Publications

Rural electrification rates in India lag behind government goals, in part due to the inability of distribution companies (discoms) to fund central grid expansion. In the absence of central grid electrification, mini-grids offer significant…

We propose a new source of cross-sectional variation that may identify causal impacts of government spending on the economy. We use the fact that a large number of federal spending programs depend on local population levels. Every ten years, the…

This article considers the role of social movement allies in Congress in advancing pro-environmental legislation. We argue that compared to sponsors of legislation who hold moderate views, sponsors with extreme ideological positions will be less…

In this chapter, we introduce and discuss some of the most important and widely used models of personality. Focusing on trait theories, we first give a brief overview of the history of personality research and assessment. We then move on to…

In this paper we propose methods for estimating heterogeneity in causal effects in experimental and observational studies and for conducting hypothesis tests about the magnitude of differences in treatment effects across subsets of the population…

Bargaining power allows equity holders to recover a fraction of residual assets in bankruptcy, therefore reducing their exposure to default risk. We develop an agency-based model and provide the first evidence via structural estimation that…

Peers affect individual’s productivity in the workforce, in education, and in other team-based tasks. Using large-scale language data from an online college course, we measure the impacts of peer interactions on student learning outcomes and…

Equity is a cheap source of funding for a country’s largest financial institutions. In a large panel of 31 countries, we find that the stocks of a country’s largest financial companies earn returns that are significantly lower than stocks of non-…

This paper examines a private politics environment in which a confrontational activist and a cooperative activist face a profit-maximizing firm and a self-regulating firm. The environment is studied from a perspective that combines the radical…

We provide the first large-sample evidence of banks playing an important role in facilitating tax planning by client firms. Capturing bank-client relationships using lending contracts and measuring borrower tax avoidance with the three-year cash…

One of the most controversial issues in corporate governance is whether the CEO of a corporation should also serve as chairman of the board. In theory, an independent board chair improves the ability of the board to oversee management. However,…

In contrast to firm-level relations, researchers have found that aggregate earnings changes and aggregate stock returns are negatively related. In this paper, we construct new measures of aggregate earnings news based on revisions in analyst…

We study information acquisition and dynamic withdrawal decisions when a spreading rumor exposes a solvent bank to a run. Uncertainty about the bank’s liquidity and potential failure motivates depositors who hear the rumor to acquire additional…

Risk pooling has been studied extensively in the operations management literature as the basic driver behind strategies such as transshipment, manufacturing flexibility, component commonality, and drop shipping. This paper explores the benefit of…

Under 2nd Review, Management Science

Women pursue managerial credentials at nearly the same rate as men but evidence suggests they receive lower salaries from the onset of their managerial careers. While demand-side…

Prior attempts at locating self-monitoring within general taxonomies of personality traits have largely proved unsuccessful. However, past research has typically neglected (a) the bidimensionality of the Self-Monitoring Scale and (b) the…

We examine the structural properties of a firm’s price-to-earnings (P/E) and price-to-book (P/B) ratios and the relation between these two ratios. A benchmark result is obtained under the hypothesis that firms use replacement cost accounting to…

Prominent buyers’ brands have been damaged because their suppliers caused major harm to workers or the environment, e.g., through a deadly factory fire or release of toxic chemicals. How can buyers motivate suppliers to exert greater care to…

Technology is driving a heightened level of innovation in product and service offerings in the last mile parcel delivery market, and is transforming the way delivery providers interact with their customers. Customers have ever-increasing demands…