Publications

We develop three complementary tests to examine how adverse selection affects the design of executive compensation contracts: First, we show that externally hired CEOs receive higher total pay and have fewer equity incentives relative to…

Background and Objectives: Despite compelling evidence that patients and families report valid and unique safety information, particularly for children with medical complexity (CMC), hospitals typically do not proactively solicit…

The organizational structure of the bureaucracy is a key determinant of policy outcomes. Bureaucratic agencies exhibit wide variation in their organizational capacity, which allows politicians to strategically shape policy implementation. This…

Entrepreneurial support organizations called pacers are helping businesses in emerging markets achieve their goals by providing services for them in the long run. A blueprint for shifting to a pacer model shows how organizations can support…

As early as St Augustine and Aquinas, philosophers have studied the epistemology of contradictions to natural laws (aka, miracles). In this article, we develop a game-theoretic framework to analyze the concept of a miracle as understood by…

Objective

We explore the personality of counties as assessed through linguistic patterns on social media. Such studies were previously limited by the cost and feasibility of large-scale surveys; however, language-based computational…

Nearest-neighbor matching is a popular nonparametric tool to create balance between treatment and control groups in observational studies. As a preprocessing step before regression, matching reduces the dependence on parametric modeling…

We consider the problem of multiple hypothesis testing when there is a logical nested structure to the hypotheses. When one hypothesis is nested inside another, the outer hypothesis must be false if the inner hypothesis is false. We model the…

We study the interaction between tax advantages for municipal bonds and the market structure of auctions for these bonds. We show that this interaction can limit a bidder’s ability to extract information rents and is a crucial determinant of…

We incorporate the lumpy nature of firm-level investment into the study of how tax policy affects investment behaviour. We show that tax policies can directly impact the lumpiness of investment. Extensive-margin responses to tax policy are key to…

Profit shifting by multinational corporations is thought to reduce tax revenue around the world. We analyze the introduction of standard regulations aimed at limiting profit shifting. Using administrative tax and customs data from Chile in…

Patents and citations are powerful tools increasingly used in financial economics (and management research more broadly) to understand innovation. Biases may result, however, from the interactions between the truncation of patents and citations…

We investigate how unexpected distractions affect investors’ reactions to corporate earnings announcements. We use a daily news pressure (DNP) index as a proxy for the presence of potential investor distraction. Since breaking news captured…

Recent research has documented that companies are pursuing a variety of strategies to enhance supply-chain resilience. This paper examines how managers actually think about resilience strategies, and then analyzes the relationship between…

We study monitoring in a continuous-time career concerns model. A monitor oversees an agent and generates verifiable evidence if the agent shirks. The monitor’s ability is uncertain and requires costly investment to maintain. Unpunished shirking…

An extensive literature examines whether senior executives’ contractual incentives influence their financial reporting decisions. However, little is known about whether —  and how — the incentives of lower-level (or “rank-and-file”)…

The COVID-19 pandemic triggered an unprecedented transition from in-person to virtual delivery of primary health care services. Leaders were at the helm of the rapid changes required to make this happen, yet outcomes of leaders’ behaviours were…

As online platforms have become dominant, many have leveraged their power by raising fees and changing rules. In the short run, this hurts the producers they work with — software developers, small retailers, game designers, content creators. In…

Digital technologies are transforming the economy and society. The dimensionality and scope of the impacts are bewildering and too numerous to cover in a single essay. But of all the concerns around digital technology (and there are many),…