Publications

We study the interaction between tax advantages for municipal bonds and the market structure of auctions for these bonds. We show that this interaction can limit a bidder’s ability to extract information rents and is a crucial determinant of…

We incorporate the lumpy nature of firm-level investment into the study of how tax policy affects investment behaviour. We show that tax policies can directly impact the lumpiness of investment. Extensive-margin responses to tax policy are key to…

Profit shifting by multinational corporations is thought to reduce tax revenue around the world. We analyze the introduction of standard regulations aimed at limiting profit shifting. Using administrative tax and customs data from Chile in…

Patents and citations are powerful tools increasingly used in financial economics (and management research more broadly) to understand innovation. Biases may result, however, from the interactions between the truncation of patents and citations…

We investigate how unexpected distractions affect investors’ reactions to corporate earnings announcements. We use a daily news pressure (DNP) index as a proxy for the presence of potential investor distraction. Since breaking news captured…

Recent research has documented that companies are pursuing a variety of strategies to enhance supply-chain resilience. This paper examines how managers actually think about resilience strategies, and then analyzes the relationship between…

We study monitoring in a continuous-time career concerns model. A monitor oversees an agent and generates verifiable evidence if the agent shirks. The monitor’s ability is uncertain and requires costly investment to maintain. Unpunished shirking…

An extensive literature examines whether senior executives’ contractual incentives influence their financial reporting decisions. However, little is known about whether —  and how — the incentives of lower-level (or “rank-and-file”)…

The COVID-19 pandemic triggered an unprecedented transition from in-person to virtual delivery of primary health care services. Leaders were at the helm of the rapid changes required to make this happen, yet outcomes of leaders’ behaviours were…

As online platforms have become dominant, many have leveraged their power by raising fees and changing rules. In the short run, this hurts the producers they work with — software developers, small retailers, game designers, content creators. In…

Digital technologies are transforming the economy and society. The dimensionality and scope of the impacts are bewildering and too numerous to cover in a single essay. But of all the concerns around digital technology (and there are many),…

BACKGROUND: Care coordination is critical for patients with multiple chronic conditions, but fragmentation of care persists. Providers’ perspectives of facilitators and barriers to coordination are needed to improve care.

OBJECTIVES: We…

In 1950, Alan Turing proposed a test of whether a machine was intelligent: could a machine imitate a human so well that its answers to questions were indistinguishable from a human’s? Ever since, creating intelligence that matches human…

This Quick Guide provides data and statistics on the attributes of the CEOs and CEO succession events at publicly traded companies in the United States. This data supplements the issues introduced in the Quick Guide “…

Competition is prevalent in goal pursuit. These goals may explicitly include outperforming others in a competition, or they can be implicit, such that people internally compare and compete with peers during the pursuit of their own individual…

Equity book-to-market ratios (BTM) should not exceed one if a firm’s return on equity exceeds its cost of capital or it employs conservative accounting. Yet, BTM is above one for many firms, particularly in recession years. We address whether…

A classic question about democratic elections is how much they are able to influence politician behavior by forcing them to anticipate future reelection attempts, especially in contexts where voters are not paying close attention and are not well…

This Research Spotlight provides a summary of the academic literature on whether companies with an independent chairman of the board exhibit better governance quality than companies with a dual chairman/CEO. It reviews the evidence of:

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This Research Spotlight provides a summary of the academic literature on outside (non-executive) directors and directors who are independent according to New York Stock Exchange listing requirements. It reviews the evidence of:

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