Working Papers

Based on a longitudinal case study, this paper presents an ecosystem-level process model of the interlocking key activities of the business model disruptor, other ecosystem participants (customers, partners, media, analysts), and the incumbent.…

People seek to spend time in positive experiences, enjoying and savoring. Yet there is no escaping negative experiences, from the mundane (e.g., arguing) to the massive (e.g., death of a child). Might negative experiences confer a hidden benefit…

Identifying the optimal set of individuals to first receive information (`seeds’) in a social network is a widely-studied question in many settings, such as the diffusion of information, microfinance programs, and new technologies. Numerous…

We examine the magnitude of synergistic effects in vertically integrated energy systems that arise when the external market for an intermediate input (electricity) is imperfect and the two subsystems are subject to operational volatility in terms…

Despite increasing interest in business model innovation, there is only limited scholarship that examines how business model innovators present and explain their innovations to various stakeholders. As business model innovation often involves the…

Artificial intelligence may destroy and transform millions of jobs, possibly exacerbating the shift in power from labor to capital.  Low birth rates, aging populations, and budgetary stringency leave countries ill-prepared to provide the…

I provide a general framework of firms’ financial communication process and investor response to information, moving from disclosure through dissemination to investor response and management response. I then discuss the entrance of social media…

We develop a theory that links the U.S. dollar’s valuation in FX markets to foreign investors’ demand for U.S. safe assets. When the convenience yield that foreign investors derive from holding U.S. safe assets increases, the U.S. dollar…

We demonstrate that the funding value adjustments (FVAs) of major dealers are debt-overhang costs to their shareholders. In order to maximize shareholder value, dealer quotations therefore adjust for FVAs. Our case examples include interest-rate…

Absent theoretical guidance, empiricists have been forced to rely upon numerical comparative statics from constant tax rate models in formulating testable implications of tradeoff theory in the context of natural experiments. We fill the…

Crowdsourced innovation platforms that enable organizations to outsource ideation to parties external to the firm are proliferating. In many cases, the platforms use open contests that allow the free exchange of ideas with the goal of improving…

Network models of diffusion predominantly think about cultural variation as a product of social contagion. But culture does not spread like a virus. In this paper, we propose an alternative explanation which we refer to as associative diffusion.…

In this paper we explore the determinants of profitability for coalition loyalty programs. We consider a setting in which each of two firms competing in one market may form a coalition loyalty program with one of two firms in a different market.…

Deaton and Cartwright (DC2017 from hereon) view the increasing popularity of randomized experiments in social sciences with some skepticism. They are concerned about the quality of the inferences in practice, and fear that researchers may not…

Most investors have a single goal: to earn the highest financial return. These socially-neutral investors maximize their risk-adjusted returns and would not accept a lower financial return from an investment that also produced social benefits. An…

Over the past decade, solar photovoltaic (PV) power has experienced dramatic deployment growth coupled with substantial decreases in system prices. This article examines how solar PV power is currently positioned in the electricity marketplace…

We study the interplay between autonomous transportation, carpooling, and road pricing. We discuss how improvements in these technologies, and interactions among them, will affect transportation markets. Our main results show how to achieve…

Institutional investors rely on past performance in setting future return expectations, and these extrapolative expectations affect their target asset allocations. Drawing on newly-required disclosures for U.S. public pension funds, a group that…

Classic arguments for decentralization, augmented by ideas about how participation empowers the poor, motivate the widely used approach in foreign aid called community-driven development.  CDD devolves control over the selection,…

We explore spatial price discrimination in the context of a ride-sharing platform that serves a network of locations. Riders are heterogeneous in terms of their destination preferences and their willingness to pay for receiving service. Drivers…