Publications

Across five studies, this research reveals that feeling powerful increases saving. This effect is driven by the desire to maintain one’s current state. When the purpose of saving is no longer to accumulate money, but to spend it on a status-…

Prequential testing of a forecaster is known to be manipulable if the test must pass an informed forecaster for all possible true distributions. Stewart (2011) provides a non-manipulable prequential likelihood test that only fails an informed…

This paper studies the endogenous formation of supply chain networks when procurement is subject to disruption risk. We argue that the presence of non-convexities in the chain (e.g., due to non-convex production technologies or financial…

Narcissism is characterized by traits such as dominance, self-confidence, a sense of entitlement, grandiosity, and low empathy. There is growing evidence that individuals with these characteristics often emerge as leaders, and that narcissistic…

Forthcoming

We examine a dynamic model of voluntary disclosure of multiple pieces of private information. In our model, a manager of a firm who may learn multiple signals over time interacts with a competitive capital market and maximizes…

We study the interplay between financial covenants and the operational decisions of a retailer that obtains financing through a secured, inventory-based lending contract. We characterize how leverage affects dynamic inventory decisions, and…

We build on recent theory and research on the role of categories in resource partitioning. We analyze Scotch whisky making between 1826 and 2009 — a case that seemed initially to fail to conform to the pattern of the beer industry now…

A new class of online services allows internet media sites to direct users from articles they are currently reading to other content they may be interested in. This process creates a “browsing path” along which there is potential for repeated…

Various patterns of age dependence in hazards of organizational failure have been documented: liabilities of newness, adolescence, and obsolescence. Prior efforts at providing a unified theory that can accommodate these patterns as special…

This paper formalizes and adapts the well-known concept of Pareto efficiency in the context of the popular robust optimization (RO) methodology for linear optimization problems. We argue that the classical RO paradigm need not produce…

We study an admissions control problem, where a queue with service rate 1−p receives incoming jobs at rate λ∈(1−p,1), and the decision maker is allowed to redirect away jobs up to a rate of p, with the objective of minimizing the time-average…

The Flow of Funds Accounts are a crucial data source on credit market positions in the U.S. economy. In particular, they combine regulatory data from various sources to produce a consistent set of flow and stock tables in major credit market…

We consider optimal incentive contracts when managers can, in addition to shirking or diverting funds, increase short term profits by putting the firm at risk of a low probability “disaster.” To

avoid such risk-taking, investors…

Sociological theory offers many possible contributions to strategic management, although most of these are not widely recognized as such. Sociological ideas about sustainable advantage among firms involve both capability-based and position-based…

In a multi-armed bandit (MAB) problem a gambler needs to choose at each round of play one of K arms, each characterized by an unknown reward distribution. Reward realizations are only observed when an arm is selected, and the gambler’s…