Publications

More than half of companies today cannot immediately name a successor to their CEO should the need arise, according to new research conducted by Heidrick & Struggles and Stanford…

We study dynamic bargaining with asymmetric information and arrival of exogenous events, which represent arrival of traders or information. We characterize the unique limit of stationary equilibria with frequent offers. The possibility of…

One of the most important decisions that a board of directors must make is the selection of the CEO. What type of disclosure can provide shareholders with insight into succession planning?

Riders for Health had won international acclaim for its novel approach to maintaining health transport vehicles in sub-Saharan Africa. Yet the organization was having trouble scaling its services at its first site: Gambia. Here is how the…

Compensation and disclosure have grown very complex over time. Is this complexity necessary? Should it be simplified?

Experts place considerable emphasis on the board structure. Many boards now look indistinguishable, and yet can differ very much in terms of oversight quality. Has an emphasis on board structure led to a decrease in board quality?

Objective: To determine whether profit status is associated with differences in hospital days per patient, an outcome that may also be influenced by provider financial goals.

Data Sources: United States Renal Data System Standard…

Bendor, Moe and Shotts (2001) argued that it is possible to revitalize the GCT. Here we present one such attempt to capture some major aspects of garbage can processes that were stipulated by the original verbal theory. Our model…

We suggest that moral panics exert spillover effects through stigma by mere association. Individuals are harmed even if their ties to stigmatized affiliates are heterophilous, and high-status individuals can also suffer. This creates a…

This research explores how regulatory depletion affects consumers’ responses to advertising. Initial forays into this area suggest that the depletion of self-regulatory resources is irrelevant when advertisement arguments are strong or consumers…

Research indicates that, among women and ethnic minorities, perceived inequality reduces the association between self-esteem and academic outcomes. The present studies demonstrate that the perception of social inequality does not always induce…

This paper presents evidence that when an analyst makes an out-of-consensus forecast of a company’s quarterly earnings that turns out to be incorrect, she escalates her commitment to maintaining an out-of-consensus view on the company. Relative…

This article proposes an asset allocation policy that adapts to market movements by taking into account changes in the outstanding market values of major asset classes. Such a policy considers important information, reduces or avoids…

The governance structure of Berkshire Hathaway is remarkably different from that of other corporations, and most of its features do not conform to the “best practices” recommended by experts. Why is this an important exception, and what can it…

This study examines whether Chief Executive Officer (CEO) equity-based holdings and compensation provide incentives to manipulate accounting reports. While several prior studies have examined this important question, the empirical evidence is…

This article develops a rich class of discrete-time, nonlinear dynamic term structure models (DTSMs). Under the risk-neutral measure, the distribution of the state vector Xt resides within a family of discrete-time affine processes that…

This paper explores information disclosure in matching markets. A school may suppress some information about students in order to improve their average job placement. We consider a setting with many schools, students, and jobs, and show that if…

In recent years, RiskMetrics has played an influential role in the proxy voting process. Several companies, however, are critical of the methodology it uses to inform its recommendations, particularly with regards to equity compensation. Is it…

We use an innovative methodology to measure management practices in over 300 manufacturing firms in the UK. We then match this management data to production and energy usage information for establishments owned by these firms. We find that…

The past decade has seen the explosive emergence of online advertising as a major source of revenue for Internet publishers. Analyses of this phenomenon are mostly conducted in the sway of Google’s hugely successful search advertising program. In…