Kuochih Huang

Department of Economics Phone: +1-413-459-3870 University of Massachusetts Amherst Email: [email protected] Gordon Hall 114, Amherst, MA 01002 Website: sites.google.com/site/kchunag

Education Ph.D., Economics, University of Massachusetts, Amherst Expected 2020 M.A., Economics, National University, 2012 M.A., Sociology, Shih-Hsin University, Taipei 2005 B.A., Law, , Taichung 2001

Research Interests Power and Inequality in Corporate Governance, Corporate Foundation of the Macro Economy, Coevolution of Social Structure and Preferences

Teaching Interests Corporate Governance, Microeconomics, Game Theory, Social Economics, Labor Economics, Econometrics, Development Economics, East Asian Development

Dissertation Title: “Three Essays on the Economics of Corporate Governance: Executive Compensation, Workers’ Wages, Investment Herding, and Workplace Democracy” Committee: Gerald Epstein (chair), Peter Skott, Ina Ganguli, Kevin Young

Job Market Paper Title: “Do Incentivized Managers Pay Their Workers Less?” (Lead author; with Chi-Hong Lu) Abstract. Since the 1980s, Chief Executive Officers’ (CEO) pay has exploded, largely in the form of equity-based incentive compensation such as stock awards and options. Using a two-tiered principal- agent model, we show that aligning managers’ incentives with shareholder interests through equity- based pay can lower workers' wages. Analyzing a sample that matches firm, manager, and worker information in the U.S. economy over the period 1992-2016, we show that higher equity-based pay is associated with lower average wages across various measures of pays and model settings. Using a novel instrumental-variable strategy based on a tax policy change, we provide evidence that an increase in the CEO’s equity-to-salary ratio by one unit, say, from 1:1 to 2:1, leads to a 4% decline in the average wage. We also find that while firms under all degrees of competition raise equity pay in response to the policy change, the negative impact on wages is stronger when the degree of competition is high, suggesting that competition does not substitute for executive compensation but amplifies its effect.

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Working Papers “Does Equity-Based Pay Amplify Corporate Investment Herding?” (Lead author; with Chi-Hong Lu) “How Fitness Becomes Conspicuous: A Veblenian Explanation of the Obesity-Socioeconomic Status Paradox.” “The Transformation Problem: A Critical Review of the Chinese Literature.” (with Junshang Liang)

Works in Progress “Shareholder Democracy vs. Workplace Democracy: Can Good Shareholders Win Without Workers?” “Explaining the Kawano Puzzle: Why did the Rent Share Decline in Japan but not in Taiwan/Korea before 1945?” “Uncertainty, Oligopolistic Competition, and Financialization in Hollywood.” (Lead author; with Shih- Chien Chang)

Policy Reports (Selected) “Strategic Corporate Research: Sysco Corporation.” An independent report for the Cornell School of Industrial and Labor Relations / AFL-CIO Strategic Corporate Research program. 2019. “The Economic Effects of Worker Director: Economic Theories, German Experience, and the Empirical Analyses of Taiwan State Owned Enterprises.” (with Li-Ying Chan, Deluan Cheng, Chihong Lu) 2019. Taipei: Taiwan Political Economy Collaborative. “Machiavelli vs. Kant: European Debates of Fiscal Policy and Integration,” PECC Newsletter, 2017.05, pp. 4-6. Taipei: Pacific Economic Cooperation. “Why the Female is more likely to oppose free trade?” APEC Newsletter. 2016.10, pp. 11-12. Taipei: Chinese Taipei APEC Study Center.

Work Experiences Teaching Assistant (Game Theory; Organization of American Industry; Political 2012-present Economy; Intro Macro; Intro Micro) Assistant Research Fellow, Department of International Affair, Taiwan Institute of 2008-2011 Economic Research, Taipei Project Manager, Bureau of Employment and Vocational Training, Ministry of Labor, 2007 Taipei

Certified Trainings Teaching Post-Walrasian Microeconomics, Samuel Bowles, UMASS Amherst 2019 Cornell School of Industrial and Labor Relations / AFL-CIO SCR program 2019 CORE USA The Economy Textbook Workshop 2018

Presentations CEANA session in the ASSA annual meeting, Atlanta 2019

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AFEE session in the ASSA annual meeting, Chicago 2017 URPE session in the ASSA annual meeting, Boston 2015

Professional Services Hiring Committee Member, Department of Economics, UMASS Amherst 2018

Honors and Awards Political Economy Research Institute Dissertation Fellowship 2019 UMASS Economics Summer Research Grant 2016 UMASS Economics Conference Presentation Travel Grant 2018, 2016, 2014

Skills Analytics: Stata, R, EView, Netlogo. Language: English (Fluent), Chinese (Native), Taiwanese (Native).

References Professor Gerald Epstein Professor Peter Skott Department of Economics Department of Economics University of Massachusetts, Amherst University of Massachusetts, Amherst E-mail: [email protected] E-mail: [email protected]

Associate Professor Ina Ganguli Associate Professor Kevin Young Department of Economics Department of Political Science University of Massachusetts, Amherst University of Massachusetts, Amherst E-mail: [email protected] E-mail: [email protected]

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