Publications

Forthcoming

We examine a dynamic model of voluntary disclosure of multiple pieces of private information. In our model, a manager of a firm who may learn multiple signals over time interacts with a competitive capital market and maximizes…

We study the interplay between financial covenants and the operational decisions of a retailer that obtains financing through a secured, inventory-based lending contract. We characterize how leverage affects dynamic inventory decisions, and…

We build on recent theory and research on the role of categories in resource partitioning. We analyze Scotch whisky making between 1826 and 2009 — a case that seemed initially to fail to conform to the pattern of the beer industry now…

A new class of online services allows internet media sites to direct users from articles they are currently reading to other content they may be interested in. This process creates a “browsing path” along which there is potential for repeated…

Various patterns of age dependence in hazards of organizational failure have been documented: liabilities of newness, adolescence, and obsolescence. Prior efforts at providing a unified theory that can accommodate these patterns as special…

This paper formalizes and adapts the well-known concept of Pareto efficiency in the context of the popular robust optimization (RO) methodology for linear optimization problems. We argue that the classical RO paradigm need not produce…

We study an admissions control problem, where a queue with service rate 1−p receives incoming jobs at rate λ∈(1−p,1), and the decision maker is allowed to redirect away jobs up to a rate of p, with the objective of minimizing the time-average…

The Flow of Funds Accounts are a crucial data source on credit market positions in the U.S. economy. In particular, they combine regulatory data from various sources to produce a consistent set of flow and stock tables in major credit market…

We consider optimal incentive contracts when managers can, in addition to shirking or diverting funds, increase short term profits by putting the firm at risk of a low probability “disaster.” To

avoid such risk-taking, investors…

Sociological theory offers many possible contributions to strategic management, although most of these are not widely recognized as such. Sociological ideas about sustainable advantage among firms involve both capability-based and position-based…

In a multi-armed bandit (MAB) problem a gambler needs to choose at each round of play one of K arms, each characterized by an unknown reward distribution. Reward realizations are only observed when an arm is selected, and the gambler’s…

Excessive leverage (indebtedness) in banking endangers the public and distorts the economy. Yet current and proposed regulations only tweak previous regulations that failed to provide financial stability. This paper discusses the forces that have…

Many believe that “big data” will transform business, government and other aspects of the economy. In this article we discuss how new data may impact economic policy and economic research. Large-scale administrative datasets and proprietary…

Since 1950, 13 economies have grown at an average rate of 7 percent a year or more for 25 years or longer. At that pace of expansion, an economy almost doubles in size every decade. This report is about sustained, high growth of this kind: its…

Although the 1997 Handover of Hong Kong from the United Kingdom to China ranks among the major political transformations in modern history, its impact on new business formation has not been fully scrutinized.

Theory suggests contradictory…