Publications

We examine whether securitization impacts renegotiation decisions of loan servicers, focusing on their decision to foreclose a delinquent loan.…

In recent years, there has been considerable debate as to whether CEO compensation is actually correlated with performance in U.S. companies. Why don’t shareholders and stakeholders examine the relation between CEO wealth and stock price to…

Scholars have identified benefits of viewing work as a calling, but little research has explored the notion that people are frequently unable to work in occupations that answer their callings. To develop propositions on how individuals…

The English Parliament’s struggle for supremacy in the seventeenth century was crucial for the development of representative government in the English-speaking world, yet its lessons continue to be debated. This paper provides the first…

It is unclear if vouchers increase educational productivity or are purely redistributive, benefiting recipients by giving them access to more desirable peers at others’ expense. To examine this, we study an educational voucher programme in…

A director’s social and professional network contributes many positive benefits that increase shareholder value. Why isn’t more attention paid to the relation between personal networks and governance quality?

We studied interactive effects of gender in negotiation dyads, theorizing that the degree and manner of a negotiator’s persistence are functions of the gender composition of the dyad. Our findings challenge sex-stereotypic perspectives, showing…

 I describe asset price dynamics caused by the slow movement of investment capital to trading opportunities. The pattern of price responses to supply or demand shocks typically involves a sharp reaction to the shock and a subsequent and more…

In recent years, there has been a proliferation of non-GAAP metrics to supplement audited financial statements. Are these adjustments being made for the benefit of shareholders, or to distort financial results?

This paper examines if perceptions of test legitimacy increase when racial differences on test performance match the racial status quo or when a perceiver’s in-group performs better than expected, relative to other groups. Study 1 assesses…

We propose that performing an independent task alongside a coactor who is an outstanding performer will improve a focal actor’s performance. In three studies that ranged from laboratory participants solving anagrams and playing video games to…

I describe two amplifications mechanisms that operate during crises and discuss the benefits of policy given each mechanism. The first mechanism involves asset prices and balance sheets. A negative shock to agents’ balance sheets causes them to…

This paper develops a model for the estimation and analysis of demand in the context of social interactions. Decisions made by a group of customers are modeled to be an equilibrium outcome of an empirical discrete game, such that all group…

The two major paradigms in the theoretical agency literature are moral hazard (i.e., hidden action) and adverse selection (i.e., hidden information). Prior research typically solves these problems in isolation, as opposed to simultaneously…

Linguists and psychologists have developed techniques to identify deceptive language and behavior. Why don’t shareholders use these same techniques to evaluate the truthfulness of management and detect financial manipulation?

In recent years, there has been considerable controversy about whether shareholders should be able to nominate candidates to serve on the board of directors. What impact would proxy access have on director elections? Would it improve or impair…

We calculate learning rates when agents are informed through public and private observation of other agents’ actions. We characterize the evolution of the distribution of posterior beliefs. If the private learning channel is present, convergence…

We examine how emotion (anger and happiness) affects value claiming and creation in a dyadic negotiation between parties with unequal power. Using a new statistical technique that analyzes individual data while controlling for dyad-level…

This paper deals with a subject of central interest for feminist economics: the working conditions of employees in a caregiving occupation that is low paid, female dominated and in an industry crucial for parents in the labor market. The…

Oblivious equilibrium is a new solution concept for approximating Markov perfect equilibrium in dynamic models of imperfect competition among heterogeneous firms and has recently been used in multiple economic studies. In this paper, we present…