Working Papers

We examine the selection of peer groups that boards of directors use when setting the level of CEO compensation. This choice is controversial because it is difficult to ascertain whether peer groups are selected to...

We examine the relation between tax net operating loss (NOL) carryforwards and corporate cash holdings. Corporate taxation of passive income increases the cost of holding liquid assets (“cash”), but NOLs can shield that income from...

We examine how U.S. individuals respond to regulation intended to reduce offshore tax evasion.   Specifically, we study investment responses to the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to report information...

A transplant can improve a patient’s life while saving several hundreds of thousands of dollars in healthcare expenditures. Organs from deceased donors, like many other scarce public resources (e.g. public housing, child-care, publicly funded long-term...

We take issue with claims that the funding mix of banks, which makes them fragile and crisis-prone, is efficient because it reflects special liquidity benefits of bank debt. Even aside from neglecting the systemic damage...

Where the state is weak, traditional authorities often control the local provision of land, justice, and public goods. These authorities are criticized for ruling in an undemocratic and unaccountable fashion, and are typically quite old...

Previously titled “Avoiding Lemons in Search of Peaches: Designing Information Provision”

The increasing amount of data available to consumers has most likely aided in decision-making. However, it has also created an opportunity for sellers to...

Forthcoming in Journal of Consumer Psychology 2019

In this conceptual paper, we review three decades of research on time and meaning in consumer research and psychology to identify key themes that have emerged, build frameworks...

US monetary policy has an outsized impact on the world economy, a phenomenon that Rey (2013) dubs the global financial cycle. Changes in the US dollar also have an outsized impact on the world economy,...