Showing papers by "Stockholm School of Economics published in 2016"

Genome-wide association study identifies 74 loci associated with educational attainment

Abstract: Educational attainment is strongly influenced by social and other environmental factors, but genetic factors are estimated to account for at least 20% of the variation across individuals. Here we report the results of a genome-wide association study (GWAS) for educational attainment that extends our earlier discovery sample of 101,069 individuals to 293,723 individuals, and a replication study in an independent sample of 111,349 individuals from the UK Biobank. We identify 74 genome-wide significant loci associated with the number of years of schooling completed. Single-nucleotide polymorphisms associated with educational attainment are disproportionately found in genomic regions regulating gene expression in the fetal brain. Candidate genes are preferentially expressed in neural tissue, especially during the prenatal period, and enriched for biological pathways involved in neural development. Our findings demonstrate that, even for a behavioural phenotype that is mostly environmentally determined, a well-powered GWAS identifies replicable associated genetic variants that suggest biologically relevant pathways. Because educational attainment is measured in large numbers of individuals, it will continue to be useful as a proxy phenotype in efforts to characterize the genetic influences of related phenotypes, including cognition and neuropsychiatric diseases.

Evaluating replicability of laboratory experiments in economics

Abstract: The replicability of some scientific findings has recently been called into question. To contribute data about replicability in economics, we replicated 18 studies published in the American Economic Review and the Quarterly Journal of Economics between 2011 and 2014. All of these replications followed predefined analysis plans that were made publicly available beforehand, and they all have a statistical power of at least 90% to detect the original effect size at the 5% significance level. We found a significant effect in the same direction as in the original study for 11 replications (61%); on average, the replicated effect size is 66% of the original. The replicability rate varies between 67% and 78% for four additional replicability indicators, including a prediction market measure of peer beliefs.

Genetic variants associated with subjective well-being, depressive symptoms, and neuroticism identified through genome-wide analyses

Abstract: Very few genetic variants have been associated with depression and neuroticism, likely because of limitations on sample size in previous studies. Subjective well-being, a phenotype that is genetically correlated with both of these traits, has not yet been studied with genome-wide data. We conducted genome-wide association studies of three phenotypes: subjective well-being (n = 298,420), depressive symptoms (n = 161,460), and neuroticism (n = 170,911). We identify 3 variants associated with subjective well-being, 2 variants associated with depressive symptoms, and 11 variants associated with neuroticism, including 2 inversion polymorphisms. The two loci associated with depressive symptoms replicate in an independent depression sample. Joint analyses that exploit the high genetic correlations between the phenotypes (|ρ^| ≈ 0.8) strengthen the overall credibility of the findings and allow us to identify additional variants. Across our phenotypes, loci regulating expression in central nervous system and adrenal or pancreas tissues are strongly enriched for association.

Genome-wide analysis identifies 12 loci influencing human reproductive behavior

Abstract: The genetic architecture of human reproductive behavior-age at first birth (AFB) and number of children ever born (NEB)-has a strong relationship with fitness, human development, infertility and risk of neuropsychiatric disorders However, very few genetic loci have been identified, and the underlying mechanisms of AFB and NEB are poorly understood We report a large genome-wide association study of both sexes including 251,151 individuals for AFB and 343,072 individuals for NEB We identified 12 independent loci that are significantly associated with AFB and/or NEB in a SNP-based genome-wide association study and 4 additional loci associated in a gene-based effort These loci harbor genes that are likely to have a role, either directly or by affecting non-local gene expression, in human reproduction and infertility, thereby increasing understanding of these complex traits

Corporate Scandals and Household Stock Market Participation

Abstract: We show that, after the revelation of corporate fraud in a state, household stock market participation in that state decreases. Households decrease holdings in fraudulent as well as nonfraudulent firms, even if they do not hold stocks in fraudulent firms. Within a state, households with more lifetime experience of corporate fraud hold less equity. Following the exogenous increase in fraud revelation due to Arthur Andersen's demise, states with more Arthur Andersen clients experience a larger decrease in stock market participation. We provide evidence that the documented effect is likely to reflect a loss of trust in the stock market. [ABSTRACT FROM AUTHOR]

Rapid and Near Real-Time Assessments of Population Displacement Using Mobile Phone Data Following Disasters: The 2015 Nepal Earthquake.

