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.

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Julian Runge, Harikesh S. Nair, Jonathan Levav
March 18, 2019

The “freemium” model for digital goods involves selling a base version of the product for free, and making premium product features available to users only on payment. The success of the model is predicated on...

Nicholas A. Bloom, Charles I. Jones, John Van Reenen, Michael Webb
September 2017

In many growth models, economic growth arises from people creating ideas, and the long-run growth rate is the product of two terms: the effective number of researchers and their research productivity. We present a wide...

Shai Bernstein, Arthur Korteweg, Kevin Laws
August 28, 2015

This paper uses a randomized field experiment to identify which start-up characteristics are most important to investors in early stage firms. The experiment randomizes investors’ information sets of fund-raising start-ups. The average investor responds strongly...

Steven Grenadier, Neng Wang

The real options framework has been used extensively to analyze the timing of investment under uncertainty. While standard real options models assume that agents possess a constant rate of time preference, there is substantial evidence...


A sample of 10000 quarterly earnings announcements by publicly held companies listed on the COMPUSTAT and CRSP data bases is examined. Four models from the current accounting literature ar used to generate 'forecast' errors for...