We examine the effect of pay transparency on gender pay gap and firm outcomes. This paper exploits a 2006 legislation change in Denmark that requires firms to provide gender disaggregated wage statistics. Using detailed employee-employer administrative data and a difference-in-differences and difference-in-discontinuities designs, we find the law reduces the gender pay gap, primarily by slowing the wage growth for male employees.
The Kenan Institute will host John Allison for an exclusive conversation about leadership with UNC Kenan-Flagler Business School students. Allison is an Executive in Residence at the Wake Forest School of Business, as well as a member of the Cato Institute’s Board of Directors and Chairman of the Executive Advisory Council of the Cato Institute’s Center for Monetary and Financial Alternatives.
Greg Brown, executive director of the Kenan Institute, says policymakers, companies and individuals need to focus on longer-term solutions in order to move forward through the pandemic.
SPACs are hot. But what are they and why should you care? Institute for Private Capital Executive Director Shawn Munday and Kenan Institute of Private Enterprise Executive Director Greg Brown provide an explainer.
CREATE Executive Director Mark Little and Institute of African American Research Director Karla Slocum have been honored with a UNC Office of the Provost Engaged Scholarship Award for their partnership as co-chairs of Black Communities: A Conference for Collaboration.
With a recent report from the United Nations warning that climate change has already begun to cause irreversible damage, experts during the 2022 Kenan Institute Frontiers of Entrepreneurship Conference discussed the role innovation can – and should – be playing to combat these ill effects. This week’s insight explores the topic through Q&A with Dr. Eric Toone, executive managing director and technology lead at Breakthrough Energy Ventures, and Dr. Jacqueline Pless, the Fred Kayne (1960) Career Development Professor of Entrepreneurship at MIT Sloan School of Management.
As the SEC considers rules that would require private equity firms to provide quarterly performance reports to investors, researchers say they should use measurements that compare fund results with stock market benchmarks. Institute Executive Director Greg Brown tells WSJ Pro Private Equity that the method is even more effective if benchmarks are tailored to funds based on risk level.
We quantify the causal effects of humorous banter among three rival fast-food brands on Twitter in the context of a new product launched by one of the rivals (viz, the focal or entrant brand). We argue that Twitter banter can cause a surge in online search that in turn leads to higher offline sales.
Markets today are flooded with an increasing number of products and brands, making it difficult for companies to track how their products compete in the market. In this article, the authors describe how they used clickstream data to visualize competition in product categories containing more than 1,000 products.
We use a search and matching model to study the heterogeneous welfare effects of housing market illiquidity due to mortgage lock-in over the lifecycle. We find that younger home buyers are disproportionately affected by mortgage lock-in, which disrupts their typical pattern of moving to higher-quality neighborhoods.
When financially distressed firms have overwhelming debts, a prominent option for survival is to file for Chapter 11 bankruptcy protection. We empirically study the effect of Chrysler’s Chapter 11 bankruptcy filing on the quantity sold by its competitors in the U.S. auto industry.
We explore the effect of the interplay between a firm's external and internal actions on market value in the context of corporate social responsibility (CSR). Specifically, drawing from the neo-institutional theory, we distinguish between external and internal CSR actions and argue that they jointly contribute to the accumulation of intangible firm resources and are therefore associated with better market value.
This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers’ overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price, and end of first day of trading).
Outsourcing, which involves business-to-business arm’s-length exchanges with suppliers to supplement in-house activities, has grown internationally in scope with the advent of offshore outsourcing in which firms outsource business processes to be executed by suppliers in other countries.
Marketing academics are keenly aware of the seismic shifts in today's marketing environment caused by digital (dis)intermediation. In this article, we discuss four types of digital (dis)intermediation, and how they affect branding activities of incumbents and new firms.
Perceived integrity of managers affects employee attitudes. Yet its impact on employee behavior and organizational performance is unknown. Addressing this gap, we examine the effect of perceived integrity in leadership on both subjective firm performance and objective employee productivity.
Firms initiating broad-based employee share ownership plans often claim employee stock ownership plans (ESOPs) increase productivity by improving employee incentives. Do they? Small ESOPs comprising less than 5% of shares, granted by firms with moderate employee size, increase the economic pie, benefiting both employees and shareholders. The effects are weaker when there are too many employees to mitigate free-riding.
In the sales process in business markets, customers often are assisted by two types of sales reps: customer-focused reps (CSRs) and operations-focused reps (OSRs), who work together to ensure smooth buying experiences. Because these reps work jointly, selling firms often evaluate reps’ performance according to overall output, without assessing or quantifying their respective individual contributions to customer buying decisions. The authors of this study propose using value-added metrics that pertain to three drivers of value: (1) CSRs, (2) OSRs, and (3) the interface between CSRs and OSRs. This approach leverages variations in CSR–OSR combinations and produces both individual CSR–OSR and dyadic or interface value-added metrics. To address the empirical challenges (i.e., limited variations in CSR–OSR combinations), they use empirical Bayes random effect estimation to produce best linear unbiased prediction.
We explore whether the actions of one regulator can affect the efficacy of another regulator. We investigate this idea in the context of environmental enforcement, which is a primary mechanism to combat industrial pollution and climate change. Specifically, we examine whether bank regulatory oversight affects the ability of environmental enforcement to reduce industrial emissions. We predict that bank regulatory oversight can constrain the availability of bank loans, hindering firms' ability to obtain financing for greener technologies and thus mitigating the efficacy of environmental enforcement.