Publications

This paper proposes the Q-Lasso method for wait time prediction, which combines statistical learning with fluid model estimators. In historical data from four remarkably different hospitals, Q-Lasso predicts the emergency department (ED) wait…

Researchers in accounting, corporate finance, economics, and law regularly evaluate the impact of corporate governance provisions on firm performance and managerial actions. Many of these studies rely on publicly available governance summaries…

Over the past 30 years, venture capital has become a dominant force in the financing of innovative American companies. From Google to Intel to FedEx, companies supported by venture capital have profoundly changed the U.S. economy. Despite…

Several regions of the human brain respond more strongly to faces than to other visual stimuli, such as regions in the amygdala (AMG), superior temporal sulcus (STS), and the fusiform face area (FFA). It is unclear if these brain regions are…

Not everyone who has committed a misdeed and wants to warn others against committing it will feel entitled to do so. Six experiments, a replication, and a follow-up study examined how suffering for a misdeed grants people the legitimacy to advise…

Rising healthcare costs have sparked debate about the best way to provide high-quality affordable health insurance. We discuss the potential for regulated insurance markets to outperform single-payer public insurance. We use as an example the…

This chapter reviews the literature on how changes in corporations, firms, and markets influence the dynamics of social movements. It describes the concepts of corporate and industry opportunity structure, and looks at the way…

Racial inequity continues to plague America, yet many Whites still doubt the existence of racial advantages, limiting progress and cooperation. What happens when people are faced with evidence that their group benefits from privilege? We suggest…

Empirical work on asset prices suggests that pricing kernels have to be almost perfectly correlated across countries. If they are not, real exchange rates are too smooth to be consistent with high Sharpe ratios in asset markets. However, the…

We study estimation and inference in settings where the interest is in the effect of a potentially endogenous regressor on some outcome. To address the endogeneity, we exploit the presence of additional variables. Like conventional instrumental…

Exchange rates strongly co-vary against their base currency. We uncover a gravity equation in this factor structure: the key determinant of a country’s exchange rate beta on the common base factor is the country’s distance from the base country.…

The extreme fragility of the financial system that gives rise to systemic risk and crises is rooted in the incentives of people within this system and the failure of regulation to counter these incentives. The same forces that increase systemic…

Political institutions often use decision making procedures that create veto players—individuals or groups who, despite lacking direct decision making authority, nevertheless have the power to  block policy change. In this paper we…

This paper documents complex strategic integration (CSI) at Nike that helped drive the company toward developing a global women’s fitness business, which extended the corporate strategy and required collaboration of multiple business units. The…

The existence of important socioeconomic disparities in health and mortality is a well-established fact. Many pathways have been adduced to explain inequality in life spans. In this article we examine one factor that has been somewhat neglected:…

We explore the effects of localized economic shocks from trade on roll-call behavior and electoral outcomes in the U.S. House, 1990–2010. We demonstrate that economic shocks from Chinese import competition — first studied by Autor, Dorn, and…

Using the value that a mutual fund extracts from capital markets as the measure of skill, we find that the average mutual fund has used this skill to generate about $3.2 million per year. We document large cross-sectional differences in skill…

We examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinancing Program (HARP). The policy allowed intermediaries to refinance insufficiently collateralized…

Does naturalization cause better political integration of immigrants into the host society? Despite heated debates about citizenship policy, there exists almost no evidence that isolates the independent effect of naturalization from the…