Publications

In severe viral pneumonia, including Coronavirus disease 2019 (COVID-19), the viral replication phase is often followed by hyperinflammation (‘cytokine storm syndrome’), which can lead to acute respiratory distress syndrome, multi-organ failure,…

Individuals often influence others’ relationships, for better or worse. We conceptualize social influence processes that impact others’ social networks as brokering, and advance a multifaceted model that explains how brokering behaviors can…

Companies that freeze defined benefit pension plans save the equivalent of 13.5% of the long-horizon payroll of current employees. Furthermore, firms with higher prospective accruals are more likely to freeze their plans. Cost savings would not…

Candidate debates have a rich history and remain integral to contemporary campaign strategy. There is, however, little evidence that they affect the behavior of voters or politicians. The scarcity of political information in the developing world…

This paper studies equilibrium voluntary disclosures for a company financed with both debt and equity, where the firm’s manager is compensated based on a linear combination of the market prices of the firm’s equity and enterprise values (i.e.,…

Using a comprehensive sample of credit card data from a leading Chinese bank, we show that government bureaucrats receive 16% higher credit lines than non-bureaucrats with similar income and demographics, but their accounts experience a…

We relate the risk characteristics of currencies to measures of physical, cultural, and institutional distance. The currencies of countries which are more distant from other countries are more exposed to systematic currency risk. This is due to a…

A buying firm might in the future incur costs associated with a supplier’s carbon dioxide emissions, safety violations, or other social or environmental impacts. Learning about a supplier’s impacts requires costly effort, but it is necessary (and…

We analyze confirmed cases and new hospitalizations in Wisconsin in the weeks surrounding the April 7, 2020 election, and find no evidence of a surge in SARS-CoV-2 transmission.

We construct a dynamic model of election campaigns. In the model, opportunities for candidates to refine/clarify their policy positions are limited and arrive stochastically along the course of the campaign until the predetermined election date.…

We analyze the trading of corporate insiders at leading financial institutions during the 2007 to 2009 financial crisis. We find strong evidence of a relation between political connections and informed trading during the period in which Troubled…

Team-based care has emerged as a promising strategy for primary care practices to provide high-quality care. We examine changes in patient experience of care and recommended cancer screening rates associated with a primary care transformation…

In this research brief, Stanford Latino Entrepreneurship Initiative’s research highlights the ongoing impact of COVID-19 on Latino-owned businesses. We followed up with the same group of Latino-owned businesses that took our survey in March and…

This note presents a preliminary approach to the design of an across-the-curve credit spread index (AXI). The index is a measure of the recent average cost of wholesale unsecured debt funding for publicly listed U.S. bank holding companies and…

We introduce a new class of methods for finite-sample false discovery rate (FDR) control in multiple testing problems with dependent test statistics where the dependence is fully or partially known. Our approach separately calibrates a data-…

The Affordable Care Act dramatically expanded health insurance, but questions remain regarding its effects on health. We focus on older adults for whom health insurance has greater potential to improve health and well-being because of their…

We study the pure‐strategy subgame‐perfect Nash equilibria of stochastic games with perfect monitoring, geometric discounting, and public randomization. We develop novel algorithms for computing equilibrium payoffs, in which we combine policy…

This study finds that greater asymmetric timeliness of earnings in reflecting good and bad news is associated with slower resolution of investor disagreement and uncertainty at earnings announcements. These findings indicate that a potential cost…

Our concept of risk continues to broaden and now includes instances in which representatives of a company make statements, actions, or decisions that damage the firm by inviting public scrutiny, sparking a reaction among customers, employees,…

We study repeated games in which players learn the unknown state of the world by observing a sequence of noisy private signals. We find that for generic signal distributions, the folk theorem obtains using ex post equilibria. In our equilibria,…