Publications

International trade and tropical deforestation interact in multiple ways. This paper first presents a dynamic model whereby the South (S) depletes to export the extracted units (timber) or the produce (beef) from land available after…

We provide evidence that banks distort the composition of credit supply in order to comply with ratio-based capital requirements in times of economic distress. An unexpected intervention by the European Banking Authority provides a natural…

Increasingly, businesses are eager to partner with nonprofit organizations to benefit their communities. In spite of good intentions, differences between nonprofit and business organizations can limit the ability of potential partnerships to…

The designs of many new blockchains are inspired by the Byzantine fault tolerance (BFT) problem. While traditional BFT protocols assume most system nodes behave honestly, we recognize that blockchains are deployed in environments where nodes are…

Introduction: Efforts to address complex public health challenges can benefit from cross-sector collaboration, while also fostering growing business sector engagement in promoting health equity. What form business-nonprofit…

This Data Spotlight provides data and statistics on the level and structure of CEO compensation in the United States. This data supplements in the issues introduced in the Quick Guides “…

Organizational culture is widely seen as an important element in a firm’s success or failure. While there is almost universal agreement that leaders define and shape organizational culture, there is little research exploring how and why they do…

We document the rise of China in offshore capital markets. Chinese firms use global tax havens to access foreign capital both in equity and bond markets. In the last twenty years, China’s presence went from raising a negligible amount of capital…

Firms use consumer data to price discriminate. In response, policymakers have pushed for consumers to have control over their data so that they choose what to share and with whom. We model consumer control and its effect on markets through the…

New approaches to corporate purpose have emerged in recent years that hold out the promise of addressing concerns about corporate social responsibility (CSR) through shareholder governance, rather than in spite of it, by reconceptualizing…

Across the United States, police chiefs, city officials, and community leaders alike have highlighted the need to de-escalate police encounters with the public. This concern about escalation extends from encounters involving use of force to…

Fear can undermine cooperation. It may discourage individuals from collaborating with others because of concerns about potential exploitation; prompt them to engage in defensive aggression by launching a preemptive strike; and propel power-…

From 2007–2020, unlisted Chinese firms paid an average of over US $500 million to listed firms for their shell value in reverse merger transactions. We show that this large shadow price for a public listing sheds light on other features of…

We evaluate the long-run effects of a decentralized approach to economic development called community-driven development — a prominent strategy for delivering foreign aid — by revisiting a randomized community-driven development program in Sierra…

In this research we reexamine and update prior research on the association between decision conflict and choice deferral. Decision conflict has featured prominently in psychology literature, going back to the seminal work of Lewin (1933), Miller…

We use establishment-level data from the US Census Bureau’s Annual Survey of Manufactures to study the characteristics and geographic locations of investments in robots. We find that the distribution of robots is highly skewed across locations.…

The COVID-19 pandemic has affected all domains of human life, including the economic and social fabric of societies. One of the central strategies for managing public health throughout the pandemic has been through persuasive messaging and…

Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors’ demand for liquidity. We measure the quantity of these forms of liquidity and their corresponding liquidity premium in a sample from 1934 to 2016, estimating the…