Publications

We provide evidence that firms with more transparent earnings enjoy a lower cost of capital. We base our earnings transparency measure on the extent to which earnings and change in earnings covary contemporaneously with returns. We find a…

A series of laboratory and field experiments reveals a detrimental effect of presenting options sequentially (one at a time) versus simultaneously (all at once) on choosers’ satisfaction with and commitment to their chosen option. This is because…

We model the dynamics of risk premia during crises in asset markets where the marginal investor is a financial intermediary. Intermediaries face an equity capital constraint. Risk premia rise when the constraint binds, reflecting the capital…

The vast majority of low-income, high-achieving students in the U.S. do not even apply to any selective colleges, in spite of the fact that attending those institutions would cost less than the ones the students do attend thanks to generous…

Social movement research has developed a rich tradition of using data on collective action and protest events (hereafter “events”) that are culled from various sources (e.g. news reports, police records). Event data have been used by scholars to…

This is part of a case series. In recent years, there has been growing interest in the entrepreneurial acquisitions sometimes known as ‘search funds.’ The concept, which was first referred to as a search fund in the United States, has been…

New solar Photovoltaic (PV) installations have grown globally at a rapid pace in recent years. We provide a comprehensive assessment of the cost competitiveness of this electric power source. Based on data available for the second half of 2011,…

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…