Publications

The policy of net metering allows operators of residential and commercial solar PV systems to sell surplus electricity back to their utility at the going retail rate. This policy has recently been criticized on the grounds that it provides a…

We study disclosure dynamics when the firm value evolves stochastically over time. The presence of litigation risk, arising from the failure to disclose unfavorable information, crowds out positive disclosures. Litigation risk mitigates firms’…

In the summer of 2016, the Rock Center for Corporate Governance at Stanford University along with…

Social networking sites are a part of everyday life for over a billion people worldwide.  They show no sign of declining popularity, with social media use increasing at three times the rate of other internet use. Despite this…

In spite of the importance of organizational culture, scholarly advances in our understanding of the construct appear to have stagnated. We review the state of culture research and argue that the ongoing academic debates about what culture is and…

Existing research shows that appeals to self-interest sometimes increase and sometimes decrease prosocial behavior. We propose that this inconsistency is in part due to the framings of these appeals. Different framings generate different salient…

A “conservation good” (such as a tropical forest) is owned by a seller who is tempted to consume (or cut), but a buyer benefits more from conservation. The seller prefers to conserve if the buyer is expected to buy, but the buyer is unwilling to…

In the digital age, software has enabled innovators like Uber and Tesla to gather crucial data about customers and create revolutionary offerings to serve them. Meanwhile, many well-resourced incumbents struggle to develop extended digital…

In collaboration with three companies selling a diverse set of products, we conduct randomized field experiments in which experimentally tailored email messages are sent to millions of individuals. We find consistently that personalizing the…

Over the past decade, online social media has had a tremendous impact on the way people engage in social activism. For instance, about 26M Facebook users expressed their support in upholding the cause of marriage equality by overlaying their…

In collaboration with BuildDirect.com, an online seller of home-improvement products, we conduct a large-scale randomized field experiment to study the effects of retargeted advertising — a form of internet advertising in which banner ads are…

The main advantage of a procurement combinatorial auction (CA) is that it allows suppliers to express cost synergies through package bids. However, bidders can also strategically take advantage of this flexibility, by discounting package bids and…

Using information on advertising and mortgages originated by subprime lenders, we study whether advertising helped consumers find cheaper mortgages. Lenders that advertise more within a region sell more expensive mortgages, measured as the excess…

People with an entity theory of attitudes (i.e. the belief that attitudes are relatively unchanging) are more certain of their attitudes than are people with an incremental theory (i.e. the belief that attitudes are relatively malleable), and…

A firm chooses its debt maturity structure and default timing dynamically, both without commitment. Via the fraction of newly issued short-term bonds, equity holders control the maturity structure, which affects their endogenous default decision…

This Research Spotlight provides a summary of the academic literature on internal and external CEOs. It reviews the evidence of:

• Trends in hiring external CEOs
• Operating condition of companies that hire internal and external…

Regional shocks are an important feature of the U.S. economy. Households’ ability to self-insure against these shocks depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and is…

We study the properties of heteroskedasticity-robust confidence intervals for regression parameters. We show that confidence intervals based on a degrees-of-freedom correction suggested by Bell and McCaffrey (2002) are a natural extension of a…

Shareholders pay considerable attention to the choice of executive selected as the new CEO whenever a change in leadership takes place. However, without an inside look at the leading candidates to assume the CEO role, it is difficult for…

he article offers information on issues related to leadership, candor, and transparency among leaders and human resource managers in an organization. It stresses that candor and honesty are not always necessarily desirable or be considered as the…