Publications

Others are better qualified than I to comment on Andy Grove’s many contributions as a member of the founding team of Intel Corporation, as the company’s CEO and chairman, or as a U.S. citizen and committed philanthropist, but I may be able…

Research on status and group productivity has highlighted that status hierarchies tend to emerge quickly and encourage contributions to group efforts by rewarding contributors with enhanced status. This and other status research has tended to…

Even though epidemiological evidence links specific workplace stressors to health outcomes, the aggregate contribution of these factors to overall mortality and health spending in the United States is not known. In this paper, we build a model to…

Some technologies save lives—new vaccines, new surgical techniques, safer highways. Others threaten lives—pollution, nuclear accidents, global warming, and the rapid global transmission of disease. How is growth theory altered when technologies…

This paper examines Meg Whitman’s tenure as HP’s CEO from September 2011 till March 2016. It considers the external contextual forces shaping radical changes in the information technology industry as well as the internal contextual forces…

CEO compensation is a highly controversial subject. While most company directors believe that CEO pay is not a problem, the majority of the American public believes that it is. The difficulties that boards face in justifying CEO pay levels in…

Prominent theories suggest that compulsive behaviors, characteristic of obsessive compulsive disorder and addiction, are driven by shared deficits in goal-directed control, which confers vulnerability for developing rigid habits. However, recent…

Compared to the predictions of complete market models, actual exchange rates are puzzlingly smooth and only weakly correlated with macro-economic fundamentals, suggesting that market incompleteness plays a key role in exchange rate dynamics.…

We construct a novel database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector. We provide the first large-scale study that…

We extend the CAPM to a setting where a firm reports earnings prior to selling shares to investors. We show that an entrepreneur, as representative of a firm’s initial owners, will choose to report earnings that asymmetrically reflect future cash…

CEO compensation is a highly controversial subject. While most company directors believe that CEO pay is not a problem, the majority of the American public believes that it is. The difficulties that boards face in justifying CEO pay levels in…

Facebook has become a significant part of daily life for nearly 1.4 billion people worldwide. While many researchers have explored Facebook’s influence on individuals and societies, its potential as a powerful research tool has been largely…

In this paper we introduce a new computationally tractable framework for Ericson and Pakes (1995)- style dynamic oligopoly models that overcomes the computational complexity involved in computing Markov perfect equilibrium (MPE). First, we define…

We show that firms’ individually optimal liquidity management results in socially inefficient boom-and-bust patterns. Financially constrained firms decide on the level of their liquid resources facing cash-flow shocks and time-varying investment…

Propensity score matching estimators (Rosenbaum and Rubin (1983)) are widely used in evaluation research to estimate average treatment effects. In this article, we derive the large sample distribution of propensity score matching estimators. Our…

I consider the monopolistic pricing of informational good. A buyer’s willingness to pay for information is from inferring the unknown payoffs of actions in decision-making. A monopolistic seller and the buyer each observes a private signal about…

Can innovation among micro-entrepreneurs in South Africa teach global corporations a lesson? Rajesh Chandy, Stephen Anderson-Macdonald and Bilal Zia reckon so.

The Legends in Consumer Behavior series captures the essence of the most important contributions made in the field of consumer behavior in the past several decades. It reproduces the seminal works of legends in the field, which are supplemented…

From 1980 to 2000, the rise in the US college/high school graduate wage gap coincided with increased geographic sorting as college graduates concentrated in high wage, high rent cities. This paper estimates a structural spatial equilibrium model…