Publications

SSRN

Research Summary

The Location Component of Pricing Strategies

By: David E. Bell

David E. Bell is examining retail pricing strategies in the context of location. He finds that customers' willingness to visit a particular store depends on their price expectations, the likelihood that a suitable item will be in stock, and the store's proximity to... View Details

Research Summary

Corporate Bond Pricing and Different Sources of Asset Return Volatility (with George Chacko and Jens Hilscher)

This paper presents a pricing model for defaultable bonds. Default is defined by a cash flow, not value, covenant. The cash flow (total distributions) yield is stochastic. We find that different sources of volatility, cash flow versus discount rate news, affect... View Details

Survival of the Fittest: The Impact of the Minimum Wage on Firm Exit

Abstract: We study the impact of the minimum wage on firm exit in the restaurant industry, exploiting recent changes in the minimum wage at the city level. The evidence suggests that higher minimum wages increase overall exit rates for restaurants. However, lower... View Details

January 2022
Article

Why is Corporate Virtue in the Eye of The Beholder? The Case of ESG Ratings

By: Dane Christensen, George Serafeim and Anywhere Sikochi

Despite the rising use of environmental, social, and governance (ESG) ratings, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine whether a firm’s ESG... View Details

Keywords: ESG Ratings; Rating Agency Disagreement; ESG Disclosure; Corporate Social Responsibility; Sustainability; Corporate Social Responsibility and Impact; Environmental Sustainability; Corporate Disclosure

Article

The Impact of Forward-Looking Metrics on Employee Decision-Making: The Case of Customer Lifetime Value

By: Pablo Casas-Arce, Asis Martinez Jerez and V.G. Narayanan

This paper analyzes the effects of forward-looking metrics on employee decision-making. We use data from a bank that started providing branch managers with the customer lifetime value (CLV)—an estimate of the future value of the customer relationship—of mortgage... View Details

Keywords: Customer Lifetime Value; Forward-looking Metrics; Employees; Decision Making; Information; Customer Value and Value Chain; Banks and Banking; Mortgages; Outcome or Result

09 Apr 2009
Working Paper Summaries

The Economics of Structured Finance

Keywords: by Joshua D. Coval, Jakub Jurek & Erik Stafford

25 Oct 2012
News

The Long and Controversial History of For-Profit Colleges

03 Dec 2009
News

How to take moral hazard out of banking

Article

Effects of Description of Options on Parental Perinatal Decision-Making

By: Marlyse F. Haward, Leslie K. John, John M. Lorenz and Baruch Fischhoff

Objective: To examine whether parents' delivery room management decisions for extremely preterm infants are influenced by (a) the degree of detail with which options-comfort care (CC) or intensive care (IC)-are presented or (b) their order of presentation. Methods: 309... View Details

Keywords: Decision Making; Values and Beliefs; Personal Characteristics; Attitudes; Motivation and Incentives; Family and Family Relationships; Health Care and Treatment

2015
Working Paper

The Probability of Rare Disasters: Estimation and Implications

By: Emil Siriwardane

I analyze a rare disasters economy that yields a measure of the risk neutral probability of a macroeconomic disaster, p*t. A large panel of options data provides strong evidence that p*t is the single factor driving option-implied jump risk measures in the cross... View Details

Keywords: Financial Markets; Forecasting and Prediction; Financial Crisis; Macroeconomics

SSRN

January 2002
Article

Organizational Endowments and the Performance of University Start-ups

By: Scott Shane and Toby E. Stuart

The question of how initial resource endowments—the stocks of resources that entrepreneurs contribute to their new ventures at the time of founding—affect organizational life chances is one of significant interest in organizational ecology, evolutionary... View Details

Keywords: Resource Allocation; Entrepreneurship; Business Startups; Research; Company History; Initial Public Offering; Venture Capital; Financing and Loans

February 2025
Article

Disclosure, Humanizing, and Contextual Vulnerability of Generative AI Chatbots

By: Julian De Freitas and I. Glenn Cohen

In the wake of recent advancements in generative AI, regulatory bodies are trying to keep pace. One key decision is whether to require app makers to disclose the use of generative AI-powered chatbots in their products. We suggest that some generative AI-based chatbots... View Details

Keywords: AI and Machine Learning; Governing Rules, Regulations, and Reforms; Applications and Software; Well-being

2007
Article

Business Methods Patents as Real Options: Value and Disclosure as Drivers of Litigation

By: Atul Nerkar, Srikanth Paruchuri and Mukti Khaire

This paper proposes that patents are real options that allow holders of patents the right but not the obligation to sue others. We suggest that the likelihood of a patent's being litigated is positively associated with the value of the patent and the extent of... View Details

Keywords: Value; Corporate Disclosure; Lawsuits and Litigation; Patents; Rights; Business Processes

Article

Policy Implications of Weak Patent Rights

By: James J. Anton, Hillary Greene and Dennis Yao

Patents vary substantially in the degree of protection provided against unauthorized imitation. In this chapter we explore a range of work addressing the economic and policy implications of "weak" patents—patents that have a significant probability of being overturned... View Details

Keywords: Patents; Motivation and Incentives; Entrepreneurship; Competition; Policy; Innovation and Invention; Rights; Monopoly; Business Startups

1 Mar 2013 - 2 Mar 2013
Conference Presentation

The Value of Flexibility in Baseball Roster Construction

By: Timothy Chan and Douglas S. Fearing

Drawing inspiration from the theory of production flexibility in manufacturing networks, we provide the first optimization-based analysis of the value of positional flexibility (the ability of a player to play multiple positions) for a major league baseball team in the... View Details

Keywords: Risk and Uncertainty; Design; Production; Resource Allocation; Groups and Teams; Adaptation; Sports

2010
Chapter

The Shape of Things to Come: Institutions, Entrepreneurs, and the Case of Hedge Funds

By: Pamela Tolbert and Shon R. Hiatt

Foundational work on institutional theory as a framework for studying organizations underscored its relevance to analyses of entrepreneurship, but entrepreneurship research has often ignored the insights provided by this theoretic approach. In this chapter, we... View Details

Keywords: Entrepreneurship; Organizations; Research; Theory; Financial Services Industry

19 Oct 2010
Working Paper Summaries

The Impact of Supply Learning on Customer Demand: Model and Estimation Methodology

Keywords: by Nathan Craig, Nicole DeHoratius & Ananth Raman; Apparel & Accessories; Fashion

2014
Working Paper

Further Evidence on Consequences of Debt Covenant Violations

By: Yu Gao, Mozaffar N. Khan and Liang Tan

We present new evidence on debt covenant violation (DCV) consequences that have not previously been examined in the literature. In particular, we show that a DCV triggers significant information asymmetry and uncertainty on the part of shareholders and auditors as... View Details

Keywords: Accounting

SSRN

October 2013 (Revised November 2013)
Case

Blackstone and the Sale of Citigroup's Loan Portfolio

By: Victoria Ivashina and David Scharfstein

The credit boom that preceded the 2007-2009 financial crisis led to several lending practices that exposed banks to large risks. In particular, when the financial crisis unraveled, there were several billion dollars' worth of leveraged buyout (LBO) loans that were... View Details

Keywords: Restructuring; Private Equity; Insolvency and Bankruptcy; Credit Derivatives and Swaps; Financial Markets; Investment; Banking Industry; Financial Services Industry