Working Papers

These papers are working drafts of research which often appear in final form in academic journals. The published versions may differ from the working versions provided here.

Katherine Casey, Rachel Glennerster, Edward Miguel, Maarten Voors
August 30, 2018

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...

Susan Athey, Guido W. Imbens
August 15, 2018

In this paper we study estimation of and inference for average treatment effects in a setting with panel data. We focus on the setting where units, e.g., individuals, firms, or states, adopt the policy or...

Pedro M. Gardete, Megan H. Antill
August 2018

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 design the information landscape that consumers navigate. This paper develops a...

Matthew Corritore, Amir Goldberg, Sameer B. Srivastava
August 2018

How does cultural heterogeneity in an organization relate to its underlying capacity for execution and innovation? Existing literature often

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Robert A. Burgelman, John K. Thomas
August 2018

This study of the transformation of the mobile device industry examines how cross-boundary disruption (XBD) superseded the incumbents’ sustaining innovation, which helps explain the rapid rise of Apple and Google Android and the equally rapid...

Ruth Beer, Ignacio Rios, Daniela Saban
August 2018

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...

Charles I. Jones, Christopher Tonetti
July 31, 2018

Data is nonrival: a person’s location history, medical records, and driving data can be used by any number of firms simultaneously without being depleted. Nonrivalry leads to increasing returns and implies an important role for...

Paulo Somaini
July 30, 2018

This paper provides a positive identification result for procurement models with asymmetric bidders, statistically dependent private information, and interdependent costs. When bidders are risk neutral, the model’s payoff-relevant primitives are: (i) the joint distribution of...

Saumitra Jha, Moses Shayo
July 26, 2018

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...

Katherine Casey
July 19, 2018

Seminal studies show that naïve lab participants accurately predict who wins real world elections based solely on candidate photos. It is unclear what this implies for the health of democracy without knowing whether candidates who...

Mohammad Akbarpour, Shengwu Li
July 16, 2018

Consider an extensive-form mechanism, run by an auctioneer who communicates sequentially and privately with agents. Suppose the auctioneer can deviate from the rules provided that no single agent detects the deviation. A mechanism is credible...

Lisa De Simone, Rebecca Lester
July 11, 2018

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...

Charles M. C. Lee, Christina Zhu
July 6, 2018

We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination. AMFs trade (172 percent) more on earnings announcement (EA) days than on non-EA days. The EA buys made...

Andres Elberg, Pedro M. Gardete, Rosario Macera, Carlos Noton
July 2018

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...

Stephen Comello, Stefan J. Reichelstein
July 2018

We introduce and validate a measure of the Levelized Cost of Electricity Storage (LCOES). On a per kWh basis, this metric captures the economic break-even price required to charge and discharge electricity in N cycles...

Stephen J. Anderson, Amrita Kundu, Kamalini Ramdas
June 27, 2018

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...

Laura Blattner, Luísa Farinha, Francisco Rebelo
June 26, 2018

Winner 2017 BlackRock Applied Research Award

AQR Top Finance Graduate Award 2018

We provide evidence that a weak banking sector contributed to low productivity following the European debt crisis. An unexpected increase in capital requirements...

Arthur Kortwewg, Michael Schwert, Ilya A. Strebulaev
June 21, 2018

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...

Shai Bernstein, Emanuele Colonnelli, Davide Malacrino, Timothy James McQuade
June 19, 2018

New firm formation is a critical driver of job creation, and an important contributor to the responsiveness of the economy to aggregate shocks. In this paper we examine the characteristics of the individuals who become...

Kun Kuang, Ruoxuan Xiong, Peng Cui, Susan Athey, Bo Li
June 16, 2018

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...