Reusing Natural Experiments

Heath, Davidson; Ringgenberg, Matthew C.; Samadi, Mehrdad; Werner, Ingrid M.

doi:10.2139/ssrn.3457525

Cited by 22 publications

(12 citation statements)

References 50 publications

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“…The t-stats of this table remain significant after applying multiple hypothesis correction as suggested inHeath et al (2020).19 Panel C of Table1shows that COVERAGE is highly correlated with LNSIZE, LNBM, and SP500.…”

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confidence: 84%

Do investors affect financial analysts’ behavior? Evidence from short sellers

Sheng

et al. 2022

Financial Management

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We examine how short sellers affect financial analysts' forecast behavior using a natural experiment that relaxes short-sale constraints. We find that increased ease of short selling improves analyst earnings forecast quality by reducing forecast bias and increasing forecast accuracy. The improvements can be explained by both the disciplining pressure from short sellers and increased price efficiency from incorporating information in a timely manner. Although

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confidence: 84%

Do investors affect financial analysts’ behavior? Evidence from short sellers

Sheng

et al. 2022

Financial Management

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“…One concern related to statistical inference is that we examine the association between SRI ownership and firm behavior across a large number of outcome variables. If uncorrected, this multiple-testing can lead to a large number of false positive findings (Heath, Ringgenberg, Samadi, & Werner, 2021). To account for this, we present both naive (i.e.…”

Section: A1 Sri Funds and Firm-level Environmental Behaviormentioning

confidence: 99%

Does Socially Responsible Investing Change Firm Behavior?

et al. 2021

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“…The dependent variable is the annualized log change in the number of blue-collar jobs (column 1), white-collar jobs (column 2), wages (column 3), sales (column 4), and investment (column 5) in SIC4 industry j Note that in Table 6 we use the same instrument to study the effects of trade protection on different outcome variables. As explained by Heath et al (2019), this may lead researchers to over-reject the null (an increase in the number of Type I errors), resulting in biased causal inferences. To account for this, we use the procedure developed by Wolf (2005, 2016) that controls for the family-wise error rate (probability of making at least one false rejection among the hypotheses) and the dependence across tests.…”

Section: Other Outcome Variablesmentioning

confidence: 99%

Trade Protection Along Supply Chains

et al. 2020

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During the last decades, the United States has applied increasingly high trade protection against China. We combine detailed information on US antidumping (AD) duties-the most widely used trade barrier -with US input-output data to study the effects of trade protection along supply chains. To deal with endogeneity concerns, we propose a new instrument for AD protection, which combines exogenous variation in the political importance of industries with their historical experience in AD proceedings. We find that tariffs have large negative effects on downstream industries, decreasing employment, wages, sales, and investment. Our baseline estimates for 1988-2016 indicate that, due to AD protection against China, around 1.8 million US jobs were lost in downstream industries, with no significant job gains in protected sectors. When we extend the analysis to measures introduced under President Trump, we find that around 500,000 jobs were lost during the first two years of his term. We also provide evidence of the mechanisms behind the negative effects of protection along supply chains: AD duties decrease imports and raise production costs for downstream industries.

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Reusing Natural Experiments

Cited by 22 publications

References 50 publications

Do investors affect financial analysts’ behavior? Evidence from short sellers

Do investors affect financial analysts’ behavior? Evidence from short sellers

Does Socially Responsible Investing Change Firm Behavior?

Trade Protection Along Supply Chains

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