Working Papers

The market value of outstanding government debt reflects the expected present discounted value of current and future primary surpluses. When the discount rate is consistent with the term structure of interest rates and equity prices and…

Drawing on the universe of California income tax filings and the variation imposed by a 2012 tax increase of up to 3 percentage points for high-income households, we present new findings about the effects of personal income taxation on household…

We study firms that go public through reverse mergers (RMs) versus initial public offerings …

We provide the first partner tenure and mandatory rotation analysis for a large cross-section of U.S. publicly listed firms over an extended period. We analyze the effects on audit quality as well as on audit pricing and production. On average,…

The current research introduces the concept of psychological ownership of money, the notion that consumers perceive money in differing degrees as their own. We suggest that this concept is particularly important in the realm of consumer debt,…

We analyze a large-scale field experiment conducted on a US search engine in which 3.3 million users were randomized into seeing more, or less advertising. Our data rejects that users are, overall, averse to search advertising targeted to them.…

There has been considerable interest across several fields in methods that reduce the problem of learning good treatment assignment policies to the problem of accurate policy evaluation. Given a class of candidate policies, these methods first…

This paper deals with a central challenge in organizational sociology: to predict adaptive capabilities in changing environments. We address theoretical and methodological gaps in existing research. First, whereas researchers have long…

Responsible supply chain is about ensuring that members of the supply chain are responsible for the well-being of the people and mother earth. There are both the environmental responsibility side and the social responsibility side. On top of this…

We document three new facts about entrepreneurship. First, a majority of male entrepreneurs start a firm in the same or a closely related industry as their fathers’ industry of employment. Second, this tendency is correlated with intelligence:…

Researchers often use artificial data to assess the performance of new econometric methods. In many cases the data generating processes used in these Monte Carlo studies do not resemble real data sets and instead reflect many arbitrary decisions…

Advertisers that engage in real-time bidding (RTB) to display their ads commonly have two goals: learning their optimal bidding policy and estimating the expected effect of exposing users to their ads. Typical strategies to accomplish one of…

We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination.   AMFs trade 170 percent more on earnings announcement (EA) days than on non-EA days.  Abnormal AMF participation is…

Organizational researchers have become increasingly concerned with the potentially destructive consequences of narcissistic leadership. Evidence indicates that grandiose narcissists both aspire to and frequently achieve leadership roles in…

We develop a Loan Portfolio Risk (LPR) variable that measures time-varying volatility in default risk for a portfolio of bank loans.  An Equity-to-LPR ratio (ELPR) is incrementally important in predicting bank…

Data is nonrival: a person’s location history, medical records, and driving data can be used by any number of firms simultaneously. Nonrivalry leads to increasing returns and implies an important role for market structure and property rights. Who…

Part of thesis finalist of 2015 INFORMS George Dantzig Dissertation Award. Second place 2015 M&SOM Student Paper Competition

Problem definition: We consider the problem faced by a procurement agency that runs…

This study builds a theory of collective sensemaking in the face of environmental change. Our arguments build upon a well-known observation about the division of labor, which typically turns organizations into “nearly decomposable” systems of…

Many learning algorithms require categorical data to be transformed into real vectors before it can be used as input. Often, categorical variables are encoded as one-hot (or dummy) vectors. However, this mode of representation can be…

The debate on banking regulation has been dominated by flawed and misleading claims. The title of our book The Bankers New Clothes: What’s Wrong with Banking and What to Do About It (Princeton University Press, 2013, see bankersnewclothes.com)…