Publications

This article revisits Akerlof’s (1970) classic adverse-selection market and asks the following question: do greater information asymmetries reduce the gains from trade? Perhaps surprisingly, the answer is no. Better information on the selling…

We build a model of emerging markets crises which features two types of collateral constraints. Firms in a domestic economy have limited borrowing capacity from international investors. They also have limited borrowing capacity with respect to…

This paper explores the impact confidence has on supply chain performance and its related costs. Businesses tend to concentrate on the traditional tangible elements of the supply chain, and fail to recognize the damaging effect that the lack of…

As a result of e-business, many core supply chain concepts and principles have become much more effective. These concepts include information sharing, multi-party collaboration, design for supply chain management, postponement for mass…

Considerable recent research has examined the effects that activated stereotypes have on behavior. Research on both self-stereotype activation and other-stereotype activation has tended to show that people behave in ways consistent with the…

This paper extends social categorization theory to understand how personality traits related to information sharing may correspond with positive perceptions of demographically different people, thereby enhancing their experience and performance…

In this article we examine the impact of asking hypothetical questions on respondents’ subsequent decision making. Across several experiments we find that even though such questions are purely hypothetical, respondents are unable to prevent a…

We analyze collusion in an infinitely repeated Bertrand game, where prices are publicly observed and each firm receives a privately observed, i.i.d. cost shock in each period. Productive efficiency is possible only if high-cost firms relinquish…

Demand-Based Management is critical to an enterprise in managing its supply chain, product development, technology strategy, service support, and organization design. Managing to demand involves carefully selecting marketing instruments and…

Many studies have shown that people remember faces of their own race better than faces of other races. We investigated the neural substrates of same-race memory superiority using functional MRI (fMRI). European-American (EA) and African-American…

This paper presents a theory of parliamentary systems with a proportional representation electoral system, a formateur selected based on party representation in parliament, and parties that cannot commit to the policies they will implement once…

Among the core capabilities that create competitive strength for a nation, perhaps none is more important but less well understood than management. The importance of having a critical mass of capable managers, and a strong management culture with…

We develop an informational theory that analyzes conditions under which a reelection-seeking executive will act in the public interest. The theory considers factors such as executive competence, challenger quality, and the likelihood that voters…

We study equilibrium firm-level stock returns in two economies: one in which investors are loss averse over the fluctuations of their stock portfolio, and another in which they are loss averse over the fluctuations of individual stocks that…

This paper analyzes a class of games of incomplete information where each agent has private information about her own type, and the types are drawn from an atomless joint probability distribution. The main result establishes existence of pure…

This study examines the relation between analysts’ incentives to cover firms and the extent of their intangible assets. Because intangible assets typically are unrecognized and estimates of their fair values are not disclosed, absent analyst…

This paper examines whether the stock prices of property and casualty (P&C) insurers fully reflect information contained in earnings, cash flows and accruals, and one particular accrual—development of loss reserves. The reserve for policy…