Publications

We examined how the minority’s perceived (i.e., not real) expertise affects group discussion and performance. In two experiments, participants were randomly assigned to interacting groups in which the minority faction was perceived as either…

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…

The authors quantify the impact of social interactions and peer effects in the context of physicians’ prescription choices. Using detailed individual-level prescription data, along with self-reported social network information, the authors…

This paper measures how securitized assets, including mortgage-backed securities and other asset-backed securities, have shifted across financial institutions during this crisis and how the availability of financing has accommodated such shifts.…

We measure how securitized assets, including mortgage-backed securities and other asset-backed securities, have shifted across financial institutions over this crisis and how the availability of financing has accommodated such shifts. Sectors…

Firms central in the interlocking boardroom network earn superior risk-adjusted stock returns. Initiating a long position in the most central firms and a short position in the least central firms earns an average risk-adjusted return of 4.68% per…

Previous studies show that producers that span category boundaries exhibit lower fit to category schemas, accumulate less expertise, and elicit negative reactions from both critics and consumers. We propose that the negative reaction to…

We show how to use micro-level survey data from a tracking study on brand awareness in conjunction with data on sales and advertising expenditures to improve the specification, estimation, and interpretation of aggregate discrete choice models of…

This paper introduces a conception of collective trust applied to organizational settings. In contrast with widely studied interpersonal forms of trust, collective trust is conceptualized as a kind of generalized trust conferred on other…

This study investigates the relation between corporate governance and CEO pay levels, and the extent to which the higher pay found in firms using compensation consultants is related to governance differences. Using proxy statement disclosures…

The present research explores a self‐control operation, namely, counteractive construal, that helps consumers resolve the conflicts between an important goal and a short‐term temptation by altering the construal of the temptation. We propose that…

We estimate classification models of deceptive discussions during quarterly earnings conference calls. Using data on subsequent financial restatements (and a set of criteria to identify especially serious accounting problems), we label the…

People feel, think, and act differently when doubt rather than confidence is accessible. A traditional perspective

on the accessibility of doubt holds that multiple sources of doubt activation should lead to

increased levels of…

To many, the principal–agent model is the obvious lens through which executive pay should be viewed. Such a sentiment sits uncomfortably with a large number of empirical studies suggesting that the process of determining executive pay seems to be…

We investigate firms’ operating performance subsequent to the repricing of executive and non-executive employee stock options. We find that, relative to non-repricers, repricing firms have a larger increase in operating income and cash flows in…

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…

Entrepreneurship is risky. Most new technologies and new businesses fail. Shane (2008) reported that 25% of new businesses failed in the first year and that by the fifth year, fewer than half had survived. In the United Kingdom, Stark (2001)…