Publications

We model the widespread failure of contracts to share risk using available indices. A borrower and lender can share risk by conditioning repayments on an index. The lender has private information about the ability of this index to measure the…

In recent decades, democratic countries have negotiated hundreds of international treaties and agreements. This paper analyzes the equilibrium design of treaties negotiated by political incumbents seeking reelection. We show that incumbents are…

Understanding how socioeconomic inequalities perpetuate is a central concern among social and organizational psychologists. Drawing on a collection of findings suggesting that different social class contexts have powerful effects on people’s…

In many advanced democracies, mainstream political parties have been disrupted either by the rise of new (populist) parties or by hostile takeovers. In this article we argue that immigration attitudes have had a powerful impact on the strategic…

The allocation of decision authority by a principal to either a human agent or an artificial intelligence (AI) is examined. The principal trades off an AI’s more aligned choice with the need to motivate the human agent to expend effort in…

This paper reports on the results of a global field study conducted in 2014 and 2015 among leading manufacturers from a wide range of industries. It provides insights on managerial practices that concern production sourcing and on the factors…

A healthy and stable financial system enables efficient resource allocation and risk sharing. A reckless and distorted system, however, causes enormous harm. The cycles of boom, bust, and crisis that repeatedly plague banking and finance are…

Essential resources, like electricity and water, can experience rapidly changing demand or supply while the other side of the market is unchanged. Short-run price variation could efficiently allocate resources at these critical times but only if…

Consider a researcher estimating the parameters of a regression function based on data for all 50 states in the United States or on data for all visits to a website. What is the interpretation of the estimated parameters and the standard errors?…

For the past five years, the Stanford Latino Entrepreneurship Initiative has collected survey data from Latino-owned businesses across the country to provide an updated account of the latest trends in Latino entrepreneurship in the United States…

We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination.  We find AMFs are drawn to, and participate disproportionately more in, earnings announcements (EAs) that include bundled managerial…

In this paper I discuss how theoretical models in finance and economics are used in ways that make them ‘chameleons’, and how chameleons devalue the intellectual currency and muddy policy debates. A model becomes a chameleon when it is built on…

We study the class of multiround, multiproduct clock procurement auctions that reduce offered prices at each round. When prices stop declining, the remaining bidders become the winning sellers. For single-minded bidders, each such auction has…

Pharmaceuticals are a subset of micropollutants, present in the environment in trace concentrations. Because of their persistent nature, these chemicals are of particular concern. Little is known about how mixtures of pharmaceutical residues,…

This paper considers how research in operations management can support the development of strategies for the design and management of global supply chains. It includes a model-based statement of the problem and an overview of highlights of past…

We model a dynamic economy with strategic complementarity among investors and study how endogenous government interventions mitigate coordination failures. We establish equilibrium existence and uniqueness, and we show that one intervention can…

Manufacturing & Service Operations Management (M&SOM) has published papers of importance for poverty alleviation. Yet rich opportunities for impactful research remain as yet untapped. Operations…

The question we address is whether mandated disclosure about dispersion of nonfinancial asset values can provide information relevant to assessing firm risk. Using a sample of Canadian oil and gas (O&G) firms between 2004 and 2011, we find…

Corporate executives receive a considerable portion of their compensation in the form of equity and, from time to time, sell a portion of their holdings in the open market. Executives nearly always have access to nonpublic information about the…

In many democracies, parties use primary elections to nominate candidates. Primaries may help select quality candidates, but they can expose flaws and offend losing candidates’ supporters. Do divisive primaries help or harm parties in the general…