Going the Extra Mile: What Taxi Rides Tell Us About the Long-Hour Culture in Finance

• 成果类型: Article
• 署名作者: Okat, Deniz; Vasudevan, Ellapulli V.
• 署名单位: Hong Kong University of Science & Technology; Indian Institute of Management (IIM System); Indian Institute of Management Ahmedabad
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.4774
• 发表日期: 2023
• 页码: 4228-4239
• 关键词: financial institutions; banks; finance; management; LABOR

摘要

We analyze banks' protected-weekend policies that restrict junior bankers from working during weekends. We use taxi rides from bank addresses in New York City to infer bankers' working hours. We find the policies induced bankers to shift their work to late-night hours on weekdays. We then investigate whether such shifts in working hours affected the quality of work. After the policy, analysts of the policy-implementing banks make more errors in their earnings forecasts. They also herd more toward the consensus in their forecasts. We further provide evidence that junior bankers are the most adversely affected by the policy.