the impact of the london olympics announcement on property prices this study estimates the impact of the london 2012 olympics announcement on property prices using a self constructed dataset of a sample of property transactions it is estimated that properties in host boroughs are sold between 2 1 and 3 3 per cent higher depending on the definition of the impact area a similar investigation based on radius rings suggests that properties up to three miles away from the main olympic stadium sell for 5 per cent higher it is estimated that the overall impact on the price of properties in host boroughs amounts to 1 4 billion having substantial social and financial implications for existing residents

distinctively different a new approach to valuing architectural amenities we propose a method to estimate the capitalized value of the architectural design quality of a neighbourhood our economic design premium is identified by spatially differentiating property prices and design quality within neighbourhoods and comparing the differences across neighbourhoods we apply our method to 47 conservation area neighbourhoods in england in which we analyse around 7900 property transactions and interview more than 500 residents we find a capitalization effect of about 25 4 38 7k associated with a one step increase on a five step scale ranging from not at all distinctive to very distinctive our results suggest that this effect is at least partially driven by an architectural externality

financial development and the occurrence of banking crises abstract we perform an in depth analysis of the effect of different dimensions of financial development on the occurrence of banking crises horse race estimations carried out on a large dataset of 113 banking crises in 112 countries reveal that the growth of m3 gdp and the level of banks credits deposits increase the occurrence of banking crises while the growth and sometimes the volatility of the ratio of banks assets to the sum of banks and the central bank s assets decrease it in addition we do not find a significant effect of banks credits gdp finally we unveil heterogeneities related to nonlinearities in the effect of financial development the time span for the pre crisis dynamics of financial development and the level of economic development our results suggest that only some dimensions of financial development are significantly associated with the occurrence of banking crises

legal political pressures and african american access to managerial jobs prior work on equal employment opportunity tends to focus on a limited set of factors that influence change in organizational structures and policies this article considers a broader set of potent

assessing systemic risk due to fire sales spillover through maximum entropy network reconstruction abstract monitoring and assessing systemic risk in financial markets is of great importance but it often requires data that are unavailable or available at a very low frequency for this reason systemic risk assessment with partial information is potentially very useful for regulators and other stakeholders in this paper we consider systemic risk due to fire sales spillovers and portfolio rebalancing by using the risk metrics defined by greenwood et al 2015 by using a method based on the constrained minimization of the cross entropy we show that it is possible to assess aggregated and single bank s systemicness and vulnerability using only the information on the size of each bank and the capitalization of each investment asset we also compare our approach with an alternative widespread application of the maximum entropy principle allowing to derive graph probability distributions and generating scenarios and we use it to propose a statistical test for a change in banks vulnerability to systemic events

producing change or bagging opportunity the effects of discrimination litigation on women in supermarket management despite women s advancement in the workplace over the past 40 years their representation in top level positions remains disproportionately low relative to that of men this raises the question of what factors drive greater gender equality in managerial ranks using national equal employment opportunity eeo 1 data for the supermarket industry this article proposes that high profile sex discrimination lawsuit filings provide the type of intense pressure that leads to increased female managerial representation results from fixed effects models demonstrate the significance of litigation in the short and long run especially for women employed by supermarkets located in the most progressive u s appellate court jurisdictions the findings also provide support for a normative effect on change based on regional variation in public orientation toward gender equality

the price of victory the impact of the olympic games on residential real estate markets the olympic games have come to be viewed as an unprecedented opportunity to leverage a short term event into a long term positive legacy although the olympics are assumed to yield economic benefits there has been no rigorous analysis of the impact of hosting on residential real estate markets utilising a substantial dataset for six host cities and comparable cities between 1984 and 2000 this paper employs an adjusted interrupted time series approach to estimate the house price impacts of hosting the olympic games the results suggest that the olympics are not a one size fits all economic development strategy and that potential outcomes are dependent on a number of factors including the co ordination of planning and olympic related development and the relative scale of the total olympic investment

banking crises and liquidity in a monetary economy abstract this study investigates banks liquidity provision using the lagos and wright model of monetary exchange with aggregate uncertainty we show that banks sometimes exhaust their cash reserves and fail to satisfy their depositors needs for consumption smoothing we also show that banking crises can be eliminated by a rate of return equalizing policy under perfect risk sharing but the first best outcome can be only achieved with the friedman rule these results cannot be obtained with other monetary models e g overlapping generations models we also derive a rich array of non trivial effects of inflation on equilibrium deposits the probability of banking crises and banks portfolios

