Publications

Generative artificial intelligence (GAI) will likely alter many aspects of the financial reporting process and spawn a deep stream of academic research. We take an early step by examining the extent to which firms have begun using GAI in one…

Deceptive online networks are coordinated efforts that use identity deception to pursue strategic political or financial goals. During the US 2020 elections, these networks reached at least 37 million Facebook and 3 million Instagram users,…

Tax wash sale rules prohibit the recognition of capital losses when substantially identical securities are sold and immediately repurchased within short windows. This study examines whether institutional investors use exchange-traded funds (ETFs…

Multimodal AI systems have achieved remarkable performance across a broad range of real-world tasks, yet the mechanisms underlying visual-language reasoning remain surprisingly poorly understood. We report three findings that challenge prevailing…

AI is revolutionizing industrial value chains by accelerating operations, enhancing supply chain resilience, and mitigating critical labor shortages. To realize these gains, companies must first bridge potentially significant data gaps while…

Rationale & Objective

Nearly 20% of deceased donor kidneys in the United States are placed “out-of-sequence” (ie, outside of standard allocation rules). The rationale for out-of-sequence placements is to expedite placement of kidneys…

We analyze the effects of veto players when the set of available policies isn’t exogenously fixed, but rather determined by policy developers who work to craft new high-quality proposals. If veto players are moderate, there is active competition…

Recommender systems are central to how modern digital platforms connect users with content, yet they face a fundamental trade-off between predictive accuracy and explainability. Black-box models achieve strong performance but lack the…

This paper analyzes bond convenience yields in a currency union. The intertemporal government budget constraint requires member countries’ bond convenience yields and default spreads to adjust in response to shocks to their government surpluses.…

Organization redesign often raises a central question: Where are managers needed? A potential substitute for formal supervision by managers is interpersonal cultural alignment, which can ease coordination between colleagues. Yet prior…

We develop and implement a novel method to study personal financial advice from Large Language Models (LLMs). Studying this advice is challenging because it depends on the model used (i.e., supply), the questions individuals ask (i.e., demand),…

Theories of gender inequality in the workplace rely heavily on stereotypes that describe women as more communal (e.g., warm and kind) and less agentic (e.g., assertive and forceful) than men. In this paper, we highlight the existence of an …

Modern political systems exist not in a vacuum but in a world of continuous technological, social and economic change. This change means policies designed for today’s world will fit only imperfectly tomorrow, a phenomenon they refer to as …

The Metaverse is often portrayed as a novel context for digital consumption, but this paper argues that its deeper value lies in its potential as a behavioral observatory. By loosening four traditional consumer constraints of identity, time,…

Wealth, though crucial for modeling economic behavior and understanding well-being, is difficult to measure in surveys. This paper introduces a new, comprehensive account-by-account approach for eliciting asset holding. This approach is…

We study the interest-rate sensitivity of household wealth in a realistic life-cycle model. The model predicts that middle-aged and wealthier households should hold more long-term assets, as observed in the US data. Consequently, optimal…

Early studies of large language models (LLMs) in clinical settings have largely treated artificial intelligence (AI) as a tool rather than an active collaborator. As LLMs demonstrate expert-level diagnostic performance, the focus shifts from…

Recommender systems optimized for short-term engagement often hurt long-term consumer satisfaction and retention. Yet optimizing long-term outcomes is challenging because such signals are sparse and noisy. We study short-form video platforms,…

The value of social and emotional skills is increasing in the labor market, but we have limited knowledge on how education systems can foster these skills at scale. We present evidence from a large-scale field experiment in Norway testing an…