasons that can explain the very important issue of gender disparities in labor market outcomes are still quite nebulous. To remove such disparities we need first to understand the sources of women’s differential labor market outcomes. Differences in human capital have been found lacking in explaining observed differences. Recent developments in the literature point to three potential factors: gender differences in preferences, structure of work that can differentially impact… Read More »Paper Spotlight: What’s Good for Women Is Good for Science: Evidence from the American Finance Association

              As migration across countries and continents has continued to rise, societies must ask whether these new members of their communities are suffering from lower access to finance due to a trust gap arising from cultural differences. There is ample evidence showing that cultural differences have an important effect on economic outcomes, and they do so through two different channels. First, there could be… Read More »Paper Spotlight: Culture, Lending Relationships, and the Cost of Credit

Various studies provide evidence of racial and ethnic disparities in residential mortgage lending, and show that minorities face a higher probability of being denied a mortgage and a higher cost of capital when they are approved for one. In “Racial Disparities in Mortgage Lending: New Evidence Based on Processing Time,” Bin Wei and Feng Zhao investigate a dimension about which very little is known, the time to process a loan… Read More »Paper Spotlight: Racial Disparities in Mortgage Lending: New Evidence Based on Processing Time

We are grateful to our retiring associate editors: Carola Frydman Victoria Ivashina Daniel Paravisini And we welcome our incoming associate editors: Amil Dasgupta (London School of Economics) Sabrina Howell (New York University) Rawley Heimer (Boston College) Constantine Yannelis (Chicago Booth School of Business) Ayako Yasuda (UC Davis) Alminas Zaldokas (Hong Kong University of Science and Technology) Changes are effective July 1.

            Fostering diversity implies inclusiveness and support of LGBTQ+ communities. LGBTQ+ issues have been the subject of deep and polarized debates in the wider society. Corporations, being an integral component of society, need to make important choices on this polarizing topic. It should be no surprise that the corporate world has produced examples of firms that have been open about their support to the LGBTQ+ community… Read More »Paper Spotlight: Determinants of LGBTQ+ Corporate Policies

“Equity Issuance Methods and Dilution” by Mike Burkart and Hongda Zhong “Delegated Investment Management in Alternative Assets” by Aleksandar  Andonov

              The gender pay gap is one glaring example of discrimination. Some states, though, have adopted salary history bans to limit the perpetuation of previous discrimination. In the presence of salary history bans, employers cannot request and utilize a job candidate’s previous salary information. However, such bans have a possible unintended consequence: preventing potential employers from being able to observe worker productivity—that is, blocking… Read More »Paper Spotlight: Hidden Performance: Salary History Bans and the Gender Pay Gap