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Can Human Capital Explain Income-based Disparities in Financial Services?
No full textResearch shows that access to high-quality financial services varies with local income and wealth. We study how financial firms\u27 internal allocation of human capital contributes to these disparities. Using a near-comprehensive panel of over 350,000 U.S. mortgage loan officers, we document large and persistent differences in productivity and performance. We find that firms\u27 hiring and promotion practices allocate workers with less experience or poor track records to branches serving low-income customers. Further, the consequences of poor performance differ by location: low sales, bad loans, and misconduct are more tolerated in low-income branches, exacerbating income-based disparities in financial services
President Rutherford B. Hayes and Gilded Age Politics
Get PDFKelsey Smith explores the often-overlooked politics of the Gilded Age, focusing on President Rutherford B. Hayes. Contrary to the era\u27s reputation for corruption, Smith argues that Hayes worked diligently to reform civil service and address political corruption. Through Hayes\u27 efforts, the groundwork for the modern Progressive Era\u27s political developments was laid
Chinese Defense Acquisition: Domestic Development, International Trade, and Foreign Relations
Get PDFTracy Nelson explores the evolution of China\u27s defense acquisition policies and their impact on the nation\u27s military strategies. The paper examines domestic challenges, reliance on foreign technologies, and the implications of modernized military capabilities for China\u27s global aspirations
Bond Price Fragility and the Structure of the Mutual Fund Industry
No full textWe conjecture that mutual funds with large shares of outstanding bond issues are more inclined to internalize the negative price spillovers of fire sales and thus sell their holdings in those issues, to a lower extent, when they experience redemptions. We provide evidence consistent with this conjecture and further show that ownership concentration limits bonds’ exposures to flow-induced fire sales. We exploit variation in negative spillovers arising from the Fed’s SMCCF to confirm the economic mechanism and explore our findings’ implications for fund performance and fire-sale spillovers to other funds
Thriving in College: International, First-Generation, and Transfer Students
Get PDFUnderrepresented-student groups experience unique challenges throughout their college experience, the impacts of which can be assessed by measuring students’ levels of thriving. The purpose of this study was to understand the thriving of underrepresented college students—first-generation, international, and transfer students, specifically. To understand this, we sought to measure students’ thriving levels and determine the experiences contributing to or detracting from their perception of thriving. This study utilized a sequential exploratory design using the established 72-item thriving quotient survey to measure students’ overall thriving levels. In addition, the study utilized a qualitative content analysis on an open-ended question asking participants to describe contributory experiences. The results show variation among first-generation, international, and transfer students. Our findings reveal first-generation students to have the lowest overall levels of thriving among the underrepresented-student groups, international students to suffer most in social connectedness, and transfer students to be thriving the most. Finally, our content analysis reveals six emergent themes of experiences contributing to the students’ perception of their thriving levels: university support, policies, and procedures; faculty and assignments; life events; concern over money and finances; self-confidence; and belonging
