tckwok.bsky.social
Tsz Chun Kwok
@tckwok.bsky.social
13 followers 18 following 7 posts
PhD candidate at Uppsala University
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Reposted by Tsz Chun Kwok
nber.org
NBER @nber.org · 29d
Providing a theoretical foundation for why firms with many small shareholders pollute less and why more equal ownership usually, but not always, reduces pollution, from Tsz Chun Kwok, @danielspiro.bsky.social, and Arthur A. van Benthem https://www.nber.org/papers/w34203
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tckwok.bsky.social
Tsz Chun Kwok @tckwok.bsky.social · Sep 8
💭Curious about the bigger picture? We also explore the country-level implications. You can read the full paper here: www.nber.org/papers/w34203
Firm Ownership and Pollution
Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...
www.nber.org
tckwok.bsky.social
Tsz Chun Kwok @tckwok.bsky.social · Sep 8
🛠️Technical implication: Representative-agent models that assume firms ignore pollution are inconsistent. When everyone owns equal stakes across firms, firms behave almost like social planners, fully internalizing the costs of pollution.
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Tsz Chun Kwok @tckwok.bsky.social · Sep 8
In most cases the distribution-of-power effect and giver's preference effect dominate, but if the receiver's effect is strong, equality can backfire🔥.
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Tsz Chun Kwok @tckwok.bsky.social · Sep 8
Broadening ownership can reduce pollution, but the effects are nuanced. It depends on how 3 forces interact:
1️⃣Distribution-of-power effect
2️⃣Receiver’s preference effect
3️⃣Giver’s preference effect
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Tsz Chun Kwok @tckwok.bsky.social · Sep 8
At the firm level, decisions depend on the “weighted median” shareholder: if this owner holds a small stake, the firm abates more; if large, it abates less.⚖️
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Tsz Chun Kwok @tckwok.bsky.social · Sep 8
Everyone in society suffers from a firm's pollution, but large owners bear more of the cost of abatement through lost profits. Smaller owners lose less profit and are therefore more willing to support abatement.💰
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Tsz Chun Kwok @tckwok.bsky.social · Sep 8
🚨NEW working paper! In our new research, @danielspiro.bsky.social, Arthur van Benthem and I study how ownership influences pollution outcomes.🧵
nber.org/papers/w34203
We provide a theoretical micro foundation for how much pollution (negative externalities) a firm will internalize based on the ownership distribution of its shareholders. Small shareholders, compared to large ones, want the firm to spend more on avoiding pollution since they suffer less profit loss for the same environmental benefit. In particular, if a shareholder holds a share of 1/N, where N is the population in society, that shareholder’s preferences align with a social planner’s. Three theoretical predictions arise. First, small shareholders will systematically vote for a greener corporate profile. Second, firms with a smaller weighted median shareholder will pollute less. Third, countries with concentrated corporate wealth holdings and/or more individualized firm ownership pollute more. This implies that standard models of externalities in environmental economics and macroeconomics containing representative agents are either internally inconsistent or not fully specified.
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Reposted by Tsz Chun Kwok
johncawley.bsky.social
John Cawley @johncawley.bsky.social · Aug 22
If you'll be on the #EconJobMarket this coming year, you may want to join this webinar by @aereorg.bsky.social, titled, "Navigating Uncertain Waters: Advice for the Current Job Market," with Min Gong & @adrienneohler.bsky.social. 29 Sept 2025 @ 11am ET.
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Reposted by Tsz Chun Kwok
oskarnskans.bsky.social
Oskar Nordström Skans @oskarnskans.bsky.social · Feb 11
Submit your "core" labor economics papers (wages, employment..) to this great workshop I co-organize for the third time - join with, e.g., Cardoso, Machin, Mogstad and Spitz-Oener for some serious Labor Economics in Helsinki in August!
verotutkimus.fi
Finnish Centre of Excellence in Tax Systems Research FIT @verotutkimus.fi · Feb 10
Coming up: WEI 2025 - the popular Workshop in Labor Economics: Wages, Employment and Inequality in Helsinki in August with Magne Mogstad & Stephen Machin as keynote speakers!

Submit your paper by 30 March!

verotutkimus.fi/en/wei2025/

Organisers:@tuomaskosonen.bsky.social @oskarnskans.bsky.social
» Call for Papers: Workshop in Labor Economics: Wages, Employment and Inequality (WEI 2025)
<p>The popular WEI workshop will be organised again in Helsinki, Finland on 21 – 22 August 2025 with Magne Mogstad and Stephen Machin as keynote speakers! </p> <p>Submit your paper by 30 March 2025! <...
verotutkimus.fi
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Reposted by Tsz Chun Kwok
adam-gill.bsky.social
Adam Gill @adam-gill.bsky.social · Dec 6
🚨New Working Paper!🚨

Excited to share a new IZA DP (No. 17468) with @oskarnskans.bsky.social looking at the relationship between trust and work from home (WFH). #EconSky

“Trusted from Home: Managerial Beliefs and Workers’ Spatial Autonomy”

docs.iza.org/dp17468.pdf

A short 🧵…
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