examining managerial displacement the research reported used a longitudinal analysis to compare the displacement experience of managers with that of other employees and to examine the factors associated with managerial job loss jo

compensating differentials and the social benefits of the nfl abstract we use hedonic rent and wage equations to measure compensating differentials in central cities and metropolitan areas with franchises of the national football league rents are about 8 percent higher in the central cities but this impact may not carry over to broader geographical areas wages are about 2 percent lower in areas with teams but the standard error on this parameter is large the central city results indicate that sports franchises appear to be a public good once these quality of life benefits are included in the calculus the large public expenditure on new stadiums appears to be a good investment for cities and their residents

women and affirmative action abstract this paper reviews evidence indicating that as it has been enforced so far affirmative action has contributed negligibly to women s progress in the workplace affirmative action can be modeled as a tax on employers whose female employment growth falls below a certain rate clearly if labor supply shifts result in female employment growth greater than the regulatory standard the tax constraint will not be binding as we shall see this may help explain an affirmative action program that is generally ineffective for women although it has been effective for minorities federal anti bias policies in general and the system of affirmative action goals in particular have been accused of instituting employment quotas this paper reviews evidence on the homogenization of the workplace predicted by the quota theory as well as considering more direct evidence on whether affirmative action goals are really quotas in lambs clothing i shall also review the slim evidence on the most fundamental and co

consumption benefits of national hockey league game trips estimated from revealed and stated preference demand data this paper examines the demand for hockey game trips among metropolitan and nonmetropolitan residents of alberta canada using data on both revealed and stated preference game trip behavior from a telephone survey conducted throughout alberta we estimate the effect of ticket prices team quality arena amenities and capacity on the latent demand for national hockey league hockey games we nd that lower ticket prices higher team quality and additional capacity encourage attendance in the status quo scenario consumer surplus per game is 50 for those who had attended hockey games and about 50 less for those who had not attended games exploiting the stated preference data we develop a number of other consumer surplus estimates we also include travel costs in the estimation of the demand function and estimate the full value of the game trip considering both ticket prices and travel costs sold out arenas in calgary and edmonton generate annual consumption bene ts of 40 and 35 million when only ticket prices are used to calculate consumer surplus i e excluding travel costs considering the full price consumer surplus for the calgary flames of 103 per game trip the annual consumption bene ts may be as high as 82 million jel r22 l83 d61

a direct test of the homevoter hypothesis abstract we propose a methodology that facilitates a direct test of the homevoter hypothesis which posits that homeowners vote in favor of public projects they perceive increase residential property values and against those that do not first we estimate how pre referendum events that signal a higher probability that the public project will be undertaken impact local residential property values before the referendum is held these pre referendum impacts are considered noisy signals to homeowners about the market s assessment of the net marginal benefits of the project second we aggregate these market signals to the precinct level and relate them to precinct level voting results concerning the proposed project we apply this two step approach to the 2004 referendum in arlington texas for a publicly subsidized stadium for the nfl dallas cowboys the analysis supports the homevoter hypothesis and establishes a possible methodology for future evaluations in this small but growing empirical literature

