Publications

We examine how the efficiency of the judicial system impacts corporate innovation. To do so, we exploit a pilot program introduced by the U.S. Congress in 2011, which allowed judges with expertise(as opposed to randomly selected judges) to…

In the past year, Division economists have contributed to the Division’s many investigations and enforcement actions. This review highlights several of the Division’s enforcement efforts that have confronted issues of labor market competition, as…

We consider the role of parental influence on the industry choice of entrepreneurs and the success of their ventures. Almost 75% of male entrepreneurs start a firm in an industry that is the same or closely related to their fathers’ industry of…

In fall 2023, Stanford Graduate School of Business, the Hoover Institution Working Group on Corporate Governance, and the Rock Center for Corporate Governance at Stanford University collaborated with the MSCI Sustainability Institute to survey 47…

Macroprudential, monetary, and fiscal policies are frequently passed through the financial intermediation sector or implemented directly through financial intermediaries (Kashyap and Stein 2000; Hanson, Kashyap, and Stein2011). The modern…

Precedents Thinking — applying past solutions to solve similar problems in a different industry setting — can be applied to what has been the intractable challenge of reducing $265 billion in annual administrative waste in U.S. healthcare. The…

Re-examining field research findings about three critical episodes in Intel Corporation’s evolution we find that when autonomous strategic behavior significantly increased relevant organizational knowledge Intel top management provided sustained…

In this article, we discuss three distinct mindsets that can change how people think about goal success: Thinking about goal success as (a) moving away from the old goal-unattained state; (b) arriving at the new goal-attained state; or (c) a…

We study actual bidding behavior when a new auction format gets introduced into the marketplace. More specifically, we investigate this question using a novel dataset on internet display advertising auctions that exploits a staggered adoption by…

Research on data annotation for artificial intelligence (AI) has demonstrated that biases, power, and culture impact the ways that annotators apply labels to data and subsequently affect downstream AI systems. However, annotators can only apply…

New approaches to corporate purpose have emerged in recent years that hold out the promise of addressing concerns about corporate social responsibility (“CSR”) through shareholder governance, rather than in spite of it. The seminal such approach—…

In this paper, I share a few insights on our remarkable field to explore what creates a beautiful life. I conceptualize that the idea of a “beautiful life” is defined not by transient moments of happiness, but by a profound sense of meaning and…

Leaders of cultural change initiatives have long recognized the tremendous value of enlisting respected members of the organization as informal cultural change leaders. Identifying these influential, informal cultural…

Research Summary: Our field study of new business development in a German-based global pharmaceutical company reveals that the emergence of co-selection bias in project-level state-gate resource allocation engendered a corporate-…

Gross Domestic Product (GDP), though often used as a proxy for economic well-being, was not designed for this purpose and is inadequate. In our current research, we are building new metrics for measuring changes in consumer well-being that…

Focusing on incentives rather than distribution solves knotty economic policy problems, offering a radical improvement of our economic life and a way out of left-right debates. However many issues require a Marie Kondo-style cleanup of our legal…

Can political beliefs, particularly about benefits of war versus peace, move thick financial markets? We document that following an unlikely victory by French citizen-soldiers during the German Siege of Paris (1870), prices of the highly liquid…

We use a computational model of memory search to study how people generate counterfactual outcomes in response to an established target outcome. Hierarchical Bayesian model fitting to data from six experiments reveals that counterfactual outcomes…

Importance Occupational burnout syndrome is characterized by emotional exhaustion, depersonalization, and a diminished sense of personal accomplishment and is prevalent among nurses. Although previous meta-analyses have explored…

We study the dynamics between local segregation, partisanship, and political polarization. We exploit large-scale, exogenous and high-stakes peer assignment due to universal conscription of soldiers assigned from each of 34,947 municipalities to…