Publications

Stochastic gradient-based optimization has been a core enabling methodology in applications to large-scale problems in machine learning and related areas. Despite this progress, the gap between theory and practice remains significant, with…

Big data have enabled decision makers to tailor decisions at the individual level in a variety of domains, such as personalized medicine and online advertising. Doing so involves learning a model of decision rewards conditional on individual-…

Shareholders exert influence over the corporation through the board of directors and the proxy voting process. While indirect, this influence can be powerful in shaping corporate policy.

This Quick Guide examines the relation between…

One of the primary responsibilities of the board of directors is to monitor the strategy and risk of the corporation. This Quick Guide provides a concise introduction to corporate strategy, key performance measures, and risk management. It…

The board of directors might decide it is in the best interest of shareholders to sell the corporation to new owners. In theory, a change in control only makes sense when the value of the firm to new owners, minus transaction costs, is greater…

We introduce a parsimonious framework for choosing among alternative expected-return proxies (ERPs) when estimating treatment effects. By comparing ERPs’ measurement-error variances in the cross-section and time series, we provide new evidence on…

There has recently been a considerable amount of interest in developing methods for statistical inference in high-dimensional regimes with more covariates than data points (Javanmard and Montanari 2014; van de Geer et al. 2014; Zhang and Zhang…

This paper provides a positive identification result for first-price procurement models with asymmetric bidders, statistically dependent private signals,

and interdependent costs. When bidders are risk neutral, the model’s payoff-relevant…

A transplant can improve a patient’s life while saving several hundreds of thousands of dollars in healthcare expenditures. Organs from deceased donors, like many other scarce public resources (e.g. public housing, child-care, publicly funded…

We develop a valuation model for venture capital-backed companies and apply it to 135 US unicorns, that is, private companies with reported valuations above $1 billion. We value unicorns using financial terms from legal filings and find that…

For globally systemically important banks (G-SIBs) with U.S. headquarters, we find large post-Lehman reductions in market-implied probabilities of government bailout, along with big increases in debt financing costs for these banks after…

Prevailing research in market microstructure posits that liquidity providers bypass queue lines on exchanges by offering liquidity in dark venues with de minimis sub-penny price improvement, thus exploiting an exception to the penny quote rule.…

As technology platforms have created new markets and new ways of acquiring information, economists have come to play an increasingly central role in tech companies-tackling problems such as platform design, strategy, pricing, and policy. Over the…

Pay for non-performance is among the most prominent arguments of executive rent extraction, especially Bertrand and Mullainathan’s (2001) pay for luck. We revisit their finding over the last two decades, 1997 through 2016. Pay for luck presents…

The debates about our economic system are sometimes framed as a stark choice between market-based capitalism and government-controlled socialism. But the actual choices are much more complicated. Corporations, which control much of our economic…

The Handbook of Research on Identity Theory in Marketing features cutting-edge research that delves into the origins and consequences of identity loyalty and organizes these insights around five basic identity principles that span nearly…