Publications

This paper explores the nature of default arrival and recovery implicit in the term structures of sovereign CDS spreads. We argue that term structures of spreads reveal not only the arrival rates of credit events (lambda cap Q), but also…

It is well established that increasing attitude certainty makes attitudes more resistant to attack and more predictive of behavior. This finding has been interpreted as indicating that attitude certainty crystallizes attitudes, making them…

This paper examines a two-tier assemble-to-order system. Customer orders for various products must be filled within the product-specific target lead time, or become lost sales. A product can be assembled instantaneously if its required components…

This paper identifies challenges and opportunities created by global financial reporting for the education and research activities of U.S. academics. Relating to education, after overviewing the relation between global financial reporting and U.S…

Founded in 1956 by James Thompson, the Administrative Science Quarterly is a peer-reviewed, interdisciplinary journal publishing theoretical and empirical work that advances the study of organizational behavior and theory. ASQ publishes articles…

We analyze the differences between companies owned by private equity (PE) investors and similar public companies. We document that PE-owned companies use much stronger incentives for their top executives and have substantially higher debt levels…

The purpose of this study is to investigate the relationship between technological capabilities and firm performance. We divide technological capabilities into two types — refinement capability, which involves the improvement of the…

We use a standard single-agent model to conduct a simple consumption growth accounting exercise. Consumption growth is driven by news about current and expected future returns on the market portfolio. We impute the residual of consumption growth…

Revealed preferences are tastes that rationalize an economic agent’s observed actions. Normative preferences represent the agent’s actual interests. It sometimes makes sense to assume that revealed preferences are identical to normative…

Building on the contributions of diverse theoretical approaches, the authors present a multidimensional model of group identification. Integrating conceptions from the social identity perspective with those from research on individualism—…

When people’s rationality and agency are implicitly called into question by the more expedient behavior of others, they sometimes respond by feeling morally superior; this is referred to as the sucker-to-saint effect. In Experiment 1,…

A key tenet of the theory of human capital is that investment in skills results in higher productivity. The previous literature has estimated the degree of investment in human capital for individuals by looking at individual wage growth as a…

We consider the general problem of finding the minimum weight b-matching on arbitrary graphs. We prove that, whenever the linear programming relaxation of the problem has no fractional solutions, then the cavity or belief propagation equations…

Published evidence suggests that frequent hemodialysis (more than three times per week) for patients with ESRD may improve health-related quality of life and has the potential to increase longevity and reduce hospitalization and other…

American voters are assigned to vote at a particular polling location (e.g., a church, school, etc.). We show these assigned polling locations can influence how people vote. Analysis of a recent general election demonstrates that people who were…

 This paper describes a new continuous-time principal-agent model, in which the output is a diffusion process with drift determined by the agent’s unobserved effort. The risk-averse agent receives consumption continuously. The optimal…

Objectification has been defined historically as a process of subjugation whereby people, like objects, are treated as means to an end. The authors hypothesized that objectification is a response to social power that involves approaching useful…

Why do successful organizations often move in new directions and then fail? We propose that this pattern is especially likely among organizations that have survived a history of competition. Such experience adapts organizations to their…

There is a growing consensus that preferences are inherently constructive and largely determined by the task characteristics, the choice context, and the description of options. Although the fact that construction influences often play an…

This paper examines a novel means of increasing elaboration of persuasive messages. Whereas much previous research has focused on ways to promote actual self-relevance of the message (e.g., by changing the message to match the recipient), the…