This dissertation studies three key drivers of economic inequality and mobility. Chapter I shows that scale bias, the extent to which technical change increases the productivity of large relative to small firms, is important for inequality. I develop a tractable framework where people choose to work for wages or earn profits as entrepreneurs and where entrepreneurs choose from a set of available production technologies that differ in their fixed and marginal cost. Large-scale-biased technical change lowers entrepreneurship rates and increases top income inequality, primarily by concentrating business income. Small-scale-biased technical change does the opposite. I show the empirical relevance of scale bias by identifying the causal effects of adoption of two general purpose technologies that vary in scale bias, but are otherwise similar: steam engines (large-scale-biased) and electric motors (small-scale-biased). Using newly collected data from the United States and the Netherlands and a range of identification strategies, I show that these two technologies had the effects predicted by the theory: steam engines increased firm sizes and inequality, while electric motors decreased both. In Chapter II, we study the long-run effects of slavery and restrictive Jim Crow institutions on Black Americans’ economic outcomes. We track individual-level census records of each Black family from 1850 to 1940, and extend our analysis to neighborhood- level outcomes in 2000 and surname-based outcomes in 2023. We show that Black families whose ancestors were enslaved until the Civil War have considerably lower education, income, and wealth than Black families whose ancestors were free before the CivilWar. The disparities between the two groups have persisted, not because of slavery per se, but because most families enslaved until the Civil War lived in states with strict Jim Crow regimes after slavery ended. In a regression discontinuity design based on ancestors’ enslavement locations, we show that Jim Crow institutions sharply reduced Black families’ economic progress in the long run. Chapter III studies the role of women in historical intergenerational mobility in the US. Previous research has focused on father-son income correlations. We build a new linked census panel to include daughters (1850-1940). To also incorporate the role of mothers, we propose a mobility measure that considers parental human capital alongside income (R2) and a semi-parametric latent variable method to estimate this measure from historical data. Our approach reveals increasing mobility, overturning conclusions based on income alone. Mothers’ human capital was more predictive than fathers’ and accounted for the increase in mobility. Aligning with their historical role in homeschooling, mothers were especially important when school access was limited.
Item Type: | Thesis (PhD) |
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Additional Information: | © 2024 Hugo Reichardt |
Library of Congress subject classification: | |
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Supervisor: | Ilzetzki, Ethan and Landais, Camille and Reis, Ricardo |
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Welcome to LSE Theses Online, the online archive of PhD theses for the London School of Economics and Political Science. LSE Theses Online contains a partial collection of completed and examined PhD theses from doctoral candidates who have studied at LSE. Please note that not all print PhD theses have been digitised.
Täger, Matthias (2022) Constructing climate risk: how finance governs its relationship with the planet's climate. PhD thesis, London School of Economics and Political Science. Yin, Xiang (2022) Essays in empirical corporate finance. PhD thesis, London School of Economics and Political Science. Pelosi, Marco (2022) Essays in financial economics.
An Introduction to MSc Finance / MSc Finance & Private Equity at LSE Find out more about the MSc Finance programme at LSE LSE Department of Finance. The MSc Finance (full-time) programme is one of the world's leading generalist finance master's degrees, ideal for those whose career objectives lie broadly within the financial services sector.
Abstract. This thesis examines monetary policy in the presence of digital currencies issued by firms, as well as the effectiveness and credibility of recent bank recapitalisation reforms. The first chapter discusses the consequences for monetary policy arising from currencies issued by firms—such as Facebook's Libra—in order to generate ...
Spyros Pagratis, PhD 2005, Lecturer in Finance, Athens University of Economics and Business. First placement: Economist, Bank of England. Thesis Title: Asymmetric Information in Financial Economics: Asset Pricing, Liquidity Pricing and the Resolution of Financial Distress. Paolo Colla, PhD 2005, Bocconi University.
A PhD in Finance from LSE consists of six coursework units, completed over two years, followed by a thesis which is usually expected to take a further three or four years. We encourage our research students to participate fully in the intellectual life of the Department, and in the research seminar and workshop programmes of the Department and ...
A research project has many stages and the end product - a dissertation - is a major piece of writing. There's a lot to think about, but LSE LIFE can help you find your way with resources, events, and one-to-one advice at every step of the way! We're open and doing things every weekday, throughout the whole academic year and summer break, until ...
