Publications

Decision makers called to evaluate and approve a reform, proposed by an interest group, a politician, or a bureaucracy, suffer from a double asymmetric information problem: about the competence of the proposer and the consequences of the proposal…

The lack of board diversity is one of the most controversial topics in corporate board governance. We investigate one important influence on diversity by studying whether shareholders value diversity on corporate boards in director elections.…

Choice screen auctions have been recently deployed in 31 European countries, allowing consumers to choose their preferred search engine on Google’s Android platform instead of automatically defaulting them to Google’s own search engine. I show…

An internal survey of faculty, staff, and program alumni at Stanford University’s Byers Center for Biodesign revealed some of the same patterns as their industry-wide research on gender bias. While well-intentioned male leaders reported a…

We generalize the scope of random allocation mechanisms, in which the mechanism first identifies a feasible “expected allocation” and then implements it by randomizing over nearby feasible integer allocations. The previous literature has…

We consider a cheap‐talk setting with two senders and a continuum of receivers with heterogeneous preferences. Each receiver is constrained to listen to one of the senders but can choose which sender to listen to. The introduction of a…

The goal of this paper is to evaluate blockchain technology in the context of value chain management, and identify the types of applications where the technology can potentially offer a real advantage over traditional solutions. We begin by…

This paper reviews the literature examining how costs of monitoring for, acquiring, and analyzing firm disclosures — collectively, “disclosure processing costs” — affect investor information choices, trades, and market outcomes. The…

We consider several economic uncertainty indicators for the U.S. and UK before and during the COVID-19 pandemic: implied stock market volatility, newspaper-based policy uncertainty, Twitter chatter about economic uncertainty, subjective…

Objective: 

Employers affect the health of employees and their families through work environments and employee benefits. We sought to understand employer decisions around those topics.

Methods: …

Environmental costs are a legal obligation of companies and proper corporate governance requires that they be dealt with responsibly. Unfortunately, disturbing examples exist where companies have taken aggressive action to separate their…

Firm volatilities comove strongly over time, and their common factor is the dispersion of the economy-wide firm size distribution. In the cross section, smaller firms and firms with a more concentrated customer base display higher…

We provide the first systematic empirical evidence on factors that successfully mobilized one of the world’s first non-violent mass movements in favor of democratic self-government, using novel data from an unlikely venue for such collective…

Social norm perception is ubiquitous in small groups and teams, but how individuals approach this process is not well understood. When individuals wish to perceive descriptive social norms in a group or team, whose advice and behavior do…

Building on research showing that organizational practices that highlight the monetary value of time can affect decisions about time use, we examined how income and the economic evaluation of time jointly predict decisions about socializing with…

We propose a general framework, dubbed stochastic processing under imperfect information, to study the impact of information constraints and memories on dynamic resource allocation. The framework involves a stochastic processing network (SPN…

We study how ex ante information asymmetries affect revenue in common-value second-price auctions, motivated by online advertising auctions where “cookies” inform individual advertisers about advertising opportunities. We distinguish information…

We construct a measure of consumption-equivalent welfare for Black and White Americans. Our statistic incorporates life expectancy, consumption, leisure, and inequality. Based on this incomplete list of factors, welfare for Black Americans was 43…