Publications

Recent advances in information technology have allowed firms to gather vast amounts of data regarding consumers’ preferences and the structure and intensity of their social interactions. This paper examines a game-theoretic model of competition…

A variety of approaches have been recently proposed to automatically infer users’ personality from their user generated content in social media. Approaches differ in terms of the machine learning algorithms and the feature sets used, type of…

The existing theoretical literature provides little justification for a corporate debt subsidy. We illustrate the welfare benefit of this subsidy and study how the social costs and benefits change with the duration of industry distress. In our…

What makes an asset a “safe asset”? We study a model where two countries each issue sovereign bonds to satisfy investors’ safe asset demands. The countries differ in the float of their bonds and their resources/fundamentals available to rollover…

We analyze participation in international environmental agreements in a dynamic game in which countries pollute and invest in green technologies. If complete contracts are feasible, participants eliminate the holdup problem associated with their…

We show that firms׳ idiosyncratic volatility obeys a strong factor structure and that shocks to the common idiosyncratic volatility (CIV) factor are priced. Stocks in the lowest CIV-beta quintile earn average returns 5.4% per year higher than…

Capital regulation is critical to address distortions and externalities from intense conflicts of interest in banking and from the failure of markets to counter incentives for recklessness. The approaches to capital regulation in Basel III and…

We consider a problem where an uninformed principal makes a timing decision interacting with an informed but biased agent. Because time is irreversible, the direction of the bias crucially affects the agent’s ability to credibly communicate…

This paper explores the implications of asymmetric information and learning in banking. We hypothesize that banks acquire private information about borrower quality, not just when screening the initial loan, but while monitoring the loan’s…

U.S. government bonds are considered to be the world’s safe store of value, especially during periods of economic turmoil such as the events of 2008. But what makes U.S. government bonds “safe assets?” We highlight coordination among investors,…

Part of thesis that received the 2014 INFORMS George Dantzig Dissertation Award. Finalist paper 2014 INFORMS George Nicholson Student Paper Competition.

Ad exchanges are emerging Internet markets where advertisers may purchase…

In August, 2015, the New York Times published a much-discussed and somewhat controversial article documenting the harsh working conditions facing white-collar employees at Amazon.com (Kantor and Streitfeld, 2015), a description that…

We apply methods developed in the literature initiated by Hannan and Blackwell on robust optimization, approachability and calibration, to price financial securities. Rather than focus on asymptotic performance, we show how gradient strategies…

A theory of money needs a proper place for financial intermediaries. Intermediaries create inside money and their ability to take risks determines the money multiplier. In downturns, intermediaries shrink their lending activity and fire-sell…

We present an algorithm to estimate the two-way fixed effect linear model. The algorithm relies on the Frisch-Waugh-Lovell theorem and applies to ordinary least squares (OLS), two-stage least squares (TSLS) and generalized method of moments (GMM…

This paper conceptualizes HP’s history of becoming between 1939 and 2015 in terms of an integral process overview encompassing seven distinct epochs and associated corporate transformations, and discusses the differential contributions of…

This paper shows how the study of the integral process of HP’s becoming and the differential contributions of successive CEOs to that process can be combined to create an evolutionary framework of the role of strategic leadership in corporate…

Why did productivity rise during recent recessions? One possibility is that average worker quality increased. A second is that each incumbent worker produced more. The second effect is termed “making do with less.” Using data from 2006 to 2010 on…