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SSRN Research Paper Series
The Social Science Research Network’s Research Paper Series includes working papers produced by Stanford GSB the Rock Center.
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We study three centuries of UK fiscal history. Before World War I, when the UK dominated global bond markets, the UK’s government debt was not always fully backed by its future surpluses. As predicted by theories of safe asset…
The United States spends twice as much per person on pharmaceuticals as European countries, in large part because prices are much higher in the US. This fact has led policymakers to consider legislation for price controls. This…
We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond market and propose a dynamic reputation model to explain China’s internationalization strategy. While previously…
Since 1980, foreign investors have timed their purchases and sales of U.S. Treasurys to yield particularly low returns. Their annual dollar-weighted returns, measured by IRRs, are around 3% lower than a buy-and-hold strategy over…
Firms have ever increasing access to consumer data, which they use to personalize their advertising and to price discriminate. This raises privacy concerns. Policymakers have argued in response that consumers should be given…
We use discounted cash flow analysis to measure a country’s fiscal capacity. Crucially, the discount rate applied to projected cash flows includes a GDP risk premium. We apply our valuation method to the CBO’s projections for the…
We examine the spillover effect of public firm innovation disclosures on the patent trading market. Relative to equity markets, the patent market is decentralized and rife with information frictions, yet it serves as an important…
We introduce convenience yields on dollar bonds into an incomplete-markets equilibrium model of exchange rates and interest rates. The convenience yield enters as a stochastic wedge in the Euler equation for exchange rate…
We propose and describe a corporate carbon reporting framework intended to strengthen the credibility and transparency of the existing net-zero pledges. We refer to this framework as the Time-Consistent Corporate Carbon Reporting…
Can differences in beliefs about politics, particularly the benefits of war and peace, move markets? During the Siege of Paris by the Prussian army (1870–71) and its aftermath, we document that the price of the French 3% sovereign…
Conditionally accepted at the Journal of Accounting and Economics.
We investigate the relationship between private firms’ disclosures and the demand for the equity of their publicly traded peers. Using data on the global…
We examine how information about the diversity of a potential employer’s workforce affects individuals’ job-seeking behavior, and whether workers’ preferences explain corporate disclosure decisions. We embed a field experiment in…
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…
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…
Do financial resources relate to how important meaning is for one’s happiness? Across three large-scale datasets spanning over 500,000 individuals across 123 countries, we examined the relationship between meaning and happiness…
Our research studies 759 MBAs graduating from eleven business schools to gain insight into what MBAs in the 21st Century care about during their job searches. We update the MBA job preference literature by using adaptive conjoint…
In many marketplaces that facilitate trade with the objective of maximizing consumer surplus, prices are set by revenue-maximizing sellers but platforms can influence prices through (i) price-dependent promotion policies that can…
This paper examines a grocery retailer’s management of a premade food product. The retailer’s goal is to maximize a weighted sum of direct profit and customer welfare. Multiple items of the product are produced in batches and…
SCP Annual Conference Best Competitive Paper Award, Runner Up, 2021
We study whether and how creditors exercise their control rights to shape their borrowers’ executive compensation plans. Highly levered borrowers often face incentives to underinvest due to agency conflicts driven by differences…