Publications

A theory of money needs a proper place for financial intermediaries. Intermediaries create inside money and their ability to take risks determines the money multiplier. In downturns, intermediaries shrink their lending activity and fire-sell…

We present an algorithm to estimate the two-way fixed effect linear model. The algorithm relies on the Frisch-Waugh-Lovell theorem and applies to ordinary least squares (OLS), two-stage least squares (TSLS) and generalized method of moments (GMM…

This paper conceptualizes HP’s history of becoming between 1939 and 2015 in terms of an integral process overview encompassing seven distinct epochs and associated corporate transformations, and discusses the differential contributions of…

This paper shows how the study of the integral process of HP’s becoming and the differential contributions of successive CEOs to that process can be combined to create an evolutionary framework of the role of strategic leadership in corporate…

Why did productivity rise during recent recessions? One possibility is that average worker quality increased. A second is that each incumbent worker produced more. The second effect is termed “making do with less.” Using data from 2006 to 2010 on…

A statistical theory of overconfidence is proposed and applied to the issue of occupational choice. Individuals who can choose whether to engage in an activity or not must estimate their performance. The estimates have error and that error has…

The chapter applies the incomplete contract paradigm to the design of political systems and shows that some of the lessons from this inquiry were overlooked by studies focusing on firms, e.g., the importance of the voting rule in solving the hold…

We study optimal disclosure via two competing communication channels; hard information whose value has been verified and soft disclosures such as forecasts, unaudited statements and press releases. We show that certain soft disclosures may…

We show that analyst coverage proxies contain information about expected returns.  We decompose analyst coverage into abnormal and expected components using a simple characteristic-based model and show that firms with abnormally high analyst…

A Nordstrom customer in the mid 70s walked into the Fairbanks, Alaska store and asked to “return” two worn snow tires. An awkward moment! Nordstrom, which evolved from a shoe store to a department store, never sold tires (although another company…

Leveraging the social hierarchy literature, the present research offers a role-based account of the antecedents of interpersonal conflict. Specifically, we suggest that the negative feelings and emotions resulting from the experience of occupying…

The authors consider the case for augmenting risk models to be used in portfolio construction to reflect information embedded in the portfolio manager’s alphas. They consider both smart beta models and cases in which alpha signals are partly…

The number of people enrolled in consumer-directed health plans (CDHPs) has increased dramatically over the last decade. We reviewed the empirical literature on the effects of CDHPs, which is based on the experience of these plans in the employer…

For more than fifty years, research in political psychology has illuminated the psychological processes underlying important political action, both by ordinary citizens and by political leaders.

And as America has become increasingly…

This handbook provides a comprehensive overview of state-of-the-art, innovative approaches to qualitative research for organizational scholars. Individual chapters in each area are written by experts in a variety of fields, who have contributed…

What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an…

No abstract available.