Working Papers

We analyze a model of policymaking in which only one actor, e.g., a bureaucratic agency or a well-funded interest group, has the capacity to develop high-quality policy proposals. By virtue of her skills, this actor...

Observed contracts in the real-world are often very simple, partly reflecting the constraints faced by contracting firms in making the contracts more complex. We focus on one such rigidity, the constraints faced by firms in...

I develop a simple hold-up model of political risk, which can be used to explore firms’ strategic options when their investments are subject to the threat of government expropriation. In the model, a firm decides...

We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the non-financial sector. This demand drives a premium...

Debates between candidates for public office have a rich historical tradition and remain an integral part of contemporary campaign strategy. There is, however, no definitive evidence of whether debates affect actual voting behavior. Limited media penetration implies that the...

This study investigates three mechanisms used by multinational corporations (MNCs) to shift valuable intellectual property (IP) offshore to low-tax foreign jurisdictions. We identify two major effects that determine the optimal mechanism: the divergence from arm’s length effect and...

Systemic risk arises when shocks lead to states where a disruption in financial intermediation adversely affects the economy and feeds back into further disrupting financial intermediation. We present a macroeconomic model with a financial intermediary...

This paper conceptualizes HP’s history of becoming between 1939 and 2015 in terms of an integral process overview encompassing seven distinct epochs and associated corporate transformations, and discusses the differential contributions of successive CEOs to...