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Liquidity Constraints, Household Wealth, and Entrepreneurship
The propensity to become a business owner is a nonlinear function of wealth. The relationship between wealth and entry into entrepreneurship is essentially flat over the majority of the wealth distribution. It is only at the top of the wealth…
SFAS No. 123 Stock-Based Compensation Expense and Equity Market Values
This study investigates the relation between share price and stock‐based compensation expense that is disclosed but not recognized under SFAS No. 123, after controlling for net income, equity book value, and expected earnings growth. Our…
Toward a 21st Century Health System: The Contributions and Promise of Prepaid Group Practice
Toward a 21st Century Health System is a collection of essays that explore a key element of the health care delivery system — large multispecialty physician group practices. Edited by policy experts Alain Enthoven and Laura Tollen,…
The self-validation of cognitive responses to advertisements.
Two studies tested the notion that the confidence consumers have in their cognitive responses to an ad can increase or decrease the favorability of product attitudes. Increasing confidence in positive thoughts enhanced advertisement effectiveness…
Analyst Earnings Forecast Revisions and the Pricing of Accruals
We investigate the relation between two market anomalies to provide insights into analysts’ role as information intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the…
Lend me your wallets: The effect of charismatic leadership on external support for an organization
We argue that charismatic leadership can influence external support for the organization, particularly in making the company more attractive to outside investors. Two studies were conducted to test this general hypothesis. First, an archival…
Source credibility and attitude certainty: A metacognitive analysis of resistance to persuasion
Recent research (Tormala & Petty, 2002) has demonstrated that when people resist persuasion, they can perceive this resistance and become more certain of their initial attitudes. This research explores the role of source credibility in…
Demand Estimation with Heterogeneous Consumers and Unobserved Product Characteristics: A Hedonic Approach
We study the identification and estimation of Gorman-Lancaster style hedonic models of demand for differentiated products for the case when one product characteristic is not observed. Our identification and estimation strategy is a two-step…
Individual differences in resistance to persuasion: The role of beliefs and meta-beliefs
Many of the chapters in the present volume discuss variables or situations that affect the outcome of resistance, the process of resistance, or people’s motivation to resist. The present chapter differs in that the authors’ interest lies in…
Tacit Collusion in Repeated Auctions
This paper considers the question of tacit collusion in repeated auctions with independent private values and with limited public monitoring. McAfee and McMillan show that the extent of collusion is tied to the availability of transfers. Monetary…
Accounting for Primary and Secondary Demand Effects with Aggregate Data
Discrete choice models of aggregate demand, such as the random coefficients logit, can handle large differentiated products categories parsimoniously while still providing flexible substitution patterns. However, the discrete choice assumption…
Are Investors Naive About Incentives?
Traditional economic analysis of markets with asymmetric information assumes that uninformed agents account for the incentives of informed agents to distort information. We analyze whether investors in the stock market internalize such incentives…
Assessing Creativity in Hollywood Pitch Meetings: A Dual Process Model of Creativity Judgment
This study addresses an important but neglected topic by investigating the social judgment processes that experts (studio executives and producers in Hollywood) use to assess the creative potential of unknown others (relatively unknown…
Balanced Skills and Entrepreneurship
Abstract is not available for this article.
Bestseller Lists and Product Variety: The Case of Book Sales
This paper uses detailed weekly data on sales of hardcover fiction books to evaluate the impact of the New York Times bestseller list on sales and product variety. In order to circumvent the obvious problem of simultaneity of sales and bestseller…
Bidding with Securities: Auctions and Security Design
We study security-bid auctions in which bidders compete for an asset by bidding with securities. That is, they offer payments that are contingent on the realized value of the asset being sold. Such auctions are commonly used, both formally and…
Bringing the Frame into Focus
This research demonstrates that people’s goals associated with regulatory focus moderate the effect of message framing on persuasion. The results of 6 experiments show that appeals presented in gain frames are more persuasive when the message is…
Bringing the Frame into Focus: The Influence of Regulatory Fit on Processing Fluency and Persuasion
This research demonstrates that people’s goals associated with regulatory focus moderate the effect of message framing on persuasion. The results of six experiments show that appeals presented in gain frames are more persuasive when the message…
Broadcasting Opinions with an Overconfident Sender
We analyze a model where an altruistic, but possibly overconfident sender broadcasts one of a finite set of messages to rational receivers. If broadcasting is costless and the sender is rational, there is an informationally efficient equilibrium…