Publications

The present research tests a new metacognitive perspective on resistance in minority influence situations. It is proposed that when people initially resist persuasive messages from sources in the numerical minority, they can lose attitude…

Aggregate consumption growth risk explains why low interest rate currencies do not appreciate as much as the interest rate differential and why high interest rate currencies do not depreciate as much as the interest rate differential. Domestic…

We test the doubly stochastic assumption under which firms’ default times are correlated only as implied by the correlation of factors determining their default intensities. Using data on U.S. corporations from 1979 to 2004, this assumption is…

Values concerning the distribution of wealth are an important aspect of identity for many Americans, and such values may therefore influence how Americans experience their own socioeconomic status (SES). Based on this proposition, the present…

This article develops and empirically implements an arbitrage-free, dynamic term structure model with “priced” factor and regime-shift risks. The risk factors are assumed to follow a discrete-time Gaussian process, and regime shifts are…

This paper develops a new nonparametric series estimator for the average treatment effect for the case with unconfounded treatment assignment, that is, where selection for treatment is on observables. The new estimator is efficient. In addition…

We compare wealth holdings across two cohorts of the Health and Retirement Study: the early Baby Boomers in 2004, and individuals in the same age group in 1992. Levels and patterns of total net worth have changed relatively little over time,…

The present research tested the notion that perceived target knowledge can be affected by the amount of information one has about other recently encountered stimuli — whether that information is relevant or not. Furthermore, the present research…

 Perspectives on inequality differ greatly regarding whether the logic of bureaucracy undermines sex-based ascription in work organizations by reducing subjectivity in personnel decisions, or instead merely serves to obscure or “…

Attitude certainty has been the subject of considerable attention in the attitudes and persuasion literature. The present research identifies 2 aspects of attitude certainty and provides evidence for the distinctness of the constructs.…

I study the human capital development and firm-worker matching processes for PhD economists. This group is useful for this purpose because the types of jobs they hold can be easily categorized and they have an observable productivity measure (…

In this research we propose a web-based adaptive self-explicated approach for multi-attribute preference measurement (conjoint analysis) with a large number (ten or more) of attributes. In the empirical application reported here the proposed…

Agency problems limit firms’ access to capital markets, curbing investment. Firms and investors seek contractual ways to mitigate these problems. What are the implications for investment? We present a theory of a firm’s investment dynamics…

We show that the asymmetric effects of income taxes and special items for profit and loss firms contribute to a discontinuity at zero in the distribution of earnings. Income taxes draw profit observations towards zero while negative special items…

Game Theory: 5 Questions is a collection of short interviews based on 5 questions presented to some of the most influential and prominent scholars in the field. We hear their views on game theory, its aim, scope, use, the future direction of game…

Using a study of the relationship between bureaucratic work environments and individual rates of entrepreneurship, I revisit a fundamental premise of sociological approaches to entrepreneurship, namely, that the social context shapes the…

Insights into the origins of entrepreneurial activity are gained through a study of alternative mechanisms implicated in the tendency for children of the self-employed to be substantially more likely than other children to enter into self-…

Oblivious equilibrium is a new solution concept for approximating Markov perfect equilibrium in dynamic models of imperfect competition among heterogeneous firms and has recently been used in multiple economic studies. In this paper, we present…

We examine the relationship between income inequality and corporate demography in regional labor markets and specify two mechanisms through which the number and diversity of employers in a labor market affect wage dispersion. Vertical…

Milton Friedman argued that the social responsibility of firms is to maximize profits. This paper examines this argument for the economic environment envisioned by Friedman in which citizens can personally give to social causes and can invest in…