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In recent years, a small number of companies offered mega grants (equity awards with an expected value in excess of $100 million) to their CEOs. We examine the outcomes of a sample of 40 grants issued to 28 CEOs, including how much realizable…

Pluralistic ignorance—the systematic misperception of others’ attitudes—can entrench suboptimal norms, yet its dynamics remain poorly understood. We develop a mathematical model of the coevolution of actions, private attitudes, and beliefs about…

Technology has long played a central role in human development since it is a critical driver of societal progress. As such, it would seem likely that those who support technological advancement would also support societal change. However, in this…

Companies across industries face increasing pressure to assess the costs of decarbonizing their operations. This paper develops a generic model for constructing abatement cost curves in connection with carbon dioxide emissions. The resulting…

Despite the large common net benefits of climate mitigation, broad-based political consensus for large-scale policy action remains elusive. We hypothesize that financial exposure to energy stocks central to the green transition can induce…

The green transition will require large investments from firms, yet little is known about the scale and drivers of climate-related capital expenditure across the UK economy. To address this gap, we draw on a large, representative survey of UK…

When debt is priced fairly, governments face a trade-off between insuring bondholders and taxpayers. If the government decides to fully insure bondholders by manufacturing risk-free debt, then it cannot insure taxpayers against permanent macro-…

On October 23, 2025, Amazon and the Value Chain Innovation Initiative at Stanford Graduate School of Business co-hosted the inaugural Supply Chain Summit, bringing together close to 50 supply chain executives and academics for a day-long…

Research shows care coordination contributes to integrated care experiences. Yet evidence from system-level initiatives is lacking. Using a survey of Veterans Health Administration (VHA) patients linked with clinical records, this nonrandomized,…

Abundant prior research has analyzed the mass public’s role in democratic backsliding. Comparatively little research has studied democratic restoration, the rehabilitation of democratic institutions following backsliding. We investigate this…

Over the years, the U.S. Securities and Exchange Commission (SEC) has exempted foreign private issuers (FPIs)—foreign companies traded on U.S. exchanges—from certain U.S. securities laws in order to attract high-quality companies from companies…

People often want to eat healthily but fail to do so. Sometimes people try and fail to exert control over unwanted food choices. But failing to eat healthily might also happen for a different, largely ignored reason: when encountering conflict…

Artificial intelligence (A.I.) will likely be the most important technology we have ever developed. Technologies such as electricity, semiconductors, and the internet have been transformative, reshaping economic activity and dramatically…

When a temporary team faces an unfamiliar task environment, it should particularly benefit from including members who have collaborated before. Although several studies have made this prediction, it has not been supported empirically. We…

We study how the assignment of intellectual property rights between inventors and their employers affects innovation. Incomplete contracting theories predict that stronger employer property rights reduce the threat that employee inventors hold up…

It is important to understand how persuasive the most-cited climate change messaging strategies are. In five replication studies, we found limited evidence of persuasive effects of three highly cited strategies (N = 3,216). We then…

Over the past several years, the utilization of liability-management exercises (LMEs) as financial restructuring strategies for overleveraged companies in the U.S. has exploded, taking share from conventional bankruptcies and workouts. The use of…

A seller posts a price for a single object. The seller’s and buyer’s values may be interdependent. We characterize the set of payoff vectors across all information structures. Simple feasibility and individual-rationality constraints identify the…

Understanding the human impacts of environmental hazards is a growing concern. While there is a plethora of research on climate adaptation, the literature is highly fragmented, and empirical studies are rarely carried out with global samples.…

The modern financial system features complicated intermediation chains, with each layer performing some degree of credit/maturity transformation. We develop a dynamic model where an ultimate borrower obtains funds from overlappinggeneration…

We use newspapers to create Equity Market Volatility (EMV) trackers at daily and monthly frequencies. Our headline EMV tracker moves closely with the VIX and the S&P500 returns volatility in and out of sample. We exploit the volume of…

Governments define and protect property rights, which facilitate investment, regulate economic activities to manage externalities, and provide the public goods and services necessary for a healthy, educated and…

Elected officials are increasingly extreme. Research trying to understand this trend has tended to focus on structural factors, such as primary elections and changes in the supply of candidates. Less emphasis has been placed on psychological…