Publications

Moral outrage has traditionally served a valuable social function, expressing group values and inhibiting deviant behavior, but the exponential dynamics of Internet postings make this expression of legitimate individual outrage appear excessive…

Artificial intelligence has been touted as a technology with great promise for value chain improvements. This paper shares our understanding of how AI can improve various stages in the value chain, provides insight on how to design business…

When people seek to persuade others to purchase a particular product or service, they often give an extremely favorable review of it as a means of doing so. Despite the intuitive appeal of this strategy, the current research demonstrates…

Two salient features of most online platforms are that they do not dictate the transaction prices, and use commissions/subscriptions for extracting revenues. We consider a platform that charges commission rates and subscription fees to sellers…

We study the dynamic mechanism design problem of a seller that repeatedly auctions independent items over a discrete time horizon to buyers that face a cumulative budget constraint. A driving motivation behind our model is the emergence of real-…

Is reducing large-scale intergroup conflict the business of corporations? Although large corporations can use their power and prominence to reduce intergroup conflict in society, it is unclear to what extent stakeholders support corporate…

Research suggests that humans have the tendency to increase the valence of events when these are imagined to happen in the future, but to decrease the valence when the same events are imagined to happen in the past. This line of research…

As technology platforms have created new markets and new ways of acquiring information, economists have come to play an increasingly central role in tech companies – tackling problems such as platform design, strategy, pricing, and policy. Over…

This note explains a new type of auction based on an existing derivatives risk-management technique known as “compression.” A compression auction can be used to convert centrally cleared contracts on an underlying benchmark, such as the London…

We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited partner. While non U.S. institutional investors gain exposure to infrastructure assets through a mix of direct investments and…

This research provides new empirical evidence on late-life labor market activities of American households from a new survey implemented under the Vanguard Research Initiative. The survey features following innovations: It measures detailed job…

We consider the problem of multiple-hypothesis testing with generic side information: for each hypothesis Hi we observe both a p-value pi and some predictor xi encoding contextual information…

Big data and the related methodologies could have great impacts on operations and supply chain management. Such impacts could be realized through innovations leveraging big data. The innovations can be described as first improving existing…

This Data Spotlight provides data and statistics on the attributes of boards of directors of publicly traded companies in the United States. This data supplements the issues introduced in the Quick Guide “…

Companies in the United States are staying private longer, and this trend has important implications for companies and their employees. Employees holding equity awards in private companies are restricted from monetizing an illiquid asset that…

This Data Spotlight provides data and statistics on unethical behavior in corporations and other negative outcomes including bankruptcy, litigation, and corruption in the United States. This data supplements in the issues introduced in the Quick…

Empirical evidence suggests that firms often manipulate reported numbers to avoid debt covenant violations. We study how a firm’s ability to manipulate reports affects the terms of its debt contracts and the resulting investment and manipulation…

This study addresses whether voluntary IFRS adoption is associated with increased comparability of accounting amounts and capital market benefits. We find that after firms voluntarily adopt IFRS (“adopting” firms), their accounting amounts are…

WFA Award for Best Paper on Financial Institutions

How does the shadow banking system respond to changes in capital regulation of commercial banks? We propose a tractable quantitative general equilibrium model with…