Publications

Based on a longitudinal case study, this paper presents an ecosystem‐level process model of the interlocking key activities of the business model disruptor, other ecosystem participants (customers, partners, media, analysts), and the…

We build a model of firm-level innovation, productivity growth, and reallocation featuring endogenous entry and exit. A new and central economic force is the selection between high- and low-type firms, which differ in terms of their innovative…

“Intermediary asset pricing” understands asset prices and risk premia through the lens of frictions in financial intermediation. Perhaps motivated by phenomena in the financial crisis, intermediary asset pricing has been one of the fastest…

Latino-owned businesses are growing in number and importance to the American economy. Contributing more than $700 billion in sales to the economy annually, they are also an important source of employment as sole proprietors and as firms with…

Although women pursue managerial credentials at nearly the same rate as men, gender disparities in wages exist because of the shortfall in wages women sustain relative to men at the onset of their careers. This article develops a tryout approach…

CEO activism — the practice of CEOs taking public positions on environmental, social, and political issues not directly related to their business — has become a hotly debated topic in corporate governance. To better understand the implications of…

In summer and fall 2018, the Rock Center for Corporate Governance at Stanford University surveyed 53 founders and CEOs of 47 companies that completed an Initial Public Offering in the U.S. between 2010 and 2018 to understand how corporate…

We test for a “hot hand” (i.e., short-term predictability in performance) in Major League Baseball using panel data. We find strong evidence for its existence in all 10 statistical categories we consider. The magnitudes are significant; being “…

Objectives

The objective of this study was to understand the effect of citizen mobilization on both electoral outcomes and on the likelihood that new candidates will enter races to challenge incumbent politicians.

Methods

This paper documents facts about the state corporate tax structure — tax rates, base rules, and credits — and investigates its consequences for state tax revenue and economic activity. We present three main findings. First, tax base rules and…

Ferri, Zheng, and Zou test Fischer and Verrecchia’s (2000) prediction that a reduction in investors’ uncertainty about managers’ financial reporting objectives leads to an increase in the valuation-relevance of earnings reports. They use…

In this paper, I develop an option-pricing model that formally incorporates a disclosure event. Using the model, I first theoretically examine how two properties of the disclosure — its overall informativeness and its informativeness given good…

Steadily rising housing rents in many of the US’s large, productive cities have reignited the discussion whether to expand or enact rent control provisions. Under pressure to fight rising rents, state lawmakers in Illinois, Oregon, and California…

We study when and how intervention to stop a project is optimally used in a repeated relationship between a principal and a policymaker. The policymaker is privately informed about his ability, where a higher ability policymaker has a lower cost…

Prior to 2018, U.S. repatriation taxes motivated companies to retain cash offshore.  Using confidential jurisdiction-specific data from the Bureau of Economic Analysis, we find that firms with high tax-induced foreign cash have approximately…

How do people respond to violent political protest? The authors present a theory proposing that the use of violence leads the general public to view a protest group as less reasonable, a perception that reduces identification with the group. This…

In many settings, a decision-maker wishes to learn a rule, or policy, that maps from observable characteristics of an individual to an action. Examples include selecting offers, prices, advertisements, or emails to send to consumers, as well as…

We examine the long-term effects of interventions by activist hedge funds. Prior papers document positive equal-weighted long-term returns and operating performance improvements following activist interventions, and typically conclude that…

Older Americans, even those who are long retired, have strong willingness to work, especially in jobs with flexible schedules. For many, labor force participation near or after normal retirement age is limited more by a lack of acceptable job…