We show that executives' early-life poverty experiences reduce both internal (executive-employee) and external (executive-peer) corporate pay disparities. Three mechanisms drive this effect: increased risk aversion in poverty-exposed executives, strategic avoidance of negative media coverage to...

This paper examines the relationship between location, liquidity, and prices in housing markets. We construct spatial datasets for German and U.S. cities and show that liquidity and prices decline with distance to the city center. To rationalize these results, we build a structural model with...

The COVID-19 pandemic generated highly heterogeneous economic effects across territories, reflecting differences in local production structures and spatial organization. This paper examines the geography of short-run economic fragility during the first wave of the pandemic by identifying...