Publications

Artificial intelligence (A.I.) will likely be the most important technology we have ever developed. Technologies such as electricity, semiconductors, and the internet have been transformative, reshaping economic activity and dramatically…

We analyze over 27,000 social media livestreams by Chinese mutual funds to investigate whether they achieve regulators’ goal of improving retail investment decisions. Our findings indicate that livestreams generate significant inflows, often…

How do partisan differences in mass behavior and attitudes vary across contexts? Using new individual-level panel data on the COVID-19 pandemic from 54,216 US adults between March 2020 and September 2021, we consider how partisan differences vary…

Completely randomized experiments, originally developed by Fisher and Neyman in the 1930s, are still widely used in practice, even in online experimentation. However, such designs are of limited value for answering standard questions in…

We report computational analysis with extensions of March’s (1991) genetic model of exploration and exploitation to further illuminate strategic exploitation challenges highlighted in field research about the transition from exploration to…

When a temporary team faces an unfamiliar task environment, it should particularly benefit from including members who have collaborated before. Although several studies have made this prediction, it has not been supported empirically. We…

We study how the assignment of intellectual property rights between inventors and their employers affects innovation. Incomplete contracting theories predict that stronger employer property rights reduce the threat that employee inventors hold up…

Antitrust laws mandate review of mergers and acquisitions (M&As) that exceed an asset size threshold based on accounting standards that exclude most intangible capital. We show that this exclusion leads to thousands of intangible-intensive M…

It is important to understand how persuasive the most-cited climate change messaging strategies are. In five replication studies, we found limited evidence of persuasive effects of three highly cited strategies (N = 3,216). We then…

Over the past several years, the utilization of liability-management exercises (LMEs) as financial restructuring strategies for overleveraged companies in the U.S. has exploded, taking share from conventional bankruptcies and workouts. The use of…

A seller posts a price for a single object. The seller’s and buyer’s values may be interdependent. We characterize the set of payoff vectors across all information structures. Simple feasibility and individual-rationality constraints identify the…

Understanding the human impacts of environmental hazards is a growing concern. While there is a plethora of research on climate adaptation, the literature is highly fragmented, and empirical studies are rarely carried out with global samples.…

We discuss the conditions under which global imbalances, such as China being a large foreign creditor and the United States being a large foreign debtor, might also generate power imbalances. We highlight possible theoretical channels and…

The modern financial system features complicated intermediation chains, with each layer performing some degree of credit/maturity transformation. We develop a dynamic model where an ultimate borrower obtains funds from overlapping generation…

We use newspapers to create Equity Market Volatility (EMV) trackers at daily and monthly frequencies. Our headline EMV tracker moves closely with the VIX and the S&P500 returns volatility in and out of sample. We exploit the volume of…

Governments define and protect property rights, which facilitate investment, regulate economic activities to manage externalities, and provide the public goods and services necessary for a healthy, educated and…

Ph.D. training across academic disciplines has faced significant challenges, with news and media outlets regularly highlighting student struggles, including frequent distrust and antagonism in relationships with faculty advisors. Given the…

Elected officials are increasingly extreme. Research trying to understand this trend has tended to focus on structural factors, such as primary elections and changes in the supply of candidates. Less emphasis has been placed on psychological…

Why, when, and how do strategic surprises emerge? Prevailing models trace the experience of strategic surprises to errors in information acquisition and utilization. They posit that we experience strategic surprises due to insufficient…

This paper uses microdata on US mutual fund and ETF portfolios from SEC Form N-PORT to study American investment in Chinese Renminbi (RMB)–denominated bonds. We show that, even as total foreign holdings of Chinese bonds rebounded in 2024, US…