Working Papers

Motivated by recent initiatives to increase transparency in procurement, we study the effects of disclosing information about previous purchases in a setting where an organization delegates its purchasing decisions to its employees. When employees can...

How can we help individuals handle financial decisions in an increasingly complex environment? We explore an easily scalable avenue for improving financial understanding: learning by online trading in stocks. We randomly assign 1345 adults incentives...

Prior literature demonstrates that firms should use internal capital before accessing costly external finance. However, prior to 2018, the U.S. repatriation tax imposed an internal capital market friction on U.S. multinational firms (MNCs), thereby motivating...

This paper investigates the dynamic effects of price promotions in a retail setting through the use of a large-scale field experiment which involved varying the promotion depths of 170 products across 17 categories in 10...

We examine the effect of firm-specific business disruptions on the performance of small firms in emerging markets. We study the impact of both managerial disruptions (which result in the absence of the entrepreneur-owner or more...

This paper shows that the frequency of capital structure adjustment varies significantly across firms. The most active 25% of firms account for 51% of leverage adjustments, while the least active 50% of firms account for...

In many important machine learning applications, the training distribution used to learn a probabilistic classifier differs from the testing distribution on which the classifier will be used to make predictions. Traditional methods correct the distribution...

We examine the relation between net operating loss (NOL) carryforwards and external financing and liquidity decisions using hand-collected data that more precisely measure the value of future tax loss benefits. NOL carryforwards drive variation in...

Millions of poor smallholder farmers produce global commodities, often through illegal deforestation. Multinational commodity buyers have committed to halt illegal deforestation and improve farmers’ livelihoods in their supply chains. We propose a profitable way to...