Publications

We review the new and growing body of work on power in teams and use this review to develop an emergent theory of how power impacts team outcomes. Our paper offers three primary contributions. First, our review highlights potentially incorrect…

How people fit into social groups is a core topic of investigation across multiple sociological subfields, including education, immigration, and organizations. In this chapter, we synthesize findings from these literatures to develop an…

Research on social categories has become one of the more active lines of research on organizations. Much of this research presumes the pre-existence of at least the “seed” of the category and then proceeds to study and explain how the category…

We describe factors that make bidding in large spectrum auctions complex ó including exposure and budget problems, the role of timing within an ascending auction, and the possibilities for price forecasting ó and how economic and game-theoretic…

I show that, in a benchmark model, debt securities minimize the welfare losses associated with the moral hazards of excessive risk-taking and lax effort. For any security design, the variance of the security payoff is a statistic that summarizes…

We show that efficient bargaining is impossible for a wide class of economic settings and property rights. These settings are characterized by (i) the existence of “adverse efficient opt-out types”, whose participation does not change the…

A coevolutionary perspective on knowledge strategy is developed, where variant positions in knowledge space are predicted to result in differential advantages in product space.  In particular, advantages to being both consistent and…

We build a linear-quadratic model to analyze trading in a market with private information and heterogeneous agents. Agents receive private taste/inventory shocks and trade continuously. Agents differ in their need for trade as well as the cost to…

A recurring theme in sociological research is the tradeoff between fitting in and standing out. Prior work examining this tension has tended to take either a network structural or a cultural perspective. We instead fuse these two traditions…

We examine bankruptcy within business groups. Groups have incentives to support financially distressed subsidiaries as the bankruptcy of a subsidiary may impose severe costs on the group as a whole. In several countries around the world,…

Under revision for the Review of Financial Studies

We study the investment and financing policies of public U.S. firms. Large firms substitute between debt- and equity financing over the business cycle whereas small firms’…

This article aims to introduce the reader to essential tools that can be used to obtain insights and build predictive models using large data sets. Recent user proliferation in the digital environment has led to the emergence of large samples…

In this article, we develop new methods for estimating average treatment effects in observational studies, in settings with more than two treatment levels, assuming unconfoundedness given pretreatment variables. We emphasize propensity score…

A firm considers hiring an agent who may be competent for a potential project or not. The agent can prove her competence but faces a holdup problem. We propose a model of persuasion and show how gradualism helps mitigate the holdup problem. We…

Remarkably, growth in the number of Latino-owned firms in the United States is outpacing growth in number among other firms. This high business creation rate is unique in the U.S. because the five-year average growth rate in the number of Latino…

We highlight key assumptions implicit in the models used by academics conducting research on market efficiency. Most notably, many academics assume that investors can borrow unlimited amounts and construct long-short portfolios at zero cost. We…

In this paper, we estimate how hospital ownership of physicians’ practices affects their patients’ hospital choices. We match data on the hospital admissions of Medicare beneficiaries, including the identity of their physician, with data on the…

Drawing on insights of current and past editors of top economics and finance journals, we provide guidelines for reviewers in preparing referee reports and cover letters for journals. Peer review is fundamental to the progress of science and we…

Delay discounting has been linked to important behavioral, health, and social outcomes, including academic achievement, social functioning and substance use, but thoroughly measuring delay discounting is tedious and time consuming. We develop and…