Publications

This paper estimates the incidence of state corporate taxes on the welfare of workers, landowners, and firm owners using variation in state corporate tax rates and apportionment rules. We develop a spatial equilibrium model with imperfectly…

We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss rules…

We use a new dataset that links the TV ad consumption behavior of a panel of consumers with their product choice behavior to measure the co-determination of demand for products and advertising. Leveraging the variation in the data, we assess how…

On December 5 and 6, 2014, Stanford Graduate School of Business hosted the Causality in the Social Sciences Conference. The conference brought together several distinguished speakers from philosophy, economics, finance, accounting, and marketing…

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 analyze the classic problem of sustaining trust when cheating and leaving trading partners is easy, and outside enforcement is difficult. We construct equilibria where individuals are loyal to smaller groups– communities– that allow…

The author analyzes the impact of online ads on the advertiser’s competitors, using data from randomized field experiments on a restaurant-search website. He finds that ads increase the chances of sales for nonadvertised restaurants significantly…

This paper develops a model of user adoption and use of virtual currency (such as Bitcoin), and focusing on the dynamics of adoption in the presence of frictions arising from exchange rate uncertainty. The theoretical model can be used…

Individual investors are active participants in the shareholder resolution process, filing approximately one quarter of the total number of shareholder resolutions voted on each year. Their activism, however, is controversial. Critics contend…

We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing; investment selection; valuation; deal structure; post-investment value-added; exits; internal firm organization…

There is ongoing debate about how prices paid to providers by Medicare Advantage plans compare to prices paid by fee-for-service Medicare. We used data from Medicare and the Health Care Cost Institute to identify the prices paid for hospital…

A seller wishes to sell multiple goods by a deadline, for example, the end of a season. Potential buyers enter over time and can strategically time their purchases. Each period, the profit-maximizing mechanism awards units to the buyers with the…

Research suggests that musical preferences are linked to personality, but this research has been hindered by genre-based theories and methods. We address this limitation using a novel method based on the actual attributes that people perceive…

The U.S.-to-China business-to-consumer e-commerce market, a large and expanding trade corridor, presents a sizable opportunity for U.S. merchants and logistics providers to grow their business. Several new logistics models developed by merchants…

We develop a new index of economic policy uncertainty based on newspaper coverage frequency. Several types of evidence — including human readings of 12,000 newspaper articles — indicate that our index proxies for movements in policy-related…

Based on two samples of high quality personality data for chief executive officers (CEOs), we use linguistic features extracted from conferences calls and statistical learning techniques to develop a measure of CEO personality in terms of the Big…

Size discovery is the use of trade mechanisms by which large quantities of an asset can be exchanged at a price that does not respond to price pressure. Primary examples of size discovery include “workup” in Treasury markets, “matching sessions”…

Betting on the most promising new ideas is key to creativity and innovation in organizations, but predicting the success of novel ideas can be difficult. To select the best ideas, creators and managers must excel at creative forecasting, the…

We study sourcing in a supply chain with three levels: a manufacturer, tier 1 suppliers, and tier 2 suppliers prone to disruption from, e.g., natural disasters such as earthquakes or floods. The manufacturer may not directly dictate which tier 2…