Publications

We examine the effects of stock market access, and in particular trading hours, on retail investment performance. Using discontinuities around time zone borders, we find that plausibly exogenous decreases in waking trading hours are associated…

Cartels and bidding rings are often facilitated by intermediaries, who recommend prices/bids to firms and can impose penalties (such as reverting to competitive behavior in future interactions) if these recommendations are not followed. Motivated…

While reliance on human discretion is a pervasive feature of institutional design, human discretion can also introduce costly noise (Kahneman, Sibony, and Sunstein 2021). We evaluate the consequences, determinants, and trade-offs associated with…

Democracy promises accountability via elections; bureaucracy promises coordination via hierarchy. Many scholars believe these properties conflict. We prove, however, that accountability is precisely what unifies democracy and meritocratic (…

Viewing the relationship between politicians and voters as a principal-agent interaction afflicted by moral hazard, we examine how political careers are shaped by the incentives that voters provide incumbents to work in the public…

Objective: To evaluate the ability of routinely collected electronic health record (EHR) use measures to predict clinical work units at increased risk of burnout and potentially most in need of targeted interventions.

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Objectives: Generic medications represent 90% of prescriptions in the US market and provide a tremendous financial benefit for patients. Recently, multiple generic drugs have been recalled due to the presence of carcinogens,…

The proxy advisory industry – in which independent third-party firms provide voting recommendations to institutional investors for matters on the annual proxy – has grown in size and controversy. Despite a large number of smaller players, the…

Using high-frequency spending data, we show that household consumption displays excess sensitivity to salient macroeconomic news, even when the news is not real. When the announced local unemployment rate reaches a 12-month maximum, local news…

Advances in artificial intelligence (A.I.) are a double-edged sword. On the one hand, they may increase economic growth as A.I. augments our ability to innovate. On the other hand, many experts worry that these advances entail existential risk:…

We study how the assignment of intellectual property rights for successful innovations between inventors and their employers affect inventor-employer matching, the generality of innovation, and innovation disclosure. To do so, we examine the…

We identify a model of early-stage company growth persistence. Using seven commercial high growth company lists (either a Top 500 or Top 100 list of companies), we find that approximately 30% of companies remain on these lists for two consecutive…

When choosing whether and how much to donate, potential donors often observe a set of default donation amounts known as an “ask string.” In an experiment with more than 400,000 PayPal users, we replace a relatively unused donation amount ($75) on…

This study investigates the labor market value of credentials obtained from Massive Open Online Courses (MOOCs) and shared on business networking platforms. We conducted a randomized experiment involving more than 800,000 learners, primarily from…

Effective mental health promotion, prevention, and treatment approaches exist but are not widely delivered at-scale to large groups or populations. Most people who could benefit from evidence-based mental health interventions—defined broadly to…

To foster bottom-up innovations, health care organizations are leveraging interdisciplinary frontline innovation teams. These teams include workers across hierarchical levels and professional backgrounds, pooling diverse knowledge sources to…

This is the ninth annual State of Latino Entrepreneurship report collecting data from Latino/a-owned businesses to provide critical insights into the fastest-growing segment of the U.S. business population. In this edition, we reached out…

Re-examining field research findings about three critical episodes in Intel Corporation’s evolution we find that when autonomous strategic behavior significantly increased relevant organizational knowledge Intel top management provided sustained…

How can we induce social media users to be discerning when sharing information during a pandemic? An experiment on Facebook Messenger with users from Kenya (n = 7,498) and Nigeria (n = 7,794) tested interventions designed to…

Motivated by the Financial Accounting Standards Board’s project on the disaggregation of income statement expenses, we study a Korean rule change that allowed firms to withhold a previously mandated disaggregation of cost of sales (CoS). We find…