Working Papers

Conditionally accepted at Journal of Marketing Research.

This paper studies the impact of business modernization on the sales performance of traditional retailers. We define modernization as adopting tangible structures and…

We show that lenders face more uncertainty when assessing default risk of historically under-served groups in US credit markets and that this information disparity is a quantitatively important driver of inefficient and unequal credit market…

Combining qualitative survey and in-depth field research, we present a new typology of corporate venture capital (CVC) designs that highlights a hybrid CVC structural orientation to advance understanding of the process of integrating externally…

COVID-19 drove a mass social experiment in working from home. We survey more than 30,000 Americans over multiple waves to investigate whether WFH will stick, and why. Our data say that 20 percent of full workdays will be supplied from home after…

Overcoming the COVID-19 pandemic requires motivating the vast majority of Americans to be vaccinated. However, vaccination rates have become politically polarized and a substantial proportion of Republicans have remained vaccine-hesitant for…

The rapid transition to a decarbonized energy economy is widely believed to hinge on the rate of cost improvements for certain clean energy technologies, in particular renewable power and energy storage. This paper adopts the classical learning-…

Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond “do not know” to questions…

We study the role of financial flexibility on COVID-19 employment actions. Using daily data from March through May 2020 for 354 of the largest U.S. employers, we find that firms facing a negative demand shock were 28.8 percentage points more…

Two-sided marketplace platforms often run experiments to test the effect of an intervention before launching it platform-wide. A typical approach is to randomize individuals into the treatment group, which receives the intervention, and the…

Cross-border capital flows are often opaque. Global firms commonly finance themselves through foreign subsidiaries, including shell companies in tax havens, making it difficult to observe the true economic linkages between investors and borrowers…

The Affordable Care Act substantially increased the share of farmworkers with medical insurance, but it had little effect on employer-provided benefits, including health care insurance. Eligible workers with pre-existing health conditions…

Financial wealth inequality and long-term real interest rates track each other closely over the post-war period. Faced with lower returns on financial wealth, households with high levels of financial wealth must increase savings to afford the…

We combine U.S. Census data with SEC enforcement actions to examine employees’ outcomes, such as wages and turnover, before, during, and after periods of fraudulent financial reporting. We find that fraud firms’ employees lose about 50…

Both the market and the regulator have incomplete information regarding the products’ characteristics, but non-governmental organizations or activists often have expertise or motivation to investigate and acquire more information. Negative…

Individuals face non-linear budget constraints in myriad situations. We test a fundamental assumption of economic analysis in such settings: that individuals display stable preferences when facing linear and non-linear incentives. We use a…

We use granular data covering regulated (brokerage-financed) and unregulated (shadow-financed) margin trading during the 2015 market turmoil in China to provide the first systematic analysis of margin investors’ characteristics, leverage…

The article offers information about the platform annexation, and the logic using basic principles from platform economics. It analyzes the platform annexation to the traditional antitrust categories in the market. It mentions that a platform…

Using MBA textbook finance, we look at three simple examples to illustrate why the r-g measure of the fiscal cost of deficits is incomplete. We start by considering the case of risky government debt. Second, we consider the case of risk-free debt…

Computationally efficient contextual bandits are often based on estimating a predictive model of rewards given contexts and arms using past data. However, when the reward model is not well-specified, the bandit algorithm may incur unexpected…

In medicine, randomized clinical trials are the gold standard for informing treatment decisions. Observational comparative effectiveness research is often plagued by selection bias, and expert-selected covariates may not be sufficient to adjust…