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Herd Invisibility: The Psychology of Racial Privilege
Despite overwhelming evidence of its existence, White privilege has received relatively little attention in psychological science. However, given the chronic and pervasive benefits tied to racial privilege, it stands to reason that living with…
Netflix Approach to Governance: Genuine Transparency with the Board
The hallmark of good corporate governance is an independent board of directors to oversee management. However, it is not clear that independent directors receive the information they need to make fully informed decisions on all key matters.…
One Size Fits All: Context Collapse, Self-Presentation Strategies and Language Styles on Facebook
Agency Problems in Political Campaigns: Media Buying and Consulting
Advertising expenditures in congressional campaigns are made not directly by campaigns themselves but indirectly though intermediary firms. Using a new dataset of revenues and costs of these firms, we study the markups that these firms charge…
Convergence of the Core in Assignment Markets
Do Banks have an Edge?
We decompose bank activities into passive and active components and evaluate the performance of the active components of the bank business model by controlling for passive maturity transformation strategies that can be executed in the capital…
Dynamic Certification and Reputation for Quality
We study firm’s incentives to invest and build reputation for quality, when quality can be certified at a cost. We consider two types of equilibria: one in which certification decisions are made based on firm’s reputation and the second in which…
Dynamic Incentives in Wait List Mechanisms
Many scarce public resources are allocated through wait lists that use priorities for individual agents. A new priority system for allocating deceased donor kidneys was adopted in 2014. This redesign was guided by simulations that held decision-…
Estimating Heterogeneous Consumer Preferences for Restaurants and Travel Time Using Mobile Location Data
We estimate a model of consumer choices over restaurants using data from several thousand anonymous mobile phone users. Restaurants have latent characteristics (whose distribution may depend on restaurant observables) that affect consumers’ mean…
Foreign Safe Asset Demand for US Treasurys and the Dollar
We present theory showing that the spot dollar exchange rate reflects the value of all future convenience yields that foreign investors assign to US Treasuries. The convenience yield also creates wedge, the Treasury-based dollar basis, between…
Managerial Flexibility in Levelized Cost Measures: A Framework for Incorporating Uncertainty in Energy Investment Decisions
Many irreversible long-run capital investments entail opportunities for managers to respond flexibly to changes in the economic environment. However, common levelized cost measures used to guide decision-making, such as the levelized cost of…
Managing 21st-Century Political Risk
In 2010, Gabriela Cowperthwaite read a news article that changed her life. It described how an orca whale had killed a trainer during a show at SeaWorld in Orlando. Cowperthwaite, a Los Angeles filmmaker who liked taking her twins to see orcas at…
Netflix Approach to Governance: Genuine Transparency with the Board
The hallmark of good corporate governance is an independent board of directors to oversee management. However, it is not clear that independent directors receive the information they need to make fully informed decisions on all key matters.…
Taxation and Corporate Risk-Taking
We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax…
The Big Thumb on the Scale: An Overview of The Proxy Advisory Industry
Proxy advisory firms have significant influence over the voting decisions of institutional investors and the governance choices of publicly traded companies. However, it is not clear that the recommendations of these firms are correct and…
The Changing Face of Debt and Financial Fragility at Older Ages
We investigate changes in older individuals’ financial fragility as they stand on the verge of retirement. Using data from the Health and Retirement Study (HRS), we compare how debt has changed for successive cohorts of people age 56–61. Our…
The Numbers Don’t Speak for Themselves: Racial Disparities and the Persistence of Inequality in the Criminal Justice System
Many scholars and activists assume the public would be motivated to fight inequality if only they knew the full extent of existing disparities. Ironically, exposure to extreme disparities can cause people to become more, not less, supportive of…
The Returns to Elite Degrees: The Case of American Lawyers
The authors study the market for young attorneys. Using data from two surveys of attorneys who passed the bar exam in 2000, they find that attorneys who graduate from law schools ranked in the Top 10 nationally earn considerably more than those…
What Matters for the Productivity of Kidney Exchange?
Kidney exchange platforms serve patients who need a kidney transplant and who have a willing, but incompatible, donor. These platforms match patients and donors to produce transplants. This paper documents operational details of the three largest…
Donn, Vic and Tiki Bar Authenticity
This study explores the social history of the tiki bar and associated phenomena from its origins in the 1930s up to the present. In doing so we aim to contribute to theory on consumer research about social categories and authenticity. Piecing…