Publications

Corporate activism is when a firm takes a public stance on a social or political issue. Although the public increasingly expects corporations to engage in activism, public support varies across individual corporate activist campaigns. While…

We consider the problem of a rational, Bayesian agent receiving signals over time for the purpose of taking an action. The agent chooses when to stop and take an action based on her current beliefs, and prefers (all else equal) to act sooner…

Most companies have digital platforms that support specific functions, such as supply chain management, product design, or operations, and they tightly regulate who may join the platform. The Chinese appliance manufacturer Haier has taken a…

While the shareholder benefits of audits are well documented, evidence on whether audits can facilitate opportunistic behavior by corporate insiders is scarce. In this paper, we examine whether the audit process facilitate one particular form of…

We propose a new adaptive empirical Bayes framework, the Bag-Of-Null-Statistics (BONuS) procedure, for multiple testing where each hypothesis testing problem is itself multivariate or nonparametric. BONuS is an adaptive and interactive knockoff-…

Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of adjustment that are usually absent from this view using microdata in the$10 trillion U.S. residential mortgage market. We first…

Resolving microscopic and complex 3D polymeric structures while maintaining high print speeds in …

Despite great falls in global poverty, civil and ethnic conflict remains tragically common. In this chapter, I examine the patterns of persistence and change in conflict around the world through the lens of historical political economy. I compare…

Dominant actors are neither liked nor respected, yet they are reliably deferred to. Extant explanations of why dominant actors are deferred to focus on deferrers’ first-order judgments (i.e., the deferrers’ own private assessment of the dominant…

We examine how executives’ ability to control their firms’ exposure to risk affects the design of their incentive-compensation contracts. Our natural experimental evidence shows that exchange-traded weather derivatives allow executives to control…

Advance market commitments (AMCs) provide a mechanism to stimulate investment by suppliers of products to low-income countries. In an AMC, donors commit to a fund from which a specified subsidy is paid per unit purchased by low-income countries…

How does the shadow banking system respond to changes in capital regulation of commercial banks? We propose a quantitative general equilibrium model with regulated and unregulated banks to study the unintended consequences of regulation. Tighter…

We show that the folk theorem holds generically for the repeated two-player game with private monitoring if the support of each player’s signal distribution is sufficiently large. Neither cheap talk communication nor public randomization is…

Managing difficult conversations is an important skill to develop and refine for all professionals and future leaders, particularly for those in health care where difficult situations with high stakes are prevalent. The intensity and frequency of…

From systematic racism to climate change, institutions in contemporary American society are increasingly expected to wake up to and take a stance on major social and political issues that challenge our societal well-being. Yet such communicative…

I study a dynamic model in which a decision-maker (DM) acquires information about the payoffs of different alternatives prior to making a decision. The model’s key feature is the flexibility of information: the DM can choose any dynamic signal…

Many people practiced COVID-19-related safety measures in the first year of the pandemic, but Republicans were less likely to engage in behaviors such as wearing masks or face coverings than Democrats, suggesting radical disparities in health…

The “freemium” model for digital goods involves selling a base version of the product for free, and making premium product features available to users only on payment. The success of the model is predicated on the ability to profitably convert…

The return expectations of public pension funds are positively related to cross-sectional differences in past performance. This positive relation operates through the expected risk premium, rather than the expected risk-free rate or inflation…

This paper considers top income taxation when (i) new ideas drive economic growth, (ii) the reward for successful innovation is a top income, and (iii) innovation cannot be perfectly targeted by a research subsidy — think about the business…