Publications

We examine how firms’ accounting quality affects their reaction to monetary policy. The balance sheet channel of monetary transmission emphasizes the role of information asymmetry between firms and capital providers in propagating the…

Advertisers that engage in real-time bidding (RTB) to display their ads commonly have two goals: learning their optimal bidding policy and estimating the expected effect of exposing users to their ads. Typical strategies to accomplish one of…

Prepared for the 2019 Jackson Hole Symposium hosted by the Kansas City Federal Reserve Bank.

The U.S. dollar exchange rate clears the global market for dollar-denominated safe assets. We find that shifts in the demand and supply…

We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination.   AMFs trade 170 percent more on earnings announcement (EA) days than on non-EA days.  Abnormal AMF participation is…

Organizational researchers have become increasingly concerned with the potentially destructive consequences of narcissistic leadership. Evidence indicates that grandiose narcissists both aspire to and frequently achieve leadership roles in…

While the mental healthcare-consumer voice has gained in legitimacy and perceived value, policy initiatives and system improvements still lack input from consumers. This study explores consumers’ suggestions for improving the mental healthcare…

We interview each other about how game theory and mechanism design evolved into practical market design. When we learned game theory, games were modeled either in terms of the strategies available to the players (“noncooperative games”) or the…

We develop a Loan Portfolio Risk (LPR) variable that measures time-varying volatility in default risk for a portfolio of bank loans.  An Equity-to-LPR ratio (ELPR) is incrementally important in predicting bank…

We discuss the relevance of the recent machine learning literature for economics and econometrics. First we discuss the differences in goals, methods, and settings between the ML literature and the traditional econometrics and statistics…

Data is nonrival: a person’s location history, medical records, and driving data can be used by any number of firms simultaneously. Nonrivalry leads to increasing returns and implies an important role for market structure and property rights. Who…

Optimal dynamic capital structure choice is fundamentally a problem of commitment. In a standard trade‐off setting with shareholder‐debtholder agency conflicts, full commitment counterfactually predicts the firm would rely almost exclusively on…

Part of thesis finalist of 2015 INFORMS George Dantzig Dissertation Award. Second place 2015 M&SOM Student Paper Competition

Problem definition: We consider the problem faced by a procurement agency that runs…

Of the $69.1 trillion global financial assets under management across mutual funds, hedge funds, real estate, and private equity, fewer than 1.3% are managed by women and people of color. Why is this powerful, elite industry so racially…

The target article focuses on how attacker-defender conflicts are fought. This commentary complements it by considering how attacker-defender conflicts may be resolved at the bargaining table. I highlight multiple linkages between…

This study builds a theory of collective sensemaking in the face of environmental change. Our arguments build upon a well-known observation about the division of labor, which typically turns organizations into “nearly decomposable” systems of…

Many learning algorithms require categorical data to be transformed into real vectors before it can be used as input. Often, categorical variables are encoded as one-hot (or dummy) vectors. However, this mode of representation can be…

High rates of discipline citations predict adverse life outcomes, a harm disproportionately borne by Black and Latino boys. We hypothesized that these citations arise in part from negative cycles of interaction between students and teachers,…

The debate on banking regulation has been dominated by flawed and misleading claims. The title of our book The Bankers New Clothes: What’s Wrong with Banking and What to Do About It (Princeton University Press, 2013, see bankersnewclothes.com)…

Given CEOs’ substantial equity portfolios, much recent literature on CEO incentives regards cash-based bonus plans as largely irrelevant, begging the question of why nearly all CEO compensation plans include such bonuses. We develop a new measure…

Research has shown that organizational culture can affect firm performance and that a leader’s personality can affect organizational culture. We examine how a leader’s level of narcissism affects two fundamental aspects of organizational culture…