Publications

After the bruising and contentious 2016 U.S. presidential election, it’s not surprising that Americans’ evaluations of members of the opposite political party have reached an all-time low. According to data from the Pew Research…

In 2014, the Associated Press (AP) began using algorithms to write media articles about firms’ earnings announcements. These “robo-journalism” articles synthesize information from firms’ press releases, analyst reports, and stock performance, and…

We examine whether anticipation of a repatriation tax reduction affects the amount of cash U.S. multinational corporations (MNCs) hold overseas. We find that U.S. MNCs most likely to benefit from a repatriation tax reduction accumulated…

Scholars agree that the tenor of a firms’ past interactions with contentious activists - which represent a strong signal of the openness of a firm’s opportunity structures - impacts the likelihood that the firm will be targeted in the future.…

When most of the great companies of the industrial era were founded, even the most brilliant economists believed deeply in the law of diminishing marginal returns. At its core, the principle means that the more of something that is made, the less…

We argue that psychologists who conduct experiments with long lags between the manipulation and the outcome measure should pay more attention to behavioral processes that intervene between the manipulation and the outcome measure. Neglect of such…

We provide a simple sufficient condition for the existence of a recursive upper bound on (the Pareto frontier of) the sequential equilibrium payoff set at a fixed discount factor in two-player repeated games with imperfect private monitoring. The…

There is a large literature on semiparametric estimation of average treatment effects under unconfounded treatment assignment in settings with a fixed number of covariates. More recently attention has focused on settings with a large number of…

In the article, the beginning phrase of the second paragraph of the Internal Meta-Analysis of Studies 3 Through 5 section is incorrect. It should instead begin as follows: Across the three studies. The Monin et al. (2014) reference in both the…

We provide guidance to corporate managers and investors on how to select the discount rate when evaluating investment opportunities. When making corporate investment decisions on behalf of the equity investors in a firm, an obvious choice is to…

Two assumptions guide the current research. First, people’s desire to see themselves as moral disposes them to make attributions that enhance or protect their moral self-image: When approached with a prosocial request, people are inclined to…

Recent work suggests that in addition to actual attitudes, people often have desired attitudes that can vary in their congruence with their actual attitudes. We explored whether desired attitudes motivate goal-congruent outcomes by impacting…

CEO succession at many companies occurs in a black box. Shareholders are not privy to boardroom discussions prior to the announcement of a CEO departure, and press releases announcing the change contain boilerplate language that does not make it…

Using hand-collected data on divisional managers at conglomerates, we find that a change in industry surplus in one division generates large spillovers on managerial payoffs in other divisions of the same firm. These spillovers arise only…

Beginning in the mid-2000s, the incidence of drug shortages rose, especially for generic injectable drugs such as anesthetics and chemotherapy treatments. We examine whether reimbursement changes contributed to the shortages, focusing on a…

In this paper, we discuss recent developments in econometrics that we view as important for empirical researchers working on policy evaluation questions. We focus on three main areas, in each case, highlighting recommendations for applied work.…

We show that analyst coverage proxies contain information about expected returns. We decompose analyst coverage into abnormal and expected components using a simple characteristic-based model and show that firms with abnormally high analyst…

Yuliy Sannikov is an extraordinary theorist who has developed methods that offer new insights in analyzing problems that had seemed well-studied and familiar: for example, decisions that might bring about cooperation and/or defection in a…

We address whether firms manage stock prices in anticipation of share issuances. A literature in finance attributes negative returns following share issuances to market timing, whereas studies in accounting interpret similar return patterns as…