Abstract: INTRODUCTION: Sudden impact disasters often result in the displacement of large numbers of people. These movements can occur prior to events, due to early warning messages, or take place post-event due to damages to shelters and livelihoods as well as a result of long-term reconstruction efforts. Displaced populations are especially vulnerable and often in need of support. However, timely and accurate data on the numbers and destinations of displaced populations are extremely challenging to collect across temporal and spatial scales, especially in the aftermath of disasters. Mobile phone call detail records were shown to be a valid data source for estimates of population movements after the 2010 Haiti earthquake, but their potential to provide near real-time ongoing measurements of population displacements immediately after a natural disaster has not been demonstrated. METHODS: A computational architecture and analytical capacity were rapidly deployed within nine days of the Nepal earthquake of 25th April 2015, to provide spatiotemporally detailed estimates of population displacements from call detail records based on movements of 12 million de-identified mobile phones users. RESULTS: Analysis shows the evolution of population mobility patterns after the earthquake and the patterns of return to affected areas, at a high level of detail. Particularly notable is the movement of an estimated 390,000 people above normal from the Kathmandu valley after the earthquake, with most people moving to surrounding areas and the highly-populated areas in the central southern area of Nepal. DISCUSSION: This analysis provides an unprecedented level of information about human movement after a natural disaster, provided within a very short timeframe after the earthquake occurred. The patterns revealed using this method are almost impossible to find through other methods, and are of great interest to humanitarian agencies. Language: en

Unveiling hidden migration and mobility patterns in climate stressed regions: A longitudinal study of six million anonymous mobile phone users in Bangladesh

Abstract: Climate change is likely to drive migration from environmentally stressed areas. However quantifying short and long-term movements across large areas is challenging due to difficulties in the collection of highly spatially and temporally resolved human mobility data. In this study we use two datasets of individual mobility trajectories from six million de-identified mobile phone users in Bangladesh over three months and two years respectively. Using data collected during Cyclone Mahasen, which struck Bangladesh in May 2013, we show first how analyses based on mobile network data can describe important short-term features (hours–weeks) of human mobility during and after extreme weather events, which are extremely hard to quantify using standard survey based research. We then demonstrate how mobile data for the first time allow us to study the relationship between fundamental parameters of migration patterns on a national scale. We concurrently quantify incidence, direction, duration and seasonality of migration episodes in Bangladesh. While we show that changes in the incidence of migration episodes are highly correlated with changes in the duration of migration episodes, the correlation between in- and out-migration between areas is unexpectedly weak. The methodological framework described here provides an important addition to current methods in studies of human migration and climate change.

If Advertising Won't Die, What Will It Be? Toward a Working Definition of Advertising

Abstract: Answering recent calls for a new definition of advertising, we identify three dynamics—(new) media and formats, (new) “consumer” behaviors, and extended effects of advertising—that drive the evolution of advertising. Based on these, and a survey of advertising academics and professionals, we formulate an updated working definition of advertising as “brand-initiated communication intent on impacting people.” We also test and validate this definition and the three dynamics in a content analysis of recently published advertising research (2010 to 2015). In doing so, we hope to contribute to a more diverse and contemporary development of advertising research.

Subjective Well-Being and Its Association with Subjective Health Status, Age, Sex, Region, and Socio-economic Characteristics in a Chinese Population Study

Abstract: This study analyse how subjective well-being (SWB) in a Chinese population varies with subjective health status, age, sex, region and socio-economic characteristics. In the Household Health Survey 2010, face-to-face interviews were carried out in urban and rural counties in eastern, middle and western areas of China (n = 8,000, aged 15–102 years). To measure subjective health status, a global self-rated health question, the EQ-5D descriptive system, and a visual analogue scale of health status was included. To measure SWB, a validated Chinese version of a question on self-reported happiness, adopted from the World Values Survey, was included. SWB increased with socio-economic status (income and education), and was lower among unemployed individuals and divorced individuals. SWB also increased strongly with subjective health status. When health status was divided into different dimensions using the EQ-5D, the anxiety/depression dimension was the most important dimension for SWB. The reported SWB was also higher in rural counties than in urban counties in the same area, after controlling for socio-economic characteristics and subjective health status.

