Lauren RubensteinRichard Grossman, professor of economics, and Masami Imai, professor and chair of economics, professor of East Asian studies, are the authors of an article published January 2016 in Explorations in Economic History. The article is titled "Taking the lord's name in vain: The impact of connected directors on 19th century British banks." Grossman and Imai considered the appointment of prominent, well-connected individuals (former members of Parliament and lords) to the boards of directors of banks in pre-World War I Britain, and investigated whether their presence enhanced equity value for bank shareholders. Surprisingly, they found that these individuals actually had negative effects on bank equity returns. The…
Gary Yohe, the Huffington Foundation Professor of Economics and Environmental Studies, appeared on the RT show "Boom Bust" to discuss the impact of climate change on business and the economy. (Yohe's interview begins at 3:45). He was asked what sectors of the economy are being affected the most by the forces of climate change. "Agriculture comes to mind. It's not just hurricanes and extreme precipitation events—although that seems to be happening along the East Coast. Any [real estate or] infrastructure that's located near the coast line or near a river, for that matter, is in increasing vulnerability. But it's more than that. It's [...] agriculture,…
The historic global deal on climate change reached by 190 countries in Paris will help the economy, not hurt it as critics argue, writes Huffington Foundation Professor of Economics and Environmental Studies Gary Yohe in an op-ed in The Hartford Courant. "The evidence in the peer-reviewed economic literature, as well as real experience around the world and in the United States, shows that climate action not only protects public health by reducing pollution, but also protects the economy from extreme weather shocks and other complications that have and will arise from a changing climate. The sooner we act, the more money…
Gary Yohe, the Huffington Foundation Professor of Economics and Environmental Studies, was a guest on WNPR's "Where We Live" to discuss drought and climate change, particularly in light of the climate talks going on in Paris. "Droughts have occurred on every continent. They have occurred certainly in North America—Texas has suffered a severe drought, California has suffered a severe drought," said Yohe. "I'm not sure New England has suffered a severe drought but we are certainly below average in terms of rainfall. One of the things that people in Paris are worried about though, is that not only are drought conditions a source…
In this News @ Wesleyan story, we speak with Jeffrey Naecker, a new member of Wesleyan's Economics Department. Q: Welcome to Wesleyan, Professor Naecker! Where are you from? A: I grew up in beautiful and sunny Pasadena, Calif. I was also educated in California, first doing my bachelor’s degree at Berkeley and then my Ph.D. at Stanford. Wesleyan is my first job after graduate school, and my first experience living on the East Coast. I’m excited to try out this “winter” thing I’ve been hearing about! Q: And what drew you to Wesleyan’s Economics Department? A: I knew throughout graduate school that…
Richard Grossman, professor of economics, and Masami Imai, professor and chair of economics, professor of East Asian studies, are the authors of an op-ed published in The Guardian about House Speaker John Boehner's likely next move when he retires from Congress. The op-ed is titled "Whoever hires John Boehner post-Congress will make a terrible investment." They anticipate that, like most former members of Congress and high ranking members of the executive branch, Boehner is likely to have his pick of lucrative job offers—to become an investment banker, lobbyist or corporate adviser. "But for any of these companies, John Boehner would be…
Olivia DrakeJoyce Jacobsen has accepted an appointment as Provost and Vice President for Academic Affairs through June of 2019. Jacobsen joined the Wesleyan faculty in 1993 as an assistant professor of economics and in 2003 became the Andrews Professor of Economics. More recently, she served as Dean of Social Sciences and Director of Global Initiatives. A scholar of the economics of gender and employment, she is the author or co-editor of three books, including The Economics of Gender, Third Edition (2007), as well as numerous journal articles, book chapters, reviews and essays. Her outstanding contributions as an inspiring scholar-teacher were recognized…
Associate Professor of Economics Abigail Hornstein presented a paper at the 2015 American Financial Management Association Meeting, held in Orlando, Fla. Oct. 14–17. Hornstein's research paper, titled "Board Overlaps in Mutual Fund Families," is co-authored with Elif Sisli Ciamarra of Brandeis University. Hornstein also was a discussant on a paper titled "Mutual fund home bias and market uncertainty" by Nicole Choi of the University of Wyoming and Hilla Skiba of Colorado State University.
Professor of Economics Richard Grossman provided an "expert view" on the question "Will Japan's economy rebound under Abenomics and resume its growth?" in an issue of SAGE Business Researcher on "Doing Business With Japan." Japan's economy has performed poorly during the past two decades, and many wonder if it will ever "recover its former glory." Grossman took the affirmative view, arguing "there is good reason to believe that Japan will emerge from its funk and achieve growth rates similar to those of its counterparts in the developed world." He writes that the prospects for success depend on the effectiveness of Prime Minister Shinzo Abe's…
John Bonin, the Chester D. Hubbard Professor of Economics and Social Science, was the invited keynote speaker at the 5th annual CInSt Banking Workshop, hosted by the Center for International Studies at the National Research University Higher School of Economics in Moscow, Russia on Oct. 2. The theme of the conference was "Banking in Emerging Markets: Challenges and Opportunities." Bonin's talk was titled, "Did foreign banks 'cut and run' or stay committed to emerging Europe during the crises?" Bonin presented research he did together with Dana Louie '15. They examined the lending behavior of foreign banks during the global financial crisis and at the onset…
Assistant Professor of Economics Damien Sheehan-Connor is the author of an oped in the Orlando Sentinel (available to subscribers) arguing that raising the gas tax would not only help the environment, but would save lives on the road. Sheehan-Connor considers the findings of a new study out by the National Safety Council, which suggested that automobile accidents are on the rise again after years of decline. While many factors could potentially contribute to this reversal, he writes that it's likely that two seemingly positive developments--lower gas prices and stricter fuel economy standards imposed by the government--have played an important role. How? Lower…
Phoebe Keegan '16, an economics major from Palisades, N.Y., has been passionate about real estate since she was a young child. She passed the exam to get her real estate license in New York at age 18, the youngest age allowed. After coming to Wesleyan, she also became a licensed agent at William Raveis in Middletown. This summer, Keegan worked at the Quantitative Analysis Center with Assistant Professor of Economics Karl Boulware to analyze data from the New York City Housing and Vacancy Survey, specifically looking at conditions before and after the rezoning of downtown Brooklyn. They are studying how rezoning affected…