Publications

The standard solution concept for stochastic games is Markov perfect equilibrium (MPE); however, its computation becomes intractable as the number of players increases. Instead, we consider mean field equilibrium (MFE) that has been…

Traditional odd lot trades (i.e., trades involving fewer than 100 shares) now comprise over half of all equity trades on U.S. exchanges. Under Regulation National Market System, however, these trades are excluded from a market center’s trade…

We study the optimal self-enforcing agreement based on quantity mandates and price instruments in a repeated game between countries, whose domestic firms invest in green technology before consumers emit. We find that technology must be regulated…

Over the past few decades, the production and consumption of clothing has increased exponentially, leading to a dramatic increase in the negative environmental consequences produced by the fashion industry. Given the rising pace of global warming…

This paper studies the connection between share pledging and entrepreneurial activities in China, challenging the common wisdom that share pledging funds circle back to the listed firms. Share pledging funds are at the discretion of the…

Forty-five years ago, power as a topic was mostly absent from management textbooks and courses, including executive education teaching, in the fields of business and public administration. This was the case notwithstanding the fact that power…

We develop a model to capture the novelty of innovation and explore what it means for the nature of market competition and quality of innovations. An innovator decides not only whether to innovate but how boldly to innovate, where the more novel…

Intergroup conflict is a persistent companion of the human existence. Why do individuals engage in intergroup conflict as often as they do? We propose that groups’ tendencies to present intergroup conflict as the default option and individuals’…

We compare the profit of the optimal third-degree price discrimination policy against a uniform pricing policy. A uniform pricing policy offers the same price to all segments of the market. Our main result establishes that for a broad class of…

In sharp contrast to most previous crisis episodes, the Treasury market experienced severe stress and illiquidity during the COVID-19 crisis, raising concerns that the safe-haven status of U.S. Treasuries may be eroding. We document large shifts…

Embracing the perspective of accounting as providing information to support capital allocation decisions could help avoid accounting issues ending up in the ‘Too Difficult’ Box. Investors need and use information not contained in traditional…

Sequential experiments are deployed in a variety of practices, including for optimizing product recommendations and pricing in online platforms. Such experiments are often characterized by an exploration-exploitation tradeoff that is well-…

A longstanding theory indicates that the threat of a common enemy can mitigate conflict between members of rival groups. We tested this hypothesis in a pre-registered experiment where 1670 Republicans and Democrats in the United States were asked…

Stanford Latino Entrepreneurship Initiative surveyed 15,000 employer businesses in 2021 as part of its annual national survey to assess the current state of U.S. Latino entrepreneurship. We have compiled some of the most pressing insights about…

Billing and insurance-related costs are a significant source of wasteful health care spending in Organization for Economic Cooperation and Development nations, but these administrative burdens vary across national systems. We executed a…

Using a novel measure incorporating stylistic and acoustic data on recorded music from 1967 to 2017, we search for trends in the evolution of diversity in 125,340 albums. We find that temporal patterns of diversity differ…

In this essay, I describe four symptoms of what John M. Ellis refers to as “the breakdown of higher education”: i) lack of diversity of opinion, ii) intolerance, iii) subversion of academic standards, and iv) politicization. I will argue that…

Stanford Latino Entrepreneurship Initiative surveyed 15,000 employer businesses in 2021 as part of its annual national survey to assess the current state of U.S. Latino entrepreneurship. We have compiled some of the most pressing insights about…

As emerging economic regions (EERs) play a significant role in global economies, managers of multinationals have become increasingly aware of the importance of relevant international expansion in these regions. Facing potential market…