Exploring Strategy: Text and Cases

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Genetic variants linked to education predict longevity

Abstract: Educational attainment is associated with many health outcomes, including longevity It is also known to be substantially heritable Here, we used data from three large genetic epidemiology cohort studies (Generation Scotland, n = ∼17,000; UK Biobank, n = ∼115,000; and the Estonian Biobank, n = ∼6,000) to test whether education-linked genetic variants can predict lifespan length We did so by using cohort members' polygenic profile score for education to predict their parents' longevity Across the three cohorts, meta-analysis showed that a 1 SD higher polygenic education score was associated with ∼27% lower mortality risk for both mothers (total ndeaths = 79,702) and ∼24% lower risk for fathers (total ndeaths = 97,630) On average, the parents of offspring in the upper third of the polygenic score distribution lived 055 y longer compared with those of offspring in the lower third Overall, these results indicate that the genetic contributions to educational attainment are useful in the prediction of human longevity

Firm Dynamics, Job Turnover, and Wage Distributions in an Open Economy

Abstract: This paper explores the effects of tariffs, trade costs, and firing costs on firm dynamics and labor markets outcomes. The analysis is based on a general equilibrium model with labor market search frictions, wage bargaining, firing costs, firm-specific productivity shocks, and endogenous entry/exit decisions. Firing costs reduce firms’ profits and discourage them from quickly adjusting their employment levels in response to idiosyncratic shocks. Tariffs and other trade costs reduce rents for efficient firms and increase rents for inefficient firms, as in Melitz (2003). These well-known effects interact with idiosyncratic productivity shocks and with scale economies in hiring costs to determine the equilibrium size distribution of firms, entry/exit rates, job turnover rates, rate of informality, and cross-firm wage distributions.

Precautionary Savings, Retirement Planning and Misperceptions of Financial Literacy

Abstract: We measure financial literacy among LinkedIn members, complementing standard questions with additional questions that allow us to gauge self-perceptions of financial literacy. Average financial literacy is surprisingly low given the demographics of our sample: fewer than two-thirds of CFOs, CEOs, and COOs complete the test correctly. Financial literacy, precautionary savings and retirement planning are positively correlated, but this is mostly driven by perceived, not actual, literacy: controlling for self-perceptions, actual literacy has low predictive power. Perceptions drive decision-making among low-literacy respondents and are associated with mistaken beliefs about financial products and less willingness to accept financial advice.

Can Nudges Be Transparent and Yet Effective

Abstract: ‘Nudges’ receive growing attention as an effective strategy to alter people's decisions without significantly changing economic incentives or limiting options. However, being often very subtle and covert, nudges are also criticized as unethical. By not being transparent about the intention to influence individual choice they might be perceived as limiting freedom of autonomous actions and decisions. So far, empirical research on this issue is scarce. In this study, we investigate whether nudges can be made transparent without limiting their effectiveness. For this purpose, we conduct a laboratory experiment where we ‘nudge’ contributions to carbon emission reduction by introducing a default value. We test how different types of transparency (i.e. knowledge of the potential influence of the default, its purpose, or both) influence the effect of the default. Our findings demonstrate that the default increases contributions, and information on the potential influence combined with the purpose of the default, or just its purpose, do not significantly affect contributions. Findings are somewhat inconclusive with respect to information on the potential behavioral influence. Furthermore, we do not find evidence that psychological reactance interrelates with the influence of transparency. Generally, our findings support the policy-relevant claim that nudges (in the form of defaults) can be transparent and yet effective.

Intuition and Moral Decision-Making - The Effect of Time Pressure and Cognitive Load on Moral Judgment and Altruistic Behavior.

Abstract: Do individuals intuitively favor certain moral actions over others? This study explores the role of intuitive thinking—induced by time pressure and cognitive load—in moral judgment and behavior We conduct experiments in three different countries (Sweden, Austria, and the United States) involving over 1,400 subjects All subjects responded to four trolley type dilemmas and four dictator games involving different charitable causes Decisions were made under time pressure/time delay or while experiencing cognitive load or control Overall we find converging evidence that intuitive states do not influence moral decisions Neither time-pressure nor cognitive load had any effect on moral judgments or altruistic behavior Thus we find no supporting evidence for the claim that intuitive moral judgments and dictator game giving differ from more reflectively taken decisions Across all samples and decision tasks men were more likely to make utilitarian moral judgments and act selfishly compared to women, providing further evidence that there are robust gender differences in moral decision-making However, there were no significant interactions between gender and the treatment manipulations of intuitive versus reflective decision-making

