Publications

Forthcoming in the Journal of Law and Economics.

This paper examines changes in executive compensation programs made by firms in response to proxy advisory firm say-on-pay voting policies. Using proprietary models, proxy advisory…

Organization theory highlights the spread of norms of rationality in contemporary life. Yet rationality does not always spread without friction; individuals often act based on other beliefs and norms. We explore this problem in the context of…

Organization theory highlights the spread of norms of rationality in contemporary life. Yet rationality does not always spread without friction; individuals often act based on other beliefs and norms. We explore this problem in the context of…

This paper discusses some of the challenges faced by a policy treatment of speculative trading that is motivated by differences in beliefs. The first challenge is philosophical. Suppose two investors prefer to speculate with each other, under the…

In March 2013, LululemonAthletica removed its inventory of women’s black yoga pants from its stores because recent shipments of the product were “too sheer.”

For a company reliant on a reputation for…

The Conceptual Framework neither specifies the objective or definition of accounting measurement, nor provides a conceptual basis for choosing among alternative measurement bases. This paper offers a starting point for developing measurement…

This paper quantifies how variation in economic activity and inflation in the United States influences the market prices of level, slope, and curvature risks in Treasury markets. We develop a novel arbitrage-free dynamic term structure…

This paper analyzes the institutional framework that has historically governed the cost-benefit analysis (CBA) of financial regulation. Although U.S. financial regulators are often portrayed as being immune from CBA, the paper shows how each…

Drawing on a large sample of publicly available curricula vitae, this paper traces the career transitions of federal and state U.S. banking regulators and provides basic facts on worker flows between the regulatory and private sectors resulting…

Many companies have made significant investments in socially responsible production practices for their products. Environmentally safe cleaning products, fair trade coffee, and sustainable seafood are just a few examples. In this paper, we…

Depression is typically diagnosed as being present or absent. However, depression severity is believed to be continuously distributed rather than dichotomous. Severity may vary for a given patient daily and seasonally as a function of many…

Inefficiency and inequity are two challenges that plague humanitarian operations and health delivery in resource-limited regions. Increasing capacity in humanitarian and health delivery supply chains is one option that has the potential to…

This paper investigates whether the U.S. repatriation tax for U.S. multinational corporations (MNCs) affects foreign investment. Prior research shows that repatriation tax costs are positively associated with cash overseas, but the use of such…

This article discusses the role of GAAP accounting from an investor’s perspective.  For all its flaws, a historical-based system of accounting is vital to the investment community, and I believe moves toward fair value accounting should…

Using bottom-up information gleaned from corporate financial statements, we examine the relation between aggregate investment, future equity returns, and investor sentiment. Consistent with the business cycle literature, corporate investments…

This paper studies the role of ex-ante information asymmetries in second price, common value auctions. Motivated by information structures that arise commonly in applications such as online advertising, we seek to understand what types of…

This study found that nearly all companies describe their ideal shareholder as having a long-term investment horizon, but that about half of companies’ shareholder base has a short- or medium-term horizon. As a result, the authors find,…