Publications

How can we assess whether macro-prudential regulations are having their intended effects? If these regulations are optimal, their marginal benefit of addressing externalities should equal their marginal cost of distorting risk- sharing. These…

ESG ratings firms provide information to investors, analysts, and corporate managers about the relation between corporations and non-investor stakeholders interests. Recently, ESG ratings providers have come under scrutiny over concerns of the…

Women leave science, technology, engineering, and mathematics (STEM) fields at higher rates than men do. The COVID-19 pandemic has exacerbated this problem. As companies emerge from the pandemic, interventions that prevent the gender gap from…

In polarized political environments, partisans tend to deploy empathy parochially, furthering division. We propose that belief in the usefulness of cross-partisan empathy — striving to understand other people with whom one disagrees politically…

[Accepted by Management Science. Not yet printed.]

Does decomposing cost of goods sold entail significant competitive costs? We examine this question using a relaxation of disaggregated manufacturing cost disclosure…

The primary goal of this paper is to show that a young entrepreneur, or one who first opens a firm in his or her mid-20s to early 30s, can learn and invest over time to run new, more successful firms with higher productivity and sales. It has…

Past research has assumed that social egalitarians reject group-based hierarchies and advocate for equal treatment of all groups. However, contrary to popular belief, we argue that egalitarian advocacy predicts greater likelihood to support…

We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,000 individuals. Many of these experiments are…

We re-examine the puzzling pattern of lead-lag returns among economically-linked firms. Our results show that investors consistently underreact to information from lead firms that arrives continuously, while information with the same cumulative…

We investigate the relationship between private firms’ disclosures and the demand for the equity of their publicly traded peers. Using data on the global movement of portfolio investments in public equity, we find that a 10% increase in private…

We develop a new approach to identify different categories of depositors during periods of uncertainty and quantify their compensation to remain in the bank. We isolate withdrawals due to liquidity needs, deterioration of fundamentals, and…

The network interference model for treatment effect estimation places experimental units at the vertices of an undirected exposure graph, such that treatment assigned to one unit may affect the outcome of another unit if and only if these two…

We consider a semimartingale reflected Brownian motion (SRBM) Z whose state space is the non-negative quarter plane; the apparently more general case of SRBM in a convex wedge can be transformed to the quarter plane by a simple change of variable…

We study an economy with traders whose payoffs are quasilinear and their private signals are informative about an unobserved state parameter. The limit economy has infinitely many traders partitioned into a finite set of symmetry classes called…

People often struggle to live up to their ideals because of a tension between what they actually want and what they ideally want. Unfortunately, rather than helping people with this, the way recommendation algorithms on social media are…

The nonrivalry of ideas gives rise to increasing returns, a fact celebrated in Paul Romer’s recent Nobel Prize. An implication is that the long-run rate of economic growth is the product of the degree of increasing returns and the growth rate of…

How do the transaction costs of office holding affect congressional careers? These costs may influence the kinds of people who select into public office and therefore the representativeness of democratic institutions. Gaining causal leverage on…

What does it mean to be (seen as) human? Ten studies explore this age-old question and show that gender is a critical feature of perceiving humanness, being more central to conceptions of humanness than other social categories (race, age, sexual…

The linear consumption model, under which products are made, consumed, and then thrown away, is reaching its limits. The excessive pressure this model puts on natural ecosystems, the pollution of air, land, and water bodies resulting from the…