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Working Papers

These papers are working drafts of research which often appear in final form in academic journals. The published versions may differ from the working versions provided here.

David F. Larcker, Christopher Armstrong, Jennifer Blouin, Alan D. Jagolinzer
February 25, 2015

We examine the link between corporate governance, managerial incentives, and corporate tax avoidance. Similar to other investment opportunities that involve risky expected cash flows, unresolved agency problems may lead managers to engage in more or...

Matthew Botsch, Victoria Vanasco
February 17, 2015

There is a vast empirical and theoretical literature that points to the importance of borrower-lender relationships for firms’ access to credit. In this paper, we investigate one particular mechanism through which long-term relationships might improve...

Benjamin Golez, Peter Koudijs
January 19, 2015

We analyze four centuries of stock prices and dividends in the Dutch, English, and U.S. market. With the exception of the post-1945 period, the dividend-to-price ratio is stationary and predicts returns throughout all four centuries. “Excess volatility”...

Renee Bowen, Ying Chen, Hulya Eraslan, Jan Zapal
January 5, 2015
Which budgetary institutions result in efficient provision of public goods? We analyze a model with two parties bargaining over the allocation to a public good each period. Parties place different values on the public good, and...
Pedro M. Gardete, Liang Guo
January 2015

We consider a model of strategic information transmission where a firm can communicate its quality to consumers through informative advertising. Our main result is that informative advertising claims can be credible even when the firm...

Ken Shotts
January 2015

I develop a simple hold-up model of political risk, which can be used to explore firms’ strategic options when their investments are subject to the threat of government expropriation. In the model, a firm decides...

Wesley Hartmann, Daniel Klapper
January 2015

We explore the effects of television advertising in the setting of the NFL’s Super Bowl telecast. The Super Bowl is the largest advertising event of the year and is well suited for measurement. The event...

Elizabeth G. Pontikes, William P. Barnett
January 2015

Research across disciplines presumes that market categories will have strong boundaries. Categories without well-defined boundaries typically are not useful so are expected to fade away. We suggest many contexts contain lenient market categories, or less-constraining market...

John Smith

I am testing the notification issue. The email goes to Adam, Susan and myself.

Darrell Duffie
December 17, 2014

A central counterparty (CCP) is a financial market utility that lowers counterparty default risk on specified financial contracts by acting as a buyer to every seller, and as a seller to every buyer. When at risk...

Steven Callander, Niko Matouschek
December 11, 2014

An emergent theme in the study of organizations is the broad differences in managerial practice and performance across firms. We develop an explanation for these phenomena that turns on the complexity of the environments that firms operate...

Pedro M. Gardete
December 2014

Much like in other semiconductor environments, DRAM manufacturers face significant demand uncertainty before production and capacity decisions can be implemented. This paper investigates the role of market information in DRAM manufacturing, and the consequences of...

Erica Plambeck, Terry A. Taylor
December 2014
Deadly factory fires. Illegal pollution. Injured workers. Many brands have recently been tarnished by publicity of suppliers’ labor and environmental violations. This paper provides guidance to buyers as to how they can motivate their suppliers to comply...
Navdeep S. Sahni, Dan Zou, Pradeep Chintagunta
November 24, 2014

The prevalence and widespread usage of email has given businesses a direct and cost effective way of providing consumers with targeted promotional offers. While targeted promotions are expected to increase the demand for the promoted...

Darrell Duffie, Piotr Dworczak, Haoxiang Zhu
November 19, 2014

We analyze the role of benchmarks in over-the-counter markets subject to search frictions. The publication of a benchmark can, under conditions, raise total social surplus by (i) increasing the volume of beneficial trade, (ii) reducing...

Victoria Vanasco, Vladimir Asriyan
November 17, 2014

We construct a dynamic model of financial intermediation in which changes in the information held by financial intermediaries generate asymmetric credit cycles as the ones documented by Reinhart and Reinhart (2010). We model financial intermediaries as “expert”...

Steven Callander, Davin Raiha
November 12, 2014

The policy choices of governments are frequently durable. From the building of bridges to the creation of social programs, investments in public infrastructure typically last well beyond a single electoral cycle. In this paper we develop a...

Keith Krehbiel, Alan Wiseman, Adam Meirowitz
November 7, 2014

Motivated by polar extremes of monopartisanship and nonpartisanship in existing literature on parties in legislatures, we introduce and analyze a more moderate theory of competitive partisan lawmaking. The distinguishing feature of competitive partisanship is that...

Jonathan B. Berk, Jules H. van Binsbergen
November 4, 2014

Using the dollar-value a mutual fund manager adds as the measure of skill, we find that not only does skill exist (the average mutual fund manager adds about $2 million per year), but this skill...

Victoria Vanasco
November 2014

This paper presents a model of securitization that highlights the link between information acquisition at the loan screening stage and liquidity in markets where securities backed by loan cashflows are sold. While information is beneficial ex-ante when...