Publications

We propose a model of firm volatility based on customer-supplier connectedness. We assume that customers’ growth rate shocks influence the growth rates of their suppliers, larger suppliers have more customers, and the strength of a customer-…

Psychologists have long observed that people conform to majority opinion, a phenomenon sometimes referred to as the “bandwagon effect.” In the political domain people learn about prevailing public opinion via ubiquitous polls, which may…

Only a minority of high-achieving, low-income students apply to colleges in the same way that other high-achieving students do: applying to several selective colleges whose curriculum is designed for students with a level of achievement…

This paper illustrates a practical framework for understanding and predicting political economy risk for project managers operating in a variety of developing country settings, including non-democracies, ethnically diverse environments and…

This study determines whether voluntary adoption of IFRS is associated with increased comparability of accounting amounts and attendant capital market benefits. After “adopting” firms voluntarily adopt IFRS, their accounting amounts become…

Several aid groups have proposed strategies for allocating ready-to-use (therapeutic and supplementary) foods to children in developing countries. Analysis is needed to investigate whether there are better alternatives. We use a longitudinal…

This article explores the possibility that dominant-group members will attempt to appease subordinate groups to protect the hierarchy. In four studies, we find that (a) prohierarchy Whites perceive more intergroup threat when they believe ethnic…

The relation between aggregate earnings and aggregate returns is complex and not fully understood. For example, in contrast to firm-level relations, prior literature finds aggregate earnings changes and aggregate stock returns are negatively…

In today’s global and often fragmented market, Business-to Business (B2B) capabilities are critical for successful collaboration with supply chain partners, significantly improving business efficiency and quality of the information exchanged.…

About 10% of US employees now regularly work from home (WFH), but there are concerns this can lead to “shirking from home.” We report the results of a WFH experiment at CTrip, a 16,000- employee, NASDAQ-listed Chinese travel agency. Call center…

Network alignment generalizes and unifies several approaches for forming a matching or alignment between the vertices of two graphs. We study a mathematical programming framework for network alignment problem and a sparse variation of it where…

I build a model of balance sheet recessions where financial frictions are derived from a moral hazard problem. I show that TFP shocks are amplified through a balance sheet channel only if the private action of the agent exposes him to aggregate…

Recent regulatory changes have brought a renewed focus on the impact of investment expenses on investors’ financial well-being. The author offers methods for calculating relative terminal wealth levels for those investing in funds with different…

Using a longitudinal dataset of research collaborations over 15 years at Stanford University, we build a theory of intraorganizational task relationships that distinguishes the different factors associated with the formation and persistence…

Over the last few decades, researchers have taken a thorough and critical look at corporate governance from various perspectives. For the most part, they have found that structural features of corporate governance have little or no relation to…

Supplementing the discussion in our book The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It, this paper examines the plausibility and relevance of claims in banking theory that fragility in bank funding is useful…

We contend that buyers received false information about the true quality of assets in contractual disclosures by intermediaries during the sale of mortgages in the $2 trillion non-agency market. We construct two measures of misrepresentation of…

Individuals have different concerns before and after they become relatively certain about a goal’s attainability; hence, we propose that the presence of alternative means of goal attainment will have a distinctive impact on motivation, depending…

Proxy advisory firms are independent, for-profit consulting companies that provide voting recommendations to individual and institutional investors. Research shows that these firms have significant influence on voting outcomes. Given this…