Publications

We link future members of Congress to the de-anonymized 1940 census to offer a uniquely detailed analysis of how economically unrepresentative American politicians were in the 20th century, and why. Future members under the age of 18 in 1940 grew…

We investigate whether managers internalize the spillover effects of their disclosure on the stock price of related firms and strategically alter their disclosure decisions when doing so is beneficial. Using data on firm-initiated disclosures…

Contextual bandit algorithms are sensitive to the estimation method of the outcome model as well as the exploration method used, particularly in the presence of rich heterogeneity or complex outcome models, which can lead to difficult estimation…

Using panel data from Denmark from 2001 to 2013, the authors find that serial entrepreneurs — those who open more than one business — have higher sales and greater productivity than do novice entrepreneurs — those who open only one business.…

Self-affirmation—a theory-based technique to affirm the adaptive adequacy of the self—can promote positive behavior change and adaptive outcomes, although effects are variable. We extend a novel framework (Trigger and Channel), proposing three…

Past research has conceptualized secrecy as speech inhibition during social interaction. In contrast, the current research broadens the understanding of secrecy by conceptualizing it as the commitment to conceal information. Seven experiments…

In spring 2019, the Rock Center for Corporate Governance at Stanford University surveyed 209 CEOs and CFOs of companies included in the S&P 1500 Index to understand the role that stakeholder interests play in long-term corporate planning.…

This paper studies the potential small and large scale effects of a policy designed to produce more informed consumers in the market for primary education. We develop and test a personalized information provision intervention that targets…

We examine Kreps’ (2019) conjecture that optimal expected utility in the classic Black–Scholes–Merton (BSM) economy is the limit of optimal expected utility for a sequence of discrete-time economies that “approach” the BSM economy in a…

We study a dynamic market with asymmetric information that creates the lemons problem. We compare efficiency of the market under different assumptions about the timing of trade. We identify positive and negative aspects of dynamic trading,…

We study a model of earnings management and provide predictions about the time-series properties of earnings quality and reporting bias. We estimate the model to empirically separate two components of investor uncertainty: fundamental economic…

We model a firm’s optimal capital structure decision in a framework in which it may later choose to enter either Chapter 11 reorganization or Chapter 7 liquidation. Creditors anticipate equity holders’ ex-post reorganization incentives and price…

In 2018, Paul Romer and William Nordhaus shared the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Romer was recognized “for integrating technological innovations into long‐run macroeconomic analysis”. This article…

Politicians bequeath an important legacy after they leave office: the public’s memories of their time in office. Indeed, the media often discuss legacy concerns as a key motivation of politicians. Yet, there has been little empirical analysis of…

The standard revenue-maximizing auction discriminates against a priori stronger bidders so as to reduce their information rents. We show that such discrimination is no longer optimal when the auction’s winner may resell to another bidder, and the…

Predicted stock issuers (PSIs) are firms with expected “high-investment and low-profit” (HILP) profiles that earn unusually low returns.  We carefully document important features of PSI firms to provide insights on the economic…

Currently, there is much debate about the role that non-investor stakeholder interests play in the governance of public companies. Critics argue that greater attention should be paid to the interest of stakeholders and that by investing in…

During decades of international climate policy negotiations, aiming to limit demand for fossil fuels, the stock of carbon dioxide in the atmosphere has increased considerably, and even the flow of emissions to the atmosphere continues to grow (…

The role played by unsustainable resource management in initiating international conflicts is well documented. The Syrian Civil War, commencing in March 2011, presents such a case. The prevailing opinion links the unrest with sequential droughts…

Seminal studies show that naïve lab participants accurately predict who wins real-world elections based solely on candidate photos. It is unclear what this implies for the health of democracy without knowing whether candidates who look more…