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The Impact of Impact Investing
The change in the cost of capital that results from a divestiture strategy can be closely approximated by a simple function of three parameters: (1) the fraction of socially conscious capital, (2) the fraction of targeted firms in the economy and…
The Pass-through of Corporate Tax Cuts to Consumer Loans: Evidence from the TCJA
Using data from TransUnion, a large U.S. credit bureau, we analyze whether and how cuts in bank income taxation are passed through to the interest rates and size of consumer loans. Exploiting the change in bank corporate income taxation from the…
Developing ICU Clinical Behavioral Atlas Using Ambient Intelligence and Computer Vision
While computer vision has gained traction in medical applications, models specifically engineered for intensive care unit (ICU) activities are limited.
We present Clinical Behavioral Atlas (CBA), a computer vision system that can identify…
Losing is Optional: Retail Option Trading and Expected Announcement Volatility
We document the growth of retail options trading and provide evidence that retail investors are drawn to options by anticipated spikes in volatility. Retail investors purchase options in a concentrated fashion before earnings announcements,…
Public Firm Disclosures, Patent Licensing, and the Diffusion of Technology
We examine the spillover effects of public firm disclosures on patent licensing, a key mechanism for technology diffusion. An interquartile increase in public firm presence, our proxy for peer disclosures, is linked to a 20.7% higher likelihood…
Trading Stocks Builds Financial Confidence and Compresses the Gender Gap
Many studies document low rates of financial literacy and suboptimal levels of participation in financial markets. These issues are particularly acute among women. Does this reflect a self-reinforcing trap? If so, can a nudge to participate in…
Addressing Health Care’s Administrative Cost Crisis
Tackling administrative waste in the health care system presents a perfect opportunity for a second Trump administration that is focused on achieving efficiencies in the federal government and alleviating the pain that inflation has caused on the…
Collecting Digital Footprints in the Wild
Does Q&A Boost Engagement? Health Messaging Experiments in the US and Ghana
Effective information sharing is critical for the success of organizations and governments. Because information that is easy to access is more likely to be adopted, leaders often minimize friction in information delivery. However, one type of…
Emphasis on Financial vs Nonfinancial Criteria in Employer Benefits’ Measurements
Importance: Few studies have examined the extent to which employers emphasize financial over nonfinancial criteria in measurement, reporting, and decision-making about health care benefits.
Objective: To…
Feedback Effects and Systematic Risk Exposures
We model the “feedback effect” of a firm’s stock price on investment in projects exposed to a systematic risk factor, like climate risk. The stock price reflects information about both the project’s cash flows and its discount rate. A cash-flow-…
Financial Reporting and Consumer Behavior
We show that financial reporting influences consumer behavior by drawing consumer attention to announcing firms. Analyzing global positioning system (GPS) data, we document upticks in foot traffic to firms’ commercial locations immediately…
How US Treasuries Can Remain the World's Safe Haven
Weaknesses in the design of the market for US Treasuries have reduced the effectiveness of world’s favored safe-haven asset. Since the Global Financial Crisis, the market’s intermediation capacity is far more constrained by the balance sheets of…
Ironic Effects of Prosocial Gossip in Driving Inaccurate Social Perceptions
Gossip is often stereotyped as a frivolous social activity, but in fact can be a powerful tool for discouraging selfishness and cheating. In economic games, gossip induces people to act more cooperatively, presumably to avoid the cost of accruing…
Letters of Recommendation as Institutionalized Gossip: Tie Strength and the Advocacy-Accuracy Tradeoff in Brokering
Gossip is both common and consequential. People often share reputational information about others in their absence, and this ubiquitous practice powerfully shapes impressions, interactions, and relationships among senders, receivers, and the…
Machine Learning Who to Nudge: Causal vs Predictive Targeting in a Field Experiment on Student Financial Aid Renewal
In many settings, interventions may be more effective for some individuals than others, so that targeting interventions may be beneficial. We analyze the value of targeting in the context of a large-scale field experiment with over 53,000 college…
Attitudes: Form, function, and the factors that shape them
Beyond the Event Window: Earnings Horizon and the Informativeness of Earnings Announcements
The impact of earnings announcements (EAs) on investor uncertainty depends not only on how much new information they contain but also on how long it would take comparable information to arrive in the future through alternative sources, which I…
Boosting Sales and Customer Welfare from Premade Foods (Let the Freshest Chicken Fly Off the Shelf First)
This paper examines a grocery retailer’s management of a premade food product. The retailer’s goal is to maximize a weighted sum of direct profit and customer welfare. Multiple items of the product are produced in batches, and immediately…