Publications

We consider a retailer that sells a product with uncertain demand over a finite selling season. The retailer sets an initial stocking quantity and, at some predetermined point in the season, optimally marks down remaining inventory. We…

We document that the observed persistence amongst the worst performing actively managed mutual funds is attributable to funds that have performed poorly both in the current and prior year. We demonstrate that this persistence results from an…

A three-stage model isolates conditions under which an executive appointment to a collective choice body, such as a court or a regulatory agency, has an immediate bearing on policy. The model strikes a balance between previous formal models that…

This paper studies the properties and determinants of managers’ multi-year financial forecasts. Using one- to five-year-ahead forecasts reported by private venture-backed firms, we ask whether, by how much, and why biases in managers’ forecasts…

Global Trade Management (GTM) software solutions allow companies to automate import and export processes, provide higher visibility to goods at supplier sites and in-transit materials, address compliance issues, and improve their inventory…

High-level visual cortex in humans includes functionally defined regions that preferentially respond to objects, faces and places. It is unknown how these regions develop and whether their development relates to recognition memory. We used…

We consider the effects a public revelation of information (e.g. rating, grade) has on trading in a dynamic signaling model. Competing buyers offer prices to a privately informed seller who can reject them and delay trade. Delay is costly and the…

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…