Tate Economic Research Papers

Zoning and the Economic Geography of Cities

Allison Shertzer, Tate Twinam, Randall P. Walsh

NBER Working Paper No. 22658
Issued in September 2016
NBER Program(s):Environment and Energy Economics, Public Economics

Comprehensive zoning is ubiquitous in U.S. cities, yet we know surprisingly little about its long-run impacts. We provide the first attempt to measure the causal effect of land use regulation over the long term, using as our setting Chicago’s first (1923) comprehensive zoning ordinance. Our results indicate that zoning has had a broader and more significant impact on the spatial distribution of economic activity than was previously believed. In particular, zoning may be more important than either geography or transportation networks – the workhorses of urban economic geography models – in explaining where commercial and industrial activity are located.

Acknowledgments

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Document Object Identifier (DOI): 10.3386/w22658

Published: Allison Shertzer & Tate Twinam & Randall P. Walsh, 2018. "ZONING AND THE ECONOMIC GEOGRAPHY OF CITIES," Journal of Urban Economics, .

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Superstar CEOs

Ulrike Malmendier, Geoffrey Tate

NBER Working Paper No. 14140
Issued in June 2008
NBER Program(s):Corporate Finance, Law and Economics, Labor Studies

Compensation, status, and press coverage of managers in the U.S. follow a highly skewed distribution: a small number of 'superstars' enjoy the bulk of the rewards. We evaluate the impact of CEOs achieving superstar status on the performance of their firms, using prestigious business awards to measure shocks to CEO status. We find that award-winning CEOs subsequently underperform, both relative to their prior performance and relative to a matched sample of non-winning CEOs. At the same time, they extract more compensation following the award, both in absolute amounts and relative to other top executives in their firms. They also spend more time on public and private activities outside their companies, such as assuming board seats or writing books. The incidence of earnings management increases after winning awards. The effects are strongest in firms with weak governance, even though the frequency of obtaining superstar status is independent of corporate governance. Our results suggest that the ex-post consequences of media-induced superstar status for shareholders are negative.

Acknowledgments

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Document Object Identifier (DOI): 10.3386/w14140

Published: Ulrike Malmendier & Geoffrey Tate, 2009. "Superstar CEOs," The Quarterly Journal of Economics, MIT Press, vol. 124(4), pages 1593-1638, November. citation courtesy of

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