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Term Limits and Pork
We describe a model of electoral selection and legislative policy choice that explores the effects of term limits on legislative spending. In the model, self-interested voters in a collection of districts prefer representatives who deliver…
Innovators in Supply Chain Security
Political unrest, natural disasters and many other unforeseen events such as product contamination and adulteration, shortages, border closings and strikes by ports, have made firms more aware of the vulnerability of their supply chains, and…
The Sales Learning Curve
Differential Properties in the Ratings of Certified vs. Non-Certified Bond Rating Agencies
We examine whether the properties of bond ratings from certified agencies (designated by the SEC) differ from those of non-certified bond rating agencies. Bond ratings from non-certified agencies are used solely for investment advice. Certified…
Matching and Price Competition
We develop a model in which firms set impersonal salary levels before matching with workers. Wages fall relative to any competitive equilibrium while profits rise almost as much, implying little inefficiency. Furthermore, the best firms gain the…
Gatekeeping
Collective choice bodies throughout the world use a diverse array of codified rules that determine who may exercise procedural rights, and in what order. This paper analyzes several two-stage decision-making models, focusing on one in which the…
Looking Deathworthy: Perceived Stereotypicality of Black Defendants Predicts Capital-Sentencing Outcomes
Researchers previously have investigated the role of race in capital sentencing, and in particular, whether the race of the defendant or victim influences the likelihood of a death sentence. In the present study, we examined whether the…
GPS Augmented Vehicle Dynamics Control (2006-01-1275)
Measurements from a Global Navigation System in conjunction with an Inertial Measurement Unit were recently introduced in different aerial and ground vehicles as an input to control vehicle dynamics. In automobiles this approach could help to…
Buys, Holds and Sells: The Distribution of Investment Banks' Stock Ratings and the Implications for the Profitability of Analysts' Recommendations,
This paper analyzes the distribution of stock ratings at investment banks and brokerage firms and examines whether these distributions can predict the profitability of analysts’ recommendations. We document that the percentage of buys decreased…
Can Boundedly Rational Agents Make Optimal Decisions? A Natural Experiment
The television game show The Price Is Right is used as a laboratory to test consistency of suboptimal behavior in an environment with substantial economic incentives. On the show, contestants compete sequentially in two closely related games. We…
Coworker Complementarity and the Stability of Top-Management Teams
We analyze changes in the composition of top management teams when a key member of the team (the chief executive officer [CEO]) departs. We find that the probability of non-CEO top manager turnover increases markedly around times of CEO turnover…
Effects of Multiple Clients on the Reliability of Audit Reports
This paper demonstrates the existence of two different kinds of externalities induced by an auditor servicing multiple clients at the same time. First we show that the capital market price for a client can increase in the number of qualified…
External and Internal Pricing in Multidivisional Firms
Identification and Inference in Nonlinear Difference-In-Difference Models
This paper develops a generalization of the widely used difference-in-differences method for evaluating the effects of policy changes. We propose a model that allows the control and treatment groups to have different average benefits from the…
The malleable meaning of subjective ease
People can generate the same thoughts or process the same information with different degrees of ease, and this subjective experience has implications for attitudes and social judgment. In prior research, it has generally been assumed that the…
The relationship between leadership style and regulatory mode: Value from fit?
In this article, we consider the relationship between regulatory orientation and transformational leadership. Specifically we pro-pose that the effectiveness of transformational leadership depends on followers’ regulatory mode—the manner in which…
Earnings Manipulation, Pension Assumptions, and Managerial Investment Decisions
- Winner, 2004 Barclays Global Investor Best Symposium Paper of the European Finance Association.
Managers appear to manipulate firm earnings through their characterizations of pension assets to capital markets and alter…
Essentializing Differences Between Women and Men
People represent many social categories, including gender categories, in essentialist terms: They see category members as sharing deep, nonobvious properties that make them the kinds of things they are. The present research explored the…
Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans
- Winner, 2006 Brattle Prize, First Prize Paper for the best corporate finance paper published in the Journal of Finance.
- Winner, 2004 Western Finance Association Award for best corporate finance paper.
I…
Bubbles and Capital Flow Volatility: Causes and Risk Management
Emerging market economies are fertile ground for the development of real estate and other financial bubbles. Despite these economies’ significant growth potential, their corporate and government sectors do not generate the financial instruments…