Publications

We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. The firm’s decision to reallocate capital among its mutual fund managers adds at least $474,000 a month, which amounts to over 30% of the…

Religious affiliation is an important identifying characteristic for many individuals and relates to numerous life outcomes including health, well-being, policy positions, and cognitive style. Using methods from computational linguistics, we…

Most Americans recognize that smoking causes serious diseases, yet many Americans continue to smoke. One possible explanation for this paradox is that perhaps Americans do not accurately perceive the extent to which smoking increases the…

Many irreversible long-run capital investments entail opportunities for managers to respond flexibly to changes in the economic environment. However, common levelized cost measures used to guide decision-making, such as the levelized cost of…

Latino-owned businesses are a significant and growing force in the U.S. economy, with the five-year average growth rate of Latino firms doubling or tripling that of the national, non-Latino-owned business average for the past fifteen years. This…

Cultural fit is widely believed to affect the success of individuals and the groups to which they belong. Yet it remains an elusive, poorly measured construct. Recent research draws on computational linguistics to measure cultural fit but…

The fabrication and manufacturing processes of industrial commodities such as iron, glass, and cement are carbon-intensive, accounting for 23% of global CO2 emissions. As a climate mitigation strategy, CO2 capture from flue gases of industrial…

The fabrication and manufacturing of industrial commodities such as iron, glass and cement is carbon-intensive. A major reason capture of carbon dioxide from flue gases of industrial processes has not been widely adopted as a climate mitigation…

We study the effects of introducing competition for CEOs, assuming that the talent of CEOs is not observable and that they can misreport their performance. Without competition for talent, firms maximize their profits by offering inefficiently low…

We study the nature of deflation risk by extracting the objective distribution of inflation from the market prices of inflation swaps and options. We find that the market expects inflation to average about 2.5% over the next 30 years. Despite…

The prevalence and widespread usage of email has given businesses a direct and cost-effective way of providing consumers with targeted discount offers. While these discounts are expected to increase the demand for the promoted products, are they…

This Research Spotlight provides a summary of the academic literature on the role of proxy advisors in the proxy voting process:

This Research Spotlight expands upon issues introduced in the Quick Guide “…

The average FDIC loss from selling a failed bank is 28% of assets. We document that failed banks are predominantly sold to bidders within the same county, with similar assets business lines, when these bidders are well capitalized. Otherwise,…

New technologies are driving fundamental shifts in the evolving agribusiness value chain, from operational excellence and supply chain orchestration, to transparency. Advancements in artificial intelligence, system design solutions, and…

Forthcoming in The Review of Financial Studies

I analyze a model in which risk-averse investors trade on signals regarding both a stock’s expected payoffs and its risk. These investors may trade in the stock and a derivative…

We study a multiserver model with n flexible servers and n queues, connected through a bipartite graph, where the level of flexibility is captured by an upper bound on the graph’s average degree, d2…

A Health Savings Account (HSA) is a tax-advantaged savings account available only to households with high-deductible health insurance. This paper provides initial answers to two questions related to HSAs: 1) How should a household determine its…

Many scientific and engineering challenges — ranging from personalized medicine to customized marketing recommendations — require an understanding of treatment effect heterogeneity. In this paper, we develop a non-parametric causal forest for…

We propose generalized random forests, a method for non-parametric statistical estimation based on random forests (Breiman, 2001) that can be used to fit any quantity of interest identified as the solution to a set of local moment equations.…

Two-sided matching platforms, such as those for labor, accommodation, dating, and taxi hailing, can control and optimize over many aspects of the search for partners. To understand how the search for partners should be designed, we consider a…