“Uncomfortable, yet incredibly important”: Creating conversations about race among first year medical students

Introduction This study examined a novel curricular method to help students increase awareness of and reflect on racial bias. This method of combining students’ Race Implicit Association Test results with longitudinal small-group discussion has not appeared in the literature to date. Methods University of Vermont first year medical students are enrolled in a year-long, small-group course designed to create reflective discussion about professionalism and emotionally complex topics in medicine. Prior to the session we investigated, students were instructed to complete the Implicit Association Test (IAT) and related readings. Students then engaged in a semi-structured group discussion facilitated by faculty. After the session, students completed an anonymous evaluation, which included Likertl questions about session objectives and an opportunity for comments, which were subjected to thematic analysis. Two versions of the session were compared. Results 86% (version 1) and 92% (version 2) of students indicated that this session encouraged them to think about their own unconscious bias, 80% (version 1) and 81% (version 2) indicated that it prompted them to have a discussion that they would not have otherwise had and 64% (version 1) and 51% (version 2) reported that the IAT played a crucial role in their discussion. Results of the thematic analysis (version 1) mirror the Likert results. Discussion Use of the IAT combined with facilitated small-group discussion encouraged students to contemplate bias with peers. This method for promoting exploration of bias in medical education sets the stage for further dialogue and more just clinical care

Boom and Bust Patterns in the Adoption of Financial Innovations

We develop a dynamic model of the adoption of financial innovations. Each period, firms decide whether or not to adopt an innovation of uncertain value, and the profitability of each period's adoptions reveals information about the innovation's value. We show that characteristics of financial innovation waves cited by critics as evidence of irrational excess are, in fact, consistent with fully rational behavior. We also show that social welfare is enhanced when more firms adopt innovations of questionable value and that financial intermediaries have an incentive to encourage such adoption.

Does it pay to be loyal? An empirical analysis of underwriting relationships and fees

We examine underwriting fees for repeat issuers of new securities to determine the relation between loyalty to an underwriting bank and the fees charged. For a sample of offers over the 1975–2001 period, we find that loyalty is associated with lower fees for common stock offers, consistent with valuable relationship capital being built through loyalty. For debt offers, however, we find the opposite pattern, consistent with relationship capital not being as valuable. For both offer types, firms that graduate to higher-quality banks face lower fees. Firms that are more likely to be switching banks to improve analyst coverage face higher fees for common stock offers, but not for debt offers