Publications

All of the things that allowed companies to build massively- valuable, industrial-scale businesses in the 20th century are now ‘for rent’: You can rent ‘scale’ from companies like Foxconn (as Apple does); communication infrastructure from…

Hydrogen has long been heralded as a potentially critical element in the transition to a low carbon economy. The recent sharp cost declines for renewable energy raise the question whether an economic case can be made to produce hydrogen from…

We examine how liquidity and return concerns at large mutual funds explain their diminished participation in small IPOs since the late 1990s. Using 5825 IPOs and portfolio-level information for 37,052 funds, we exploit Russia’s 1998 debt default…

In this paper, we consider the price effects of risk disclosure. We develop a model in which investors are uncertain about the variance of a firm’s cash flows and the firm releases an imperfect signal regarding this variance. In our model,…

I consider the sequential implementation of a target information structure. I characterize the set of decision time distributions induced by all signal processes that satisfy a per-period learning capacity constraint. I find that all decision…

We measure credit risk premia, meaning the price for bearing corporate default risk in excess of expected default losses, using Markit CDS and Moody’s Analytics EDF data. We find dramatic variation over time in credit risk premia, with peaks in…

The board of directors is expected to ensure that management has identified and developed processes to mitigate risks facing the organization, including risks arising from data theft and the loss of information. Unfortunately, recent experience…

This paper studies the welfare effects of a ‘partial banking union’ in which cross-country …financial transfers that could be used towards bailouts are decided at the supranational level, but policymakers in member countries hold…

Subjective well-being includes ‘affect’ and ‘satisfaction with life’ (SWL). This study proposes a unified approach to construct a profile of subjective well-being based on social media language in Facebook status updates. We apply sentiment…

We study the calculation of exact p-values for a large class of non-sharp null hypotheses about treatment effects in a setting with data from experiments involving members of a single connected network. The class includes null hypotheses that…

We consider a cheap talk setting with two senders and a continuum of receivers with heterogeneous preferences. Receivers listen to just one sender, but can choose which sender to listen to. We determine that: (i) full communication is possible…

This study examines the factors contributing to a striking increase in information content of quarterly earnings announcements, measured as the absolute magnitude of stock price revision at earnings announcements relative to price revision at…

A growing number of studies have linked facial width-to-height ratio (fWHR) with various antisocial or violent behavioral tendencies. However, those studies have predominantly been laboratory based and low powered. This work reexamined the links…

When it comes to driving social progress, good intentions and a big heart are not enough to guide good decisions. Moving the needle requires skilled professionals who have experience creating social change. Unfortunately, our research shows that…

The board of directors is expected to ensure that management has identified and developed processes to mitigate risks facing the organization, including risks arising from data theft and the loss of information. Unfortunately, recent experience…

Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in car purchases (up to 35 percent). This effect is attenuated…

People are exposed to persuasive communication across many different contexts: Governments, companies, and political parties use persuasive appeals to encourage people to eat healthier, purchase a particular product, or vote for a specific…