How users shape markets

Abstract: The purpose of this article is to elaborate conceptually on the user–market relationship. Existing research reports a limited user–market relationship, which simultaneously exaggerates and underplays user influence on markets. Assuming a constructivist market studies (CMS) perspective, we argue that the scope of the user–market relationship is broader than developing offers and uses. We conceptualize market shaping as five interrelated subprocesses in which users may be involved as agents: qualifying goods, fashioning modes of exchange, configuring actors, establishing market norms and generating market representations. The extent of user influence in these subprocesses is likely to vary both within a specific market and across markets. By identifying conditions conducive to user involvement in each subprocess, we lay the foundation for empirical research into how users shape markets.

Covenant-Light Contracts and Creditor Coordination

Abstract: In 2015, 70% of newly-issued leveraged loans had weaker enforcement features, called covenant-light or “cov-lite;” this is nearly a three-time increase in cov-lite issuance compared to a previous peak in 2007. We evaluate whether this development can be attributed to market overheating, increased borrower demand for cov-lite loans, or a rise in creditor coordination costs. The last hypothesis stems from the increasing involvement of non-bank institutions and, in particular, the rise of mutual fund participation in the leveraged loan market after the financial crisis. Based on the wider syndication, (narrower) skills, and diverse incentives of non-bank institutional lenders, optimal contracts between them and corporate borrowers likely involve fewer monitoring tools and weaker control rights. We evaluate these explanations of cov-lite contract provisions in a large sample of U.S. loans for the 2001-2014 period. Consistent with creditor-driven explanations for cov-lite issuance, we show that cov-lite prices compress as the prevalence of cov-lite rises. Time patterns in cov-lite issuance closely match inflows to institutional lenders, and at a given time, cov-lite loans are, overwhelmingly, those with the highest ownership by structured products and/or mutual funds. The number and share of structured products and mutual funds also impact the propensity toward other contractual features that influence when and how creditors have control. However, these factors are less relevant in explaining the strength of restrictions on indebtedness, liens, payments, or assets sales.

Studying exit from entrepreneurship: New directions and insights

Abstract: Research on entrepreneurial exit has established itself as a more recognized component of the entrepreneurial process and a distinctive domain of entrepreneurship research. Despite the progress made, there still exists important topics within entrepreneurial exit where scholarly understanding is scant. This special issue discusses new and open topics of research on entrepreneurial exit. Three papers examine three such topics including pricing intentions of exiting entrepreneurs, exit considerations among angel investors, and the relationship between exit and failure in new ventures.

Jumping on the blockchain bandwagon: Lessons of the past and outlook to the future

Abstract: The panel focuses on blockchain, the technology behind Bitcoin and Ethereum. The topic has drawn much attention recently in both business and academic circles. The blockchain is a distributed, immutable digital record system that is shared among many independent parties and can be updated only by their consensus. If unbiased and incorruptible blockchain-based information systems become prevalent repositories of our records, trusting other humans with constructing and maintaining key records to define the resources at our disposal could become unnecessary. In principle, blockchain could provide a decentralized information infrastructure that no one fully controls, thereby no one has absolute power and no one can distort past or current records. The full potential let alone implications of blockchain is still unknown. The panel explores blockchain challenges and opportunities from the IS research perspective.

The Labor Market Effects of Credit Market Information

Abstract: Credit information affects the allocation of consumer credit, but its effects on other markets that are relevant for academic and policy analysis are unknown. This paper measures the effect of negative credit information on the employment and earnings of Swedish individuals at the margins of the formal credit and labor markets. We exploit a policy change that generates quasi-exogenous variation in the retention time of past delinquencies on credit reports and estimate that one additional year of negative credit information causes a reduction in wage earnings of $1,000. In comparison, the decrease in credit is only one-fourth as large. Negative credit information also causes an increase in self-employment and a decrease in mobility. We exploit differences in the information available to employers and banks to show suggestive evidence that this cost of default is borne inefficiently by the relatively more creditworthy individuals among previous defaulters.