Going the Extra Mile: What Taxi Rides Tell Us About the Long-Hour Culture in Finance
利用纽约市银行地址的出租车行程数据，研究银行“保护周末”政策对初级银行家工作时间的影响，发现政策导致工作转移到深夜并增加预测错误。
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. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4774 .