Publications

The coronavirus pandemic has left the corporate sector scrambling for cash. So far, a relatively robust financial system has been able to provide short-term funding, primarily through the revolving lines of bank credit available to most firms.…

For many machine learning algorithms, two main assumptions are required to guarantee performance. One is that the test data are drawn from the same distribution as the training data, and the other is that the model is correctly specified. In real…

Long-run growth in many models is the product of two terms: the effective number of researchers and their research productivity. We present evidence from various industries, products, and firms showing that research effort is rising substantially…

This Research Spotlight provides a summary of the academic literature on board composition, quality, and turnover. It reviews the evidence of:

• The appointment of outside CEOs as directors
• The importance of industry expertise…

Studies by Dahl and various coauthors have pioneered the use of prescription data to assess the effects of organizational change (Dahl, 2011), becoming an entrepreneur (Dahl, Nielsen, & Mojtabai, 2010), and pay for performance (Dahl &…

There has been a broad push in recent years to increase diversity at the board and CEO levels of public corporations. Despite this effort, diversity on boards and in senior leadership positions has not reached the levels to which advocates aspire…

To boost sales, marketers often conduct promotions that offer gifts conditional on the purchase of a focal product. Such promotions can present gifts in different formats: customers could be informed that they will receive a gift directly or that…

Consider two heterogeneous populations of agents who, when matched, jointly produce an output, Y. For example, teachers and classrooms of students together produce achievement, parents raise children, whose life outcomes vary in…

We address whether mandatory forecasts of earnings announcement dates are informative and what are the informational tradeoffs between mandatory and voluntary forecasts. We find China mandatory forecasts predict actual earnings announcement dates…

Demographic stability constitutes a paramount global environmental objective. Yet, decades of efforts, highlighting the perils of overpopulation, have failed to slow the rapid global population growth. In considering an…

Little is known about the process by which pre-IPO companies select independent, outside board members — directors unaffiliated with the company or its investors. Private companies are not required to disclose their selection criteria or process…

This paper examines the automation and sharing aspects of the competitive dynamics of the emerging automated mobility industry. It applies strategic management, technological innovation, and forecasting frameworks to examine how the…

Transformational leaders challenge the status quo, provide a vision of a promising future, and motivate and inspire their followers to join in the pursuit of a better world. But many of these leaders also fit the American Psychiatric Association…

One of the hallmarks of the SEC’s investigative process is that it is shrouded in secrecy — only the SEC staff, high-level managers of the company being investigated, and outside counsel are typically aware of active investigations. We obtain…

Modern applications in statistics, computer science and network science have seen tremendous values of finer matrix spectral perturbation theory. In this paper, we derive a generic ℓ2→∞ eigenspace perturbation bound for symmetric random matrices…

We examine whether virtual advising — college counseling using technology to communicate remotely — increases postsecondary enrollment in selective colleges. We test this approach using a sample of approximately 16,000 high-achieving, low- and…

Influential theories indicate concern that campaign donors exert outsized political influence. However, little data have documented what donors actually want from government, and existing research has devoted less attention to donors’ views on…

In this study, we investigate whether investors are willing to trade off wealth for societal benefits. We take advantage of unique institutional features of the municipal securities market to provide insight into this question. Since 2013, states…