Publications

A common pattern of control in firms is for management to retain a broad set of rights, whereas the remaining stakeholders’ contracts provide them with targeted veto rights over specific classes of decisions. We explain this pattern of control…

This paper studies the impact of the arbitrator selection process on consumer outcomes. Using data from consumer arbitration cases in the securities industry over the past two decades, where we observe detailed information on case characteristics…

We study the impact of asymmetric (i.e., conservative or aggressive) disclosure on a firm’s price in the classic setting in which its stock is traded by risk-averse investors and noise or liquidity traders. We show that asymmetric accounting…

We study large-population repeated games where players are symmetric but not anonymous, so player-specific rewards and punishments are feasible. Players may be commitment types who always take the same action. Even though players are not…

The 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig “for research on banks and financial crises”. This article surveys the contributions of the…

We study the analysis and design of simultaneous temporal experiments, where a set of interventions are applied concurrently in continuous time, and outcomes are measured on a sequence of events observed in time. As a motivating setting, suppose…

The Stanford Latino Entrepreneurship Initiative surveyed 10,000 employer businesses in 2022 as part of its annual national survey to assess the current state of U.S. Latino entrepreneurship. We have compiled some of the most pressing insights…

The Stanford Latino Entrepreneurship Initiative surveyed 10,000 employer businesses in 2022 as part of its annual national survey to assess the current state of U.S. Latino entrepreneurship. We have compiled some of the most pressing insights…

This Research Spotlight provides a summary of the academic literature on environmental, social, and governance (ESG) ratings, including:

• The influence of ESG ratings on mutual fund flows
• The correlation of ESG ratings…

This Research Spotlight provides a summary of the academic literature on environmental, social, and governance (ESG) activities including:

• The relation between ESG activities and firm value
• The impact of environmental and…

Contextual bandit algorithms often estimate reward models to inform decision-making. However, true rewards can contain action-independent redundancies that are not relevant for decision-making. We show it is more data-efficient to estimate any…

Research suggests that White women often experience more gender backlash than women of color in response to expressions of agency. We consider whether this differential in backlash is driven by the match or mismatch of the race of both perceivers…

What conditions enable novel intellectual contributions to diffuse and become integrated into later scientific work? Prior work tends to focus on whole cultural products, such as patents and articles, and emphasizes external social factors as…

This paper presents a model in which people sort between two districts based on economic and ideological preferences. People are either ideologues who prefer redistribution over a public good or non-ideologues who prefer a public good that…

We consider a platform facilitating trade between sellers and buyers with the objective of maximizing consumer surplus. Even though in many such marketplaces, prices are set by revenue-maximizing sellers, platforms can influence prices through (i…