Christopher A. Parsons
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View article: Swimming Upstream: Struggling Firms in Corrupt Cities
Swimming Upstream: Struggling Firms in Corrupt Cities Open
We find that a corrupt local environment amplifies the effects of financial distress. Following regional spikes in financial misconduct, credit becomes more difficult to obtain for local borrowers—even those not implicated themselves. This…
View article: Replication Data for: Reference Points Spillovers: Micro-Level Evidence from Real Estate
Replication Data for: Reference Points Spillovers: Micro-Level Evidence from Real Estate Open
The folder contains codes, pseudo datasets, and a readme document to replicate tables and figures in the paper.
View article: Strike Three: Discrimination, Incentives, and Evaluation
Strike Three: Discrimination, Incentives, and Evaluation Open
Major League Baseball umpires express their racial/ethnic preferences when they evaluate pitchers. Strikes are called less often if the umpire and pitcher do not match race/ethnicity, but mainly where there is little scrutiny of umpires. P…
View article: Is a Higher Calling Enough? Incentive Compensation in the Church
Is a Higher Calling Enough? Incentive Compensation in the Church Open
We study the compensation and productivity of more than 2,000 Methodist ministers in a 43-year panel data set. The church appears to use pay-for-performance incentives for its clergy, as their compensation follows a sharing rule by which p…
View article: Global Relation between Financial Distress and Equity Returns
Global Relation between Financial Distress and Equity Returns Open
This study explores the distress risk anomaly — the tendency for stocks with high credit risk to perform poorly — among 38 countries over two decades. We find a strong, negative link between default probabilities and equity returns, concen…
View article: Human Capital and the Supply of Religion
Human Capital and the Supply of Religion Open
We study the role of labor inputs in religious attendance using data on Oklahoma Methodist congregations from 1961 to 2003. Pastors play a significant role in church growth: replacing a 25th percentile pastor with a 75th percentile one inc…