Publications

We present an approach to automate the bidding and budgeting of multi-unit digital advertising campaigns. Such campaigns typically involve groups of ad-units that span multiple user segments, ad-delivery channels and media that together are meant…

In this Closer Look, we examine a new industry that has arisen in recent years to facilitate the financing of stock-option exercises for employees and executives of pre-IPO companies. These capital providers allow individuals to exercise and…

It has become increasingly common for data to be collected adaptively, for example using contextual bandits. Historical data of this type can be used to evaluate other treatment assignment policies to guide future innovation or experiments.…

We survey over one thousand venture capitalists (VCs) on how the COVID-19 pandemic has affected their decisions and investments. VCs expect aggregate returns to be largely unchanged because winners have offset losers. This suggests the primary…

Analyzing observational data from multiple sources can be useful for increasing statistical power to detect a treatment effect; however, practical constraints such as privacy considerations may restrict individual-level information sharing across…

It is well-established that the Conquest of the Americas by Europeans led to catastrophic declines in indigenous populations. However, less is known about the conditions under which indigenous communities were able to overcome the…

We examine the impact of a disclosure mandate for greenhouse gas emissions on firms’ subsequent emission levels and financial operating performance. For UK-incorporated listed firms a carbon disclosure mandate was adopted in 2013. Our difference-…

Digital platforms provide a variety of technology-enabled tools that enhance market transparency, such as real-time monitoring, ratings of buyers and sellers, and low-cost complaint channels. How do these innovations affect moral…

Past research on idea implementation has focused on employees trying to win social support for their own ideas, yet employees are often handed ideas to implement that were developed by others. We propose and test hypotheses on such handoffs,…

Institutional investors expect infrastructure to deliver long-term stable returns but gain exposure to infrastructure predominantly through finite-horizon closed private funds. The cash flows delivered by infrastructure funds display similar…

Banks’ reluctance to repair their balance sheets, combined with deposit insurance and regulatory forbearance in recognizing greater risks and losses, can lead to solvency problems that look like liquidity (bank-run) crises. Regulatory forbearance…

Team-based care is considered central to achieving value in primary care, yet results of large-scale primary care transformation initiatives have been mixed. We explore how underlying change processes influence the effectiveness of transition to…

Beliefs of professional forecasters are benchmarked against those of a Bayesian econometrician ℬℰ who is learning about the unknown dynamics of the bond risk factors. Consistent with rational Bayesian learning, the forecast errors of individual…

Unlocking spectrum from inefficient, inflexible uses assigned mostly prior to the 1990s to a more efficient, flexible-use model is a key challenge for the Federal Communications Commission. This paper focuses on transitions of spectrum use and…

Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their true economic location in official statistics. We associate the universe of traded securities issued by firms in tax havens…

Sustainability has become a topic of great interest and is increasingly viewed as a source of competitive advantage that innovative companies can tap into. Sourcing and procurement are key to a company’s efforts to drive sustainability. Yet,…

New products are the lifeblood of many sellers, who increasingly reach consumers via e-commerce platforms. Yet, search engines and e-commerce platforms have substantial difficulty exposing new products to their users on account of an information…

Since the beginning of the COVID-19 pandemic, pharmaceutical treatment hypotheses have abounded, each requiring careful evaluation. A randomized controlled trial generally provides the most credible evaluation of a treatment, but the efficiency…

Major changes to the operation of local newsrooms — ownership restructuring, layoffs, and a reorientation away from print advertising — have become commonplace in the last few decades. However, there have been few systematic attempts to…