a winning proposition the economic impact of successful national football league franchises it was the best of times and it was the worst of times this classic phrase could be used to describe the period of 1990 through 1993 for fans of the buffalo bills the bills performed well enough to win the american football conference championship four consecutive years but each year the team s season ended with a super bowl defeat the purpose of this study is to determine if fans of successful but not world champion sport teams like the buffalo bills experience economic benefits in conjunction with their team s successes coates and humphreys 2002 examined whether a sports team winning a championship had a positive effect on the real per capita personal income of the local metropolitan area despite examining various measures of success across several different sports 1 coates and humphreys found that the local national football league nfl team winning the super bowl was the only variable that had a significant positive effect on income although matheson 2006 shows evidence contradicting the findings coates and humphreys results are interesting when considered in the context of other similar studies that fail to find a positive effect from the presence of the teams in the city coates and humphreys 1999 2003 the building of stadia for the teams coates and humphreys 1999 or the presence of major events like the super bowl or world cup baade and matheson 2000 2004 matheson and baade 2006 on local income in this paper we use a psychological framework to provide a rationale for the increased economic well being associated with a super bowl victory additionally we rely on the psychological literature and argue that the economic benefits of a winning team should extend beyond just the championship team to the cities of teams that experience seasonal success to examine whether a winning effect can be extended to all teams in the league and is not limited to just the super bowl champion we include the winning percentage of the local nfl team although lacking a formal model the psychological literature suggests multiple individual level processes that may account for the economic impact of winning percentage to test whether the effect is based on increased consumption or increased productivity we estimate our models on the real wage income per capita as well as personal income additionally because the econometric model is a dynamic panel series model a model that can exhibit substantial bias in the coefficients judson and owen 1999 we use the method of arellano and bond 1991 to correct for bias this method also provides insight in regard to the directionality of the winning percentage and personal income relationship specifically that winning percentage drives changes in personal income as opposed to changes in personal income impacting winning percentage in the arellano bond estimations winning percentage is treated as endogenous meaning within the system while the remaining variables are treated as being exogenous as an additional further check we reestimate the model including team salary if the direction of causation flows from income to winning it would be indicated by increases in the coefficient on payroll for the team the results show that even after including team salaries in the model winning percentage still positively impacts income i psychological impact of sport team s success research has consistently demonstrated that people go to great lengths to publicly identify with winning sport teams cialdini et al 1976 cialdini and richardson 1980 end 2001 joinson 2000 wann and branscombe 1990 this tendency to bask in the reflected glory cialdini et al 1976 is related to event specific success a team s victory and global success winning percentage qualifying for play offs etc specifically end et al 2002 found that when sport fans were asked to identify their favorite teams the teams with which they identified had an average winning percentage significantly greater than 50

macroeconomic adjustment and the history of crises in open economies abstract this paper investigates the impact of the history of crises on macroeconomic performance we first study the impact of past banking crises on the probability of a future banking crisis we do not detect a learning process from past banking crises countries that have already experienced one banking crisis generally have a higher likelihood of experiencing another crisis and the depth of the crisis does not appear to be affected by the previous historical experience with crisis events evidence also suggests that in middle income countries higher de jure capital account openness is associated with lower likelihood of a banking crisis a lower ratio of non performing loans during the crisis and higher levels of forgone output in the crisis aftermath in contrast we find that past crisis experience has a significant impact on savings when facing considerable political risk the past does seem to matter countries with more people who were exposed over their lifetime to larger disasters will tend to save more this association however does not hold for countries with more stable political systems

sports led tourism spatial displacement and hotel demand we analyze the relationship between professional sports events and concerts held in la s staples center and nearby hotel performance government led economic redevelopment projects often envision sports facilities as tourist magnets little evidence exists supporting links between sporting events and hotel demand an empirical analysis exploiting exogenous daily variation in the timing of games and concerts from 2002 to 2017 shows a small positive impact on room revenue at hotels within one mile and larger room revenue decrease at hotels located one to 4 miles away the overall impact on hotel room revenue and rooms rented was not positive nearby hotel room rates increased during nba and nhl work stoppages the city granted four new hotels built very near the arena exemptions from occupancy taxes for 20 25 years these exemptions reduced hotel tax revenues by a minimum of 4 5 million annually and may not have been needed to spur new hotel development jel h26 h71 z28

compensating differentials and the social benefits of the nfl a comment abstract in a recent article in this journal carlino and coulson g carlino n e coulson compensating differentials and the social benefits of the nfl journal of urban economics 56 1 2004 25 50 report evidence that the presence of an nfl franchise in a city raises rents in the central part of the city by about 8 we re estimate their model using several reasonable alternative specifications and find that their results are not robust to these changes the presence of an nfl franchise does not appear to increase rents for center city apartments because their results are not robust to alternative model specifications they should not be used to justify public spending for professional sports facilities

compensating differentials and the social benefit of the nfl reply abstract professors coates humphreys and zimbalist provide a set of suggestions for the model we presented in g carlino n e coulson compensating differentials and the social benefits of the nfl journal of urban economics 56 1 2004 25 50 their two main points provide additional evidence of an nfl effect their remaining points are not persuasive

wages rents and the quality of life this study focuses on the role of wages and rents in allocating workers to locations with various quantities of amenities the theory demonstrates that if the amenity is also productive then the sign of the wage gradient is unclear while the rent gradient is positive the theory is extended to include the housing market and nontraded goods these extensions require little modification of the conclusion the empirical work on wages shows that the regional wage differences can be explained largely by these local attributes with the use of site price data implicit prices are estimated and quality of life rankings for the cities are computed

