Publications

This is the seventh annual State of Latino Entrepreneurship report in which we have collected robust survey data from Latino-owned businesses across the country to provide a timely account of the fastest growing segment of the U.S. business…

We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news

dissemination. We find that AMFs are drawn to, and participate disproportionately more in, earnings announcements (EAs) that include bundled…

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U.S. fair-lending law prohibits lenders from making credit determinations that disparately affect minority borrowers if those determinations are based on characteristics unrelated to creditworthiness. Using an identification under this rule, we…

We combine deed-level data on homeownership with administrative data on voter turnout in local and national elections for more than 18 million individuals in Ohio and North Carolina. Using a difference-in-differences design, we find that buying a…

Women and men often contribute differently to research knowledge. Do differences in these contributions partially explain disparities in academic career outcomes? We explore this by looking at how gender is embodied in research language, and then…

The modern financial system features complicated financial intermediation chains, with each layer performing a certain degree of credit/maturity transformation. We develop a dynamic model in which an entrepreneur borrows from overlapping-…

Companies often benefit from others’ attributions of moral conviction for prosocial behavior, for example, attributions that a company has a sincere moral desire to improve the environment when behaving sustainably. Across four studies, we…

The standard solution concept for stochastic games is Markov perfect equilibrium (MPE); however, its computation becomes intractable as the number of players increases. Instead, we consider mean field equilibrium (MFE) that has been…

Traditional odd lot trades (i.e., trades involving fewer than 100 shares) now comprise over half of all equity trades on U.S. exchanges. Under Regulation National Market System, however, these trades are excluded from a market center’s trade…

We study the optimal self-enforcing agreement based on quantity mandates and price instruments in a repeated game between countries, whose domestic firms invest in green technology before consumers emit. We find that technology must be regulated…

Over the past few decades, the production and consumption of clothing has increased exponentially, leading to a dramatic increase in the negative environmental consequences produced by the fashion industry. Given the rising pace of global warming…

This paper studies the connection between share pledging and entrepreneurial activities in China, challenging the common wisdom that share pledging funds circle back to the listed firms. Share pledging funds are at the discretion of the…

Forty-five years ago, power as a topic was mostly absent from management textbooks and courses, including executive education teaching, in the fields of business and public administration. This was the case notwithstanding the fact that power…

We develop a model to capture the novelty of innovation and explore what it means for the nature of market competition and quality of innovations. An innovator decides not only whether to innovate but how boldly to innovate, where the more novel…

Intergroup conflict is a persistent companion of the human existence. Why do individuals engage in intergroup conflict as often as they do? We propose that groups’ tendencies to present intergroup conflict as the default option and individuals’…

We compare the profit of the optimal third-degree price discrimination policy against a uniform pricing policy. A uniform pricing policy offers the same price to all segments of the market. Our main result establishes that for a broad class of…

In sharp contrast to most previous crisis episodes, the Treasury market experienced severe stress and illiquidity during the COVID-19 crisis, raising concerns that the safe-haven status of U.S. Treasuries may be eroding. We document large shifts…

Embracing the perspective of accounting as providing information to support capital allocation decisions could help avoid accounting issues ending up in the ‘Too Difficult’ Box. Investors need and use information not contained in traditional…

Sequential experiments are deployed in a variety of practices, including for optimizing product recommendations and pricing in online platforms. Such experiments are often characterized by an exploration-exploitation tradeoff that is well-…