Publications

We comment on Arthur S. Jago’s recent article in Academy of Management Discoveries on algorithms and authenticity. Jago documents a compelling — and even startling — new set of empirical findings. He finds that when encountering products…

Using a comprehensive sample of reverse merger (RM) transactions, we examine the effects of China’s IPO regulations on the prices and returns of its publicly listed stocks. During 2007-2015, unlisted Chinese firms paid an average of 3 to 4…

Given the promise of 3D printing, also known as additive manufacturing, some innovative consumer goods companies have started to experiment with such a technology for on-demand production. However, the potential impact of 3D printing on retail…

There are two conflicting perspectives regarding the relationship between profanity and dishonesty. These two forms of norm-violating behavior share common causes, and are often considered to be positively related. On the other hand, however,…

We model a firm’s optimal capital structure decision in a framework in which it may later choose to enter either Chapter 11 reorganization or Chapter 7 liquidation. Creditors anticipate equityholders’ ex-post reorganization incentives and price…

In many growth models, economic growth arises from people creating ideas, and the long-run growth rate is the product of two terms: the effective number of researchers and their research productivity. We present a wide range of evidence from…

We measure the persuasive effects of slanted news and tastes for like-minded news, exploiting cable channel positions as exogenous shifters of cable news viewership. Channel positions do not correlate with demographics that predict viewership and…

In the summer of 2017, Stanford Graduate School of Business and The Rock Center for Corporate Governance surveyed 113 directors of Fortune 250 companies and 18 prominent executive recruiters and compensation consultants that advise these…

Governance experts have vigorously debated the appropriateness of CEO compensation. And yet, very little effort has been made to understand the size, quality, and efficiency of the labor market for CEO talent, which is a key determinant of pay.…

Framework agreements (FAs) are procurement mechanisms commonly used by buying agencies around the world to satisfy demand that arises over a certain time horizon. This paper is one of the first in the literature that provides a formal…

We examine whether an increase in ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities. Our tests show an increase in ETF ownership is associated with (1) higher trading costs (bid-ask spreads…

Health insurance holds the promise of improving population health and survival and protecting people from catastrophic health spending. Yet evidence from lower- and middle-income countries on the impact of health insurance is limited. We…

Ballistic imaging systems can help solve crimes by comparing images of cartridge cases, which are recovered from a crime scene or test-fired from a gun, to a database of images obtained from past crime scenes. Many U.S. municipalities lack the…

I discuss the role of debt in financial crises and macroprudential tools to manage debt. A principal conclusion is that changes in mortgage contract designs, an ex ante measure aimed at the household sector, can deliver significant welfare…

Companies that source from emerging economies often face supplier responsibility risks, namely, financial and reputational burdens that the companies have to bear when their suppliers’ engagement in noncomplying labor and environmental practices…

Our analysis of how banks’ responses to asset price changes can result in procyclical leverage reveals that, for banks with a binding regulatory leverage constraint, absent differences in regulatory risk weights across assets, procyclical…

Contracts are commonly used to regulate a wide range of interactions and relationships. Yet relying on contracts as a mechanism of control often comes at a cost to motivation. Integrating theoretical perspectives from psychology, economics, and…

This paper tackles the intersection of two trends, the increasing prevalence of flat, so-called horizontal organizations and the greater gender diversity of the workers that such organizations employ. We investigate why these organizations may be…

The article reports that the Bank of England has launched the Decision Maker Panel (DMP) survey of senior executives from British companies which aims to measure the effects of uncertainty on business decision-making. Topics discussed include the…