Now showing items 1-10 of 45
Identification with Models and Exogenous Data Variation
(2016-07)
We distinguish between identification and establishing causality. Identification means forming a unique mapping from features of data to quantities that are of interest to economists. Establishing causality is synonymous ...
How Should Retirement Plans Be Organized?
(2016-10)
Americans have a tough time saving for their retirement. To make matters worse, the move from defined benefit (DB) to defined contribution plans (DC) over the years has required greater investor sophistication, discipline, ...
Capacity Investment with Demand Learning
(2016-07)
We study a firm’s optimal strategy to adjust its capacity using demand information. The capacity adjustment is costly and often subject to managerial hurdles which sometimes make it difficult to adjust capacity multiple ...
Pros vs Joes: Agent Pricing Behavior in the Sharing Economy
(2016-08)
One of the major differences between markets that follow a “sharing economy” paradigm and traditional two-sided markets is that the supply side in the sharing economy often includes individual nonprofessional decision ...
Bribes and Firm Value
(2016-11)
I exploit the passage of the U.K. Bribery Act 2010 as a shock to U.K. firms’ cost of doing business in order to study the effect of bribes on firm value. Around the Act’s passage, U.K. firms operating in high-corruption ...
Responding to Regulatory Uncertainty: Evidence from Basel III
(2016-11)
This paper examines how firms respond to proposed regulation. Specifically, we utilize the time period over which banking authorities discussed, adopted, and implemented Basel III to examine how banks responded to the ...
The Misallocation of Finance
(2016-06)
We ask whether financial assets are well-allocated in the cross-section of firms. Extending the framework of Hsieh and Klenow (2009) to the liabilities side of the balance sheet, we estimate the real losses that accrue ...
Why Don’t General Counsels Stop Corporate Crime?
(2016-07)
Corporate fraud is costly, involving hundreds of billions of dollars in lost reputational and out of pocket costs for stakeholders and hundreds of thousands of job losses for employees, suppliers and customers as well as ...
Audit Office Reputation Shocks from Gains and Losses of Major Industry Clients
(2016-05)
Our study reports evidence on the dynamic effects of client switches on auditor reputations and fee premia. Offices of large accounting firms that lose (gain) major industry clients experience a reputation shock leading ...
Product Variety, Sourcing Complexity, and the Bottleneck of Coordination
(2016-10)
This paper studies the coordination burden for firms that pursue variety as their main product strategy. We propose that product variety magnifies the tension between scale economies in production and scope economies in ...