Publications

The International Integrated Reporting Council’s Framework identifies two goals for integrated reporting: improved information for outside providers of financial capital and better internal decision making. We extend prior research that finds a…

This research explores how the experience of a jilt—the anticipation and subsequent inaccessibility of a highly desirable, aspirant option—influences preference for incumbent and non-incumbent options. We conceptualize jilting as a multi-stage…

Accepted at American Economic Review

Fixing the investment horizon, the returns to currency carry trades decrease as the maturity of the foreign bonds increases, because the local currency term premia offset the currency risk…

People spend considerable effort managing the impressions they give others. Social psychologists have shown that people manage these impressions differently depending upon their personality. Facebook and other social media provide a new forum for…

Word embeddings are a powerful approach for analyzing language, and exponential family embeddings (EFE) extend them to other types of data. Here we develop structured exponential family embeddings (S-EFE), a method for discovering embeddings that…

I examine the conditions under which trade can support peaceful coexistence and prosperity when particular ethnic groups are cheap targets of violence. A simple theoretical framework reveals that for a broad set of cases, while inter-ethnic…

Commercial radio spectrum use rights in the US are traditionally assigned using licenses over large geographic areas with 10- or 15-year terms, to encourage infrastructure investment. However, such long-term licenses are difficult to reassign as…

We evaluate the effects of three ECB policies (the Securities Markets Programme, the Outright Monetary Transactions, and the Long-Term Refinancing Operations) on government bond yields.  We use a novel Kalman-filter augmented event-study…

Classic arguments for decentralization, augmented by ideas about how participation empowers the poor, motivate the widely used approach in foreign aid called community-driven development.  CDD devolves control over the selection,…

We comment on Arthur S. Jago’s recent article in Academy of Management Discoveries on algorithms and authenticity. Jago documents a compelling — and even startling — new set of empirical findings. He finds that when encountering products…

Using a comprehensive sample of reverse merger (RM) transactions, we examine the effects of China’s IPO regulations on the prices and returns of its publicly listed stocks. During 2007-2015, unlisted Chinese firms paid an average of 3 to 4…

Given the promise of 3D printing, also known as additive manufacturing, some innovative consumer goods companies have started to experiment with such a technology for on-demand production. However, the potential impact of 3D printing on retail…

There are two conflicting perspectives regarding the relationship between profanity and dishonesty. These two forms of norm-violating behavior share common causes, and are often considered to be positively related. On the other hand, however,…

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 equityholders’ ex-post reorganization incentives and price…

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 range of evidence from…

We measure the persuasive effects of slanted news and tastes for like-minded news, exploiting cable channel positions as exogenous shifters of cable news viewership. Channel positions do not correlate with demographics that predict viewership and…

In the summer of 2017, Stanford Graduate School of Business and The Rock Center for Corporate Governance surveyed 113 directors of Fortune 250 companies and 18 prominent executive recruiters and compensation consultants that advise these…

Governance experts have vigorously debated the appropriateness of CEO compensation. And yet, very little effort has been made to understand the size, quality, and efficiency of the labor market for CEO talent, which is a key determinant of pay.…

Framework agreements (FAs) are procurement mechanisms commonly used by buying agencies around the world to satisfy demand that arises over a certain time horizon. This paper is one of the first in the literature that provides a formal…

We examine whether an increase in ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities. Our tests show an increase in ETF ownership is associated with (1) higher trading costs (bid-ask spreads…