Publications

Increasingly, businesses are eager to partner with nonprofit organizations to benefit their communities. In spite of good intentions, differences between nonprofit and business organizations can limit the ability of potential partnerships to…

The designs of many new blockchains are inspired by the Byzantine fault tolerance (BFT) problem. While traditional BFT protocols assume most system nodes behave honestly, we recognize that blockchains are deployed in environments where nodes are…

Introduction: Efforts to address complex public health challenges can benefit from cross-sector collaboration, while also fostering growing business sector engagement in promoting health equity. What form business-nonprofit…

This Data Spotlight provides data and statistics on the level and structure of CEO compensation in the United States. This data supplements in the issues introduced in the Quick Guides “…

Organizational culture is widely seen as an important element in a firm’s success or failure. While there is almost universal agreement that leaders define and shape organizational culture, there is little research exploring how and why they do…

We document the rise of China in offshore capital markets. Chinese firms use global tax havens to access foreign capital both in equity and bond markets. In the last twenty years, China’s presence went from raising a negligible amount of capital…

Firms use consumer data to price discriminate. In response, policymakers have pushed for consumers to have control over their data so that they choose what to share and with whom. We model consumer control and its effect on markets through the…

New approaches to corporate purpose have emerged in recent years that hold out the promise of addressing concerns about corporate social responsibility (CSR) through shareholder governance, rather than in spite of it, by reconceptualizing…

Across the United States, police chiefs, city officials, and community leaders alike have highlighted the need to de-escalate police encounters with the public. This concern about escalation extends from encounters involving use of force to…

Fear can undermine cooperation. It may discourage individuals from collaborating with others because of concerns about potential exploitation; prompt them to engage in defensive aggression by launching a preemptive strike; and propel power-…

From 2007–2020, unlisted Chinese firms paid an average of over US $500 million to listed firms for their shell value in reverse merger transactions. We show that this large shadow price for a public listing sheds light on other features of…

We evaluate the long-run effects of a decentralized approach to economic development called community-driven development — a prominent strategy for delivering foreign aid — by revisiting a randomized community-driven development program in Sierra…

In this research we reexamine and update prior research on the association between decision conflict and choice deferral. Decision conflict has featured prominently in psychology literature, going back to the seminal work of Lewin (1933), Miller…

We use establishment-level data from the US Census Bureau’s Annual Survey of Manufactures to study the characteristics and geographic locations of investments in robots. We find that the distribution of robots is highly skewed across locations.…

The COVID-19 pandemic has affected all domains of human life, including the economic and social fabric of societies. One of the central strategies for managing public health throughout the pandemic has been through persuasive messaging and…

Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors’ demand for liquidity. We measure the quantity of these forms of liquidity and their corresponding liquidity premium in a sample from 1934 to 2016, estimating the…

We study the joint determination of product quality and complexity. In our model complexity affects how difficult it is for an agent to acquire information about product quality. An agent can accept or reject a product proposed by a designer, who…

As a bridge between Chinese mainland and international financial markets, the Stock Connect program allows investors on both sides to gain mutual access. By analyzing how cross-border flows respond to macro-related shocks, we show that compared…

This research examines how the effort that consumers exert to earn money affects their risk tolerance. We theorize and find that working harder — that is, more effortful earning — increases perceived ownership and valuation of earnings,…

Public finance and real estate are uniquely intertwined in China, where local governments also serve as monopolist sellers of land. We shed new light on how land sale decisions and land prices depend on local governments’ financing objectives.…