In this research, the authors present evidence of a “lost cohort” of individuals born in the mid-to-late 1960s—individuals who reached the prime crime age of their twenties in the 1980s—who have higher rates of prison admission and arrests throughout their lives compared to the generations before and after theirs. In short, the authors identify that incarceration policies may have a deterrent effect on future generations, but these policies also have a punitive effect immediately after enactment.
This research examines the effect of political activity on a firm’s value by analyzing the impact of a policy change that increased public disclosure requirements associated with lobbying. In 2007, Congress passed the Honest Leadership and Open Government (HLOG) Act to close loopholes left by previous legislation. The study’s authors use the Act as a negative shock to the effectiveness of lobbying to examine how the stock prices of firms that lobby were impacted surrounding passage of the [...]
Concerns about governmental insider trading stem from the possibility that government officials may have access to non-public information that allows them to benefit financially.
The growth of the sharing economy has challenged not only traditional regulatory approaches but also traditional notions about how regulations are made and enforced. This paper uses the overlapping regulatory approaches in the vehicle-for-hire industry to create a taxonomy for better understanding regulation that accounts for both public and private enforcement as well as those regulations that are both planned and emergent.
This working paper contributes to the discussion about Social Security reform by developing a new measure of the progressivity of a Social Security system. The authors use this new measure to show that the growing gap in life expectancy between low-income and high-income Americans reduces the progressivity of the Social Security system by approximately three-quarters.