Publications

This study reports on the current state-of-affairs in the funding of entrepreneurship and innovations in China and provides a broad survey of academic findings on the subject.  We discuss the implications of these findings for public…

Recent decades have seen increased variability in diverse domains, such as the climate and asset prices. As more resources are required to cope with greater variability in the outside world, exposure to greater variability can make people feel…

This research finds evidence for reliable individual differences in people’s perceived attitude stability that predicts the actual stability of their attitudes over time. Study 1 examines the reliability and factor structure of an 11-…

Platforms can obtain sizable returns by operationally managing their market thickness, i.e., the availability of supply-side inventory. Using data from a natural experiment on a major B2B auction platform specializing in the $424 billion…

Older Americans, even those who are long retired, have strong willingness to work, especially in jobs with ​flexible schedules. For many, labor force participation near or after normal retirement age is limited more by a lack of…

Stochastic gradient-based optimization has been a core enabling methodology in applications to large-scale problems in machine learning and related areas. Despite this progress, the gap between theory and practice remains significant, with…

Big data have enabled decision makers to tailor decisions at the individual level in a variety of domains, such as personalized medicine and online advertising. Doing so involves learning a model of decision rewards conditional on individual-…

Shareholders exert influence over the corporation through the board of directors and the proxy voting process. While indirect, this influence can be powerful in shaping corporate policy.

This Quick Guide examines the relation between…

The board of directors might decide it is in the best interest of shareholders to sell the corporation to new owners. In theory, a change in control only makes sense when the value of the firm to new owners, minus transaction costs, is greater…

We introduce a parsimonious framework for choosing among alternative expected-return proxies (ERPs) when estimating treatment effects. By comparing ERPs’ measurement-error variances in the cross-section and time series, we provide new evidence on…

There has recently been a considerable amount of interest in developing methods for statistical inference in high-dimensional regimes with more covariates than data points (Javanmard and Montanari 2014; van de Geer et al. 2014; Zhang and Zhang…

This paper provides a positive identification result for first-price procurement models with asymmetric bidders, statistically dependent private signals,

and interdependent costs. When bidders are risk neutral, the model’s payoff-relevant…

A transplant can improve a patient’s life while saving several hundreds of thousands of dollars in healthcare expenditures. Organs from deceased donors, like many other scarce public resources (e.g. public housing, child-care, publicly funded…

We develop a valuation model for venture capital-backed companies and apply it to 135 US unicorns, that is, private companies with reported valuations above $1 billion. We value unicorns using financial terms from legal filings and find that…

For globally systemically important banks (G-SIBs) with U.S. headquarters, we find large post-Lehman reductions in market-implied probabilities of government bailout, along with big increases in debt financing costs for these banks after…