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.
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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Earnings News and Local Household Spending
Using debit and credit card data, we find a one standard-deviation increase in firms’ earnings surprise is linked to a 3% or $5.6 billion increase in aggregate quarterly consumption of local households near the disclosing firms’ headquarters. The…
Earnings Targets, Strategic Patent Sales, and Patent Trolls
Innovative public firms sell 9.6% (615) more patents in the last month, relative to the first half of the fiscal year. Consistent with reporting incentives driving these sales, they are more pronounced among firms with strong incentives to meet…
The Secular Decline of Bank Balance Sheet Lending
The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make informationally sensitive loans to borrowers, has seen a dramatic decline since 1970s. Instead, private credit is increasingly…
Convenience Yields and Exchange Rate Puzzles
We introduce safe asset demand for dollar-denominated bonds into a tractable incomplete market model of exchange rates. The convenience yield on dollar bonds enters as a stochastic wedge in the Euler equations for exchange rate determination.…
Digital Interventions and Habit Formation in Educational Technology
We evaluate a contest-based intervention intended to increase the usage of an educational app that helps children in India learn to read English. The evaluation included approximately 10,000 children, of whom about half were randomly selected to…
EXIM’s Exit: The Real Effects of Trade Financing by Export Credit Agencies
We study the role of export credit agencies — the predominant tool of industrial policy — on firm behavior by using the effective shutdown of the Export-Import Bank of the United States (EXIM) from 2015-2019 as a natural experiment. We show that…
A Framework for Geoeconomics
Governments use their countries’ economic strength from existing financial and trade relationships to achieve geopolitical and economic goals. We refer to this practice as geoeconomics. We build a framework based on three core ingredients:…
Human and Intellectual Capital Spending Efficiency and Efficacy
We analyze the efficiency and efficacy of human and intellectual capital investment to better understand the effects of social investment. Existing literature in the corporate setting lacks analysis regarding the impact of human and intellectual…
Tech-Driven Intermediation in the Originate-to-Distribute Model
Study the accelerated adoption of information technologies in the intermediated originate-to-distribute model, like CLOs. Show informed intermediation can be welfare reducing given severe adverse selection while informed intermediation always…
The Innovation Consequences of Judicial Efficiency
We examine how the efficiency of the judicial system impacts corporate innovation. To do so, we exploit a pilot program introduced by the U.S. Congress in 2011, which allowed judges with expertise(as opposed to randomly selected judges) to…
Who Becomes a Successful Entrepreneur? The Role of Early Industry Exposure
We consider the role of parental influence on the industry choice of entrepreneurs and the success of their ventures. Almost 75% of male entrepreneurs start a firm in an industry that is the same or closely related to their fathers’ industry of…
Bidders’ Responses to Auction Format Change in Internet Display Advertising Auctions
We study actual bidding behavior when a new auction format gets introduced into the marketplace. More specifically, we investigate this question using a novel dataset on internet display advertising auctions that exploits a staggered adoption by…
Creating a Beautiful Life
In this paper, I share a few insights on our remarkable field to explore what creates a beautiful life. I conceptualize that the idea of a “beautiful life” is defined not by transient moments of happiness, but by a profound sense of meaning and…
Fading Corporate Survival Prospects: Impact of Co-selection Bias in Resource Allocation on Strategic Intent
Research Summary: Our field study of new business development in a German-based global pharmaceutical company reveals that the emergence of co-selection bias in project-level state-gate resource allocation engendered a corporate-…
GDP-B: A New Well-Being Metric in the Era of the Digital Economy
Gross Domestic Product (GDP), though often used as a proxy for economic well-being, was not designed for this purpose and is inadequate. In our current research, we are building new metrics for measuring changes in consumer well-being that…
Markets under Siege: How Political Beliefs Move Financial Markets
Can political beliefs, particularly about benefits of war versus peace, move thick financial markets? We document that following an unlikely victory by French citizen-soldiers during the German Siege of Paris (1870), prices of the highly liquid…
Political Trenches: War, Partisanship and Polarization
We study the dynamics between local segregation, partisanship, and political polarization. We exploit large-scale, exogenous and high-stakes peer assignment due to universal conscription of soldiers assigned from each of 34,947 municipalities to…
Corporate Carbon Accounting: Balance Sheets and Flow Statements
Current corporate disclosures regarding carbon emissions lack commonly accepted accounting rules. The carbon accrual accounting system described here takes the rules of historical cost accounting for operating assets as a template for generating…
Fintech Failure: Examining B2B and B2C Solutions for Two-Sided Platform Adoption
Across emerging economies, physical cash is the ubiquitous means of transaction for retailers and their consumers. Despite the widespread availability, affordability and benefits of Fintech solutions for digital payments in these regions, there…
Impact Matters for Giving at Checkout
We conducted two experiments on PayPal’s Give at Checkout feature to learn about the effect of 1) information about charity outcomes on donations, and 2) exposure to these point-of-sale microgiving requests on subsequent giving. In this “…