LSE Finance PhD Placements and Thesis Titles. 2015/16. Huaizhi Chen, postdoc, Harvard Thesis title: Essays in empirical asset pricing; Hoyong Choi, Assistant Professor, Erasmus University Sergei Glebkin, Assistant Professor, Insead Thesis title: Three essays in financial economics; Yiqing Lu, Assistant Professor, NYU Shanghai's campus Thesis title: Essays on innovation incentives and ...
Create a great dissertation. A dissertation is a big project. It's a piece of independent research, but that doesn't mean you're supposed to do it alone! There is plenty of support in your department, among your classmates, and at LSE LIFE—across the entire academic year. We're here to help you get a head start - whether it's ...
Browse by Sets. Number of items at this level: 331. Farahzadi, Shadi (2024) Essays on marriage, migration, and integration. PhD thesis, London School of Economics and Political Science. Ningyuan, Jia (2024) Essays on trade and economic geography. PhD thesis, London School of Economics and Political Science.
Financial Engineering (H) (Dissertation code FM4T8)* FM409: Risk Management in Financial Markets (H) (Dissertation code FM4U9)* FM414: Corporate Investment and Financial Policy (H) (Dissertation code FM4T4)* FM440: Corporate Finance Theory (H) (Dissertation code FM4T3) (n/a 15/16) FM457: Applied Computational Finance** FM472
LSE - MSc Finance and Economics LSE MFE Leave a rating This interdisciplinary degree, taught jointly by the Department of Finance and the Department of Economics, offers exceptional graduates from quantitative disciplines the opportunity to study in two of the most highly rated departments in their subject areas in the world. ...
The aim of my thesis is to apply empirical methods to investigate corporate finance questions. In the first chapter, I investigate an unexplored role of venture capital (VC) investors on innovation: the potential value-add of due-diligence for firms involved in failed VC fundraising campaigns— i.e., startups that do not receive investment from the VC doing due diligence.
In-course financial support may be available for students in the final year of their PhD. Registered PhD students in their final writing up stages can apply financial support from LSE. This is particularly relevant if you have been funded for only the first three years of your PhD and are close to finishing but cannot quite reach the point of ...
Hong Kong's CK Infrastructure Holdings has applied to the UK's Financial Conduct Authority (FCA) for a secondary listing on the London Stock Exchange (LSE). Shares will trade on both the HKEX under the stock code '1038' and LSE under the ticker symbol "CKI".
LSE - MSc in Finance One of the largest programs at LSE Leave a rating Location London, UK. The programme offers high level graduates, whose backgrounds may not necessarily be in finance, a unique opportunity to gain a comprehensive foundation and subsequent depth in the field. One of the most sought after degrees at LSE, the programme attracts ...
Opting for relevant finance thesis topics ensures that your research contributes to the existing body of knowledge and addresses contemporary issues in finance. Choosing a dissertation topic relevant to the industry can make a meaningful impact and advance understanding in your chosen area. 2. Personal Interest.
Essays in macro-finance. Raja, Akash (2023) Essays in macro-finance. PhD thesis, London School of Economics and Political Science. Text - Submitted Version. Download (9MB) Identification Number: 10.21953/lse.00004707.
MSc Finance and Risk. The MSc Finance and Risk is an interdisciplinary master's programme designed to provide a comprehensive understanding of the various facets of risk, including risk perception, management, control and regulation as encountered in a wide variety of contexts. The success of organisations depends upon their ability to operate ...
Welcome to the LSE Department of Finance. We enjoy a pre-eminent reputation for excellence in our teaching and research. Our diverse faculty and student body come from across the globe, providing a rich environment for research and study.
This thesis contains three essays in empirical corporate finance. In the first chapter I show how cash constrained firms take actions that improve their short-term liquidity even if they hurt long-term profitability. In government procurement auctions, constrained firms have incentives to overbid because winning a contract improves their short ...
3. If having submitted an assessment or attempted an exam, you feel your performance was directly impacted by circumstances which were sudden, unforeseen, and outside of your control, you should submit Exceptional Circumstances (ECs) in order to allow the Exam Board to take your circumstances into account. You should also submit ECs if you were ...
Research Design and Dissertation in International Development. The DV410 dissertation is a major component of the MSc programme and an important part of the learning and development process involved in postgraduate education. The objective of DV410 is to provide students with an overview of the resources available to them to research and write ...
This dissertation studies three key drivers of economic inequality and mobility. Chapter I shows that scale bias, the extent to which technical change increases the productivity of large relative to small firms, is important for inequality. I develop a tractable framework where people choose to work for wages or earn profits as entrepreneurs and where entrepreneurs choose from a set of ...