new estimates of quality of life in urban areas implicit markets capture compensation for intraurban and interregional differe nces in amenities and yield differences in housing prices and wages these pecuniary differences become preference based weights in a qual ity of life index hedonic equations are estimated using microdata fr om the 1980 census and assembled county based amenity data on climati c environmental and urban conditions ranking of 253 urban counties reveals substantial variation within as well as among the 185 urba n areas the quality of life differences across counties within one s msa is almost one half of the difference between the top and bottom ranked counties in the nation copyright 1988 by american economic association

are we willing to pay enough to back the bid valuing the intangible impacts of london s bid to host the 2012 summer olympic games using a contingent valuation survey this paper provides the first empirical test of the proposition that intangible impacts might justify hosting major sporting events on cost benefit grounds respondents drawn from london manchester and glasgow were asked for their willingness to pay wtp to host the 2012 olympic games in london on the basis of the intangible impacts that this event might provide annual mean wtp is 22 12 and 11 per year for 10 years in these 3 uk cities respectively an illustrative total uk wtp for intangible impacts is in the region of 2 billion statistical analysis of wtp determinants reveals a range of plausible explanatory factors such as respondents degree of support for the bid

deposit insurance around the world in the past two decades in a series of banking crises around the world banks have become systematically insolvent these crises have occurred in developed and developing economies alike to make such financial system breakdowns less likely and to limit their costs if they occur policymakers feel the need for financial safety nets these include such policies as implicit or explicit deposit insurance a lender of last resort function of the central bank bank insolvency resolution procedures and bank regulation and supervision of these policies explicit deposit insurance has been gaining popularity in recent years since the 1980s the number of countries with explicit deposit insurance schemes almost tripled with most oecd countries and an increasing number of developing economies adopting some form of explicit depositor protection in 1994 deposit insurance became the standard for the newly created single banking market of the european union establishing an explicit deposit insurance scheme became part of the generally accepted best practice advice given to developing economies

once in the door gender tryouts and the initial salaries of managers although women pursue managerial credentials at nearly the same rate as men gender disparities in wages exist because of the shortfall in wages women sustain relative to men at the onset of their careers this article develops a tryout approach to test for the presence of demand side contributions to initial wage inequality while also developing and testing theory on why it may be lessened through internships using detailed data on graduates from an elite management program from 2009 2010 our analyses reveal that internships are associated with the gap in men s and women s initial salaries for men there is no difference in salary offers from employers where an internship occurs versus one where an internship does not occur however women receive higher salaries from employers where an internship first takes place this paper was accepted by olav sorenson organizations

the view at the top or signing at the bottom workplace diversity responsibility and women s representation in management women lag men in their representation in management jobs which negatively affects women s careers and company performance using data from 81 publicly traded firms with more than 2 000 establishments the authors examine the impact of two management structures that may influence gender diversity in management positions the authors find no association between the presence of an hr executive on the top management team a structure envisioned in practice as enhancing diversity but which could instead operate merely symbolically and the proportion of women in management by contrast the authors show a strong positive association between a previously unexamined measure of commitment to diversity the hierarchical rank of the individual certifying the company s required confidential federal eeo 1 report and women s representation in management these findings counter the common perception that the equal employment opportunity commission eeoc regulations are too weak to affect gender diversity the author

the olympic effect why should countries offer to host costly mega events such as the olympic games we show that hosting a mega event increases exports this effect is statistically robust permanent and large trade is over 20 higher for host countries interestingly unsuccessful bids to host the olympics have a similar impact on exports we conclude that the olympic effect on trade is attributable to the signal a country sends when bidding to host the games rather than the act of actually holding a mega event we develop an appropriate formal model and derive conditions under which liberalising countries will signal through a mega event bid

the effect of professional sports on the earnings of individuals evidence from microeconomic data this article examines the impact of professional sports franchises in labour markets using data from the march supplement to the current population survey cps for workers employed in specific occupational groups in all large us cities from 1983 to 2002 results from a standard wage model suggest that professional football franchises increase average hourly and weekly earnings of males employed in these occupations but professional baseball franchises reduce them these results support growing evidence that professional sports affect labour markets however the mixed nature of the association between sport and earnings provides little economic justification for government subsidies for professional sport

