Working Papers
Working Papers
1. "The Long-Run Effects of Doxxing: Evidence from the Second Ku Klux Klan" (JMP) [PDF]
Abstract: This paper provides the first quantitative evidence on the long-run effects of doxxing by comparing the outcomes of Klansmen outed by the anti-Klan newspaper Tolerance to those of their unexposed peers. Linking exposed members who had their names, addresses, and occupations published in Tolerance and unexposed members identified from various archival sources to the decennial censuses, I use difference-in-differences and event study techniques to evaluate the long-run impact of being doxxed on individuals' later-life outcomes, particularly migration, job switching, and occupational prestige. Overall, I find that doxxing had no statistically significant effect on any outcomes of interest through 1940, and rule out effect sizes greater than 0.25 standard deviations in either direction for all migration and labor market outcomes. However, for Klansmen whose membership was particularly salient, i.e., business owners and those living in districts with above-median minority representation, I find that being doxxed significantly increases rates of cross-county migration and industry switching. This paper contributes to several literatures, including the economic analysis of the KKK and the effectiveness of consumer boycotts and socially responsible consumption.
2. "Crony Capitalism and Insider Trading: Insights from the Teapot Dome Scandal" (with C. Fohlin, Under Review) [PDF] [CEPR]
Abstract: Using novel data from the notorious 1922 Teapot Dome scandal, we assess costs of informed trading by corrupt officials and company insiders involved in illegal federal oil lease contracts. We estimate insider gains of nearly $300 million (2025 terms). Market makers widened bid-ask spreads for oil stocks, raising costs for all investors. Despite legal insider trading, insiders only partially bid up share prices before public revelation, temporarily evading detection and delaying full information incorporation until salient news coverage broke. Our analysis underscores how cronyism and insider trading distort resource allocation and disadvantage uninformed investors, with lessons for modern regulation.
MacDonald, N. & Evans, B. (2020). A theoretical examination of cash-back credit cards and their effect on consumer spending, Financial Services Review, 28(3), 222–242.