CESR Events

Spring 2026

CESR Seminar & Brown Bag Series

Series resumes Monday, January 26, 2026

Seminar | How do advertisements affect product appeal? Evidence from mutual fund fact sheets

Alycia Chin | Securities Exchange Commission

Monday, March 23
12pm – 1pm
VPD 203 and Zoom

Abstract: To evaluate mutual funds, many investors use mutual fund factsheets, short advertising documents containing product information. The design of mutual fund factsheets is subject to limited regulation, leading to potential concerns that the design of factsheets may be used to sway how investors perceive funds. To better understand these product advertisements, we first hand-collect factsheets for all mutual funds. We use a computer algorithm to examine the content of these factsheets, documenting naturally occurring variation in how mutual fund companies choose to present their funds. In addition, we conduct an online study in which 452 participants review a randomly selected mutual fund factsheet, from an underlying set of 142. Each factsheet was reviewed by up to 40 participants. We find that factsheet design features were associated with perceived mutual fund appeal, over and above standard objective measures of performance (alpha) and risk (beta). Specifically, funds were rated as more appealing if their factsheets were perceived as being more visually attractive or easier to understand, and when they made key information easier to find. Additionally, mutual fund appeal was greater when factsheets included a performance table or performance line graph, and omitted information about net expenses. Most of these factsheet design features were similarly associated with ratings of mutual fund appeal among both experienced and inexperienced investors, with few exceptions. This project provides insight into how advertisements can affect investor perceptions and provides evidence that standardization of fund factsheet design features may be needed to avoid swaying investors.

Bio: Alicia Chyn is a representative of the U.S. Securities and Exchange Commission (SEC), where she supports the agency’s mission to protect investors, promote fair and efficient markets, and facilitate capital formation. Her work focuses on advancing regulatory compliance and public trust in the financial system.

Seminar | First Do No Harm: The Consequences of a Physician Disciplinary Record

Colleen Carey | Cornell

Monday, March 30
12pm – 1pm
VPD 203 and Zoom

Abstract: State medical boards enforce care quality standards by disciplining physicians via publicly disclosed administrative actions. We use a novel dataset of 70,000 state medical board actions in more than 40 states over the years 2008-2023 to report the first estimates of the effect of these disciplinary actions on physician careers. We find that 2.5\% of physicians ever receive a disciplinary action over this time period. We link these actions to administrative records on physician practice settings as well as large-scale medical claims to study how physician practices and labor supply change after discipline. We use a difference-in-differences research design leveraging variation in treatment timing among ever-disciplined physicians. We first report that many disciplined physicians continue to practice; this is true even for a substantial minority of those losing their license in a particular state. Disciplined physicians are twice as likely as not-yet-disciplined physicians to begin practicing in a new state. Disciplined physicians who continue to practice supply fewer claims, though are no less likely to have a hospital affiliation or be in solo practice; they are more likely to work in prison, tribal, or military clinics. By providing the first national evidence on the prevalence, correlates, and consequences of physician discipline, our study informs the optimal scope and design of state oversight.

Bio: Colleen Carey is an Associate Professor in the Department of Economics and the Brooks School of Public Policy at Cornell University. Carey’s research focuses on the economics of markets for health care and health insurance. She has held Federal service roles at Council of Economic Advisers (Staff Economist, 2011-12) and Centers for Medicare and Medicaid Services (Fellow, 2024-25). Previously, she was a Robert Wood Johnson Scholar in Health Policy Research at the University of Michigan and a visiting researcher at Princeton University’s Center for Health and Wellbeing

Seminar | Show you the money? Spouses’ willingness-to-pay to hide or reveal income in Kenya

Jessica Hoel | Colorado College

Monday, April 6
12pm – 1pm
VPD 203 and Zoom

Abstract: Why do spouses hide income from each other, and why would they pay to reveal it? This paper studies preferences over income privacy within households using a laboratory experiment with low-income urban couples in Kenya that identifies willingness to pay for income hiding (or transparency). We show that a substantial share of spouses are willing to sacrifice income to keep earnings hidden (36% of wives and 26% of husbands). At the same time, we document a previously under-explored phenomenon: a large fraction of spouses are willing to pay to reveal income to their partner (20% of wives and 31% of husbands). Using vignette-based survey experiments, we provide evidence on perceived motives and consequences of hiding and revealing income, including future-oriented investment, hedging against marital dissolution, and sanctions after financial disclosure. Together, these results challenge standard household models and provide a foundation to inform future models of the household.

Bio: Jessica is an Associate Professor at Colorado College and applied microeconomist who specializes in experimental methods. Previously, she was an Associate Research Fellow at the International Food Policy Research Institute, an Evaluation Coordinator for Innovations for Poverty Action- Kenya, and a Research Assistant at the Federal Reserve Board. She holds a PhD and MA in Economics from the University of Michigan and a BA in Math and Economics from Reed College.