DVDs in one order and return them in the reverse order when should DVDs (e.g., documentaries) are rented before want DVDs (e.g., action films). This effect is sizeable in magnitude, with a 2% increase in the probability of a reversal in preferences (from a baseline... View Details

owned. This book explores the political logic of reforms to land ownership and control, accounting for how land development and real estate have become synonymous with economic growth and prosperity in China. Drawing on extensive... View Details

we find significant price differences between institutional investors' tranches and banks' tranches on the same loans, even though they share the same underlying fundamentals. Increasing demand pressure causes the interest View Details

low credit ratings. In the 2000s, the Federal Reserve’s low interest rates along with legislation such as the 2003 American Dream Downpayment Assistance Act fueled a significant increase in mortgage debt,... View Details

with low risk-free interest rates, a high cost of capital for risky firms, and future declines in output and real investment. These declines are predictably followed by upward revisions in perceived risk,... View Details

Abstract This paper examines the litigation of patents relating to financial products and services. I show that these grants are being litigated at a rate 27 to 39 times greater than that of patents as a whole. The patents being litigated... View Details

new roles for user innovators; user interactions with firms; and user innovation in practice, describing experiments, toolkits, and crowdsourcing and crowdfunding. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=42312 forthcoming Journal of Portfolio... View Details