accounting for the gap a firm study manipulating organizational accountability and transparency in pay decisions great progress has been made in documenting how employer practices may shape workplace inequality less research attention however has been given to investigating which organizational strategies are effective at addressing gender and racial inequality in labor markets using a unique field study design this article identifies and tests for the first time whether accountability and transparency in pay decisions two popular organizational initiatives discussed among scholars and practitioners may reduce the pay gap by employee gender race and foreign nationality through a longitudinal analysis of a large private company i study the performance based reward decisions concerning almost 9 000 employees before and after high level management adopted a set of organizational procedures introducing accountability and transparency into the company s performance reward system before such procedures were introduced there was an observed gap in the distribution of performance based rewards where women ethnic minorities and non u s born employees received lower monetary rewards compared with u s born white men having the same performance evaluation scores and working in the same job and work unit with the same manager and the same human capital characteristics analyses of the company s employee performance reward data after the adoption of accountability and transparency procedures show a reduction in this pay gap i conclude by discussing the implications of this study for future research about employer strategies targeting workplace inequality and diversity

how you downsize is who you downsize biased formalization accountability and managerial diversity scholars and pundits argue that women and minorities are more likely to lose their jobs in downsizing because of segregation or outright discrimination in contrast this article explores how the f

through the contested terrain implementation of downsizing announcements by large u s firms 1984 to 2005 since the 1980s leading u s firms have announced massive downsizing plans in the name of maximizing shareholder value but some observers are skeptical about how serious firms are in implementing

large sport events and unemployment the case of the 2006 soccer world cup in germany this study analyses on the basis of a multivariate analysis ex post the effects on the jobs market of a soccer world cup in this case the 2006 world cup held in germany in addition to three methods already used for other analyses in studies of sporting events an extended difference in difference estimate is used in order to compare the development of the numbers of unemployed in the 12 world cup venues with the development of the numbers of unemployed in 63 other german cities the results demonstrate that in none of the respective match venues did the effect of the sporting event on unemployment differ significantly from zero

the rise of finance and firm employment dynamics this article sheds light on the ongoing employment stagnation in the united states by investigating the links between the rise of finance and firm employment dynamics during the 1982 2005 period i argue that the rise of finance marginalized the role of labor in revenue generating and sharing processes which led to employment stagnation among the largest nonfinancial firms in the united states evidence suggests that increasing investment in financial assets depresses the workforce size the growing dependence on debt reprioritizes the order of distribution heightening the need for workforce reduction the increasing rewards for shareholders generate a downsize and distribute spiral in which labor expense becomes a primary target of cost cutting strategies further analysis indicates that production and service workers are more vulnerable to shifts associated with the rise of finance than managers and professionals

assessing the olympic games the economic impact and beyond this study reviews the literature on the evaluation of the olympic games within the broader framework of their significance as cultural assets and opportunities for endogenous growth and sustainable development of the host city the study reviews the main approaches to the economic assessment of the games from the point of view of the underlying economic concepts and methodologies as well as of the empirical results obtained it focuses on the effects that are measured and on those which even though important are generally neglected the methodologies utilized for the quantitative assessments of the games are reviewed with special emphasis on impact and cost benefit analysis both on ex ante and ex post basis the studies surveyed are analysed from the point of view of different sets of effects on the host city and for a limited number of cases on the host country while the major focus is on hosting the summer olympics some attention is also paid to the bidding cities the winter olympics and the paralympics the general findings appear to be controversial with some hints of positive overall effects but also with a well documented tendency to exaggerate the benefits and underestimate the costs of holding the games in the ex ante versus the ex post studies the survey finally suggests that ex post cross country econometric studies tend to catch sizable differential and persistent benefits ignored by individual studies especially on macroeconomic and trade variables

anatomy of banking crises in developing and emerging market countries abstract this paper uses a binary classification tree bct model to analyze banking crises in 50 emerging market and developing countries during 1990 2005 the bct model identifies three conditions and the specific threshold of the key indictors at which the vulnerability to banking crisis increases i very high inflation ii highly dollarized bank deposits combined with nominal depreciation or low bank liquidity and iii low bank profitability which highlight that foreign currency risk poor financial soundness and macroeconomic instability are important drivers of banking crises the results also emphasize the importance of conditional thresholds in triggering crises in that banking crises are underlined by a combination of vulnerabilities or a sequence of non linear conditions rather than the deterioration of a unique factor