Publications

In 2009, the SEC mandated that financial statements be filed using extensible Business Reporting Language (XBRL). The SEC contends that this new search-facilitating technology will reduce informational barriers that separate smaller, less-…

A novel approach to evaluating the impact of nonprofit organizations is proposed, combining social network and linguistic analysis. The authors examined data from nonprofit organizations’ websites and site hyperlinks to other organizations…

Corporate governance experts pay considerable attention to the composition of the full board of directors. And yet, much of the substantive work of the board is carried out by committee.

While the nominating and governance committee, in…

We measure the repo funding extended by money market funds (MMF) and securities lenders to the shadow banking system, including quantities, haircuts, and repo rates by type of underlying collateral. We find that repo played only a small role in…

A growing portion of offline and online human activities leave digital footprints in electronic databases. Resulting big social data offers unprecedented insights into population-wide patterns and detailed characteristics of the individuals. The…

Social scientists have traditionally argued that whiteness—the attribute of being recognized and treated as a White person in society—is powerful because it is invisible. On this view, members of the racially dominant group have the unique…

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…

We analyze a policy proposal for regulating the next generation of baseload electricity generation facilities in the United States. The cornerstone of this regulation is a (hypothetical) EPA mandate for an emission standard of 80 kg of CO2 per…

The quality and quantity of data on economic activity are expanding rapidly. Empirical research increasingly relies on newly available large-scale administrative data or private sector data that often is obtained through collaboration with…

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…

The downside risk capital asset pricing model (DR-CAPM) can price the cross section of currency returns. The market-beta differential between high and low interest rate currencies is higher conditional on bad market returns, when the market price…

The shareholders of public corporations have considerable interest in the choice of individual to serve as CEO of their company. They want to be assured that the company has a viable plan in place to replace the current CEO if necessary.

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Previous research has typically treated collection as a top-down process and focused on its later stages. However, collections may start by accident and are often triggered by incidental, bottom-up factors. The authors propose that a small number…

Consumers often feel pressed for time, but why? This research provides a novel answer to this question: subjective perceptions of goal conflict. We show that beyond the number of goals competing for their time, perceived conflict between goals…

We find strong empirical support for the risk-shifting mechanism to account for the puzzling negative relation between idiosyncratic volatility and future stock returns documented by Ang, Hodrick, Xing, and Zhang (2006). First, equity holders…

I study the efficiency of three prominent accounting rules in a delegated bidding setting where bidders’ incentives are tied to both accounting income and economic surplus. Trade efficiency is maximized (minimized) by the value-in-use method (…

Across five studies, this research reveals that feeling powerful increases saving. This effect is driven by the desire to maintain one’s current state. When the purpose of saving is no longer to accumulate money, but to spend it on a status-…

This study finds that more conservative earnings have lower information content in that higher conditional conservatism decreases the speed with which equity investor disagreement and uncertainty resolve at earnings announcements. We find that a…

Several studies have focused on stratifying patients according to their level of readmission risk, fueled in part by incentive programs in the U.S. that link readmission rates to the annual payment update by Medicare. Patient-specific predictions…

Although doctors and hospitals own their patients’ medical records, state and federal laws require that they provide patients with a copy at “reasonable cost.” We examine the effects of state laws that…