Publications

In this paper, we define and measure a previously unstudied channel by which companies react to, and attempt to shape, politics: internal policy teams. We use the text of more than 100,000 job listings to classify the roles of roughly 100 million…

Insights from psychology suggest competitive interference: when a firm advertises, consumers are less likely to think of its competitor, benefiting the advertiser by keeping it top of mind and suppressing competitor recall. We empirically…

The welfare contributions of new goods and free goods are not well-measured in standard statistical agency metrics like GDP or productivity. We derive explicit terms for the contributions of these goods and introduce a new framework and metric,…

As the Stanford Graduate School of Business Grousbeck-Holloway Center for Entrepreneurial Studies (GHCES) enters its 30th year, this inaugural GSB Alumni Entrepreneurs 2025 Report provides a comprehensive analysis of entrepreneurial…

We examine the labor market consequences of the 2020 Regulation S-K requiring human capital disclosure in 10K filings. Using large-sample job-level data and a Generative Large Language Model (GLLM), we observe that public firms subject…

The knockoff filter of (Ann. Statist.43 (2015) 2055–2085) is a flexible framework for multiple testing in supervised learning models, based on introducing synthetic predictor variables to control the false discovery…

Banks’ lending technology hinges on their handling of soft and hard information in dealing with different types of credit demand. Through assembling a novel dataset on banks’ investment in information technologies (IT), this paper provides…

This paper studies partisan differences in medical practice over 1999-2019. I link physicians in the Medicare claims data with campaign contributions to identify party alignment. In 1999, there are no partisan differences in medical expenditure…

Exchange-traded funds (ETFs) are typically viewed as passive index trackers. In contrast, we show that corporate bond ETFs actively manage their portfolios, trading off index tracking against liquidity transformation. In our model, ETFs optimally…

Policy-relevant treatment effect estimation in a marketplace setting requires assessing both the direct treatment benefit and spillovers induced by changes to the market equilibrium. We show how to identify and estimate policy-relevant treatment…

We compute the cross-country transfers that result from unconventional monetary policy in the Eurozone. The ECB funds the expansion of its aggregate balance sheet mostly by issuing bank reserves and cash in core countries. The national central…

A common challenge in estimating the long-term impacts of treatments (e.g., job training programs) is that the outcomes of interest (e.g., lifetime earnings) are observed with a long delay. We address this problem by combining several short-term…

The recent elimination of the United States de minimis exemption for import tariffs has been reported to have a significant impact on ultra-fresh fashion companies such as Shein and Temu. This paper develops a game-theoretic model to investigate…

We survey 262 chief executive officer (CEO) alumni of Harvard Business School and gather evidence on three aspects of each executive’s strategy practice: how formalized it is, how it is developed, and how it is implemented. We report three main…

During the Covid-19 pandemic, the United States effectively “spent” about 4 percent of GDP — via reduced economic activity — to address a mortality risk of around 0.3 percent. Many experts believe that catastrophic risks from advanced A.I. over…

We study how Russian oligarch-affiliated companies operate globally and respond to sanctions. We construct a dataset tracking 70 companies, 1,800 international subsidiaries, and their institutional investors between 2009 and 2023. These companies…

Sharing knowledge is a basic tenet of the scientific community, yet publication bias arising from the reluctance or inability to publish negative or null results remains a long-standing and deep-seated problem, albeit one that varies in severity…

Employees voice their concerns in the hope that leaders will change their behavior. But how do employees evaluate these changes? In the present research, we highlight the rate of behavior change as a key factor in determining leader…

We introduce markup equilibrium—an extension of Walrasian equilibrium in which consumers pay a fixed percentage markup over producer prices. In quasilinear markets, markup equilibria exist despite nonconvexities. They are resource-…