Working Papers

When the government commits to a debt policy, the future value of government primary surpluses at all horizons is dictated by the debt dynamics under the risk-neutral measure. We compare the present discounted value of...

The health care system commonly relies on information about family medical history in the allocation of screenings and in diagnostic processes. At the same time, an emerging literature documents that treatment for “marginally diagnosed” patients...

Can heroes legitimize strongly-proscribed and repugnant political behaviors? We exploit the purposefully arbitrary rotation of French regiments to measure the legitimizing effects of heroic credentials. 53% of French line regiments happened to rotate under a...

We consider a matching market where buyers and sellers arrive according to independent Poisson processes at the same rate and independently abandon the market if not matched after an exponential amount of time with the...

In this study, we examine the impacts of attention and recognition received by a user’s content on a social network on that user’s subsequent engagement on the network, content creation and content sharing. The study...

This paper examines whether, when, and why job seekers use firms’ financial information in the job search process. We find first evidence of financial information’s relevance to job seekers by documenting a substantial increase in...

The lack of board diversity is one of the most controversial topics in corporate board governance. We investigate one important influence on diversity by studying whether shareholders value diversity on corporate boards in director elections....

Using a continuous-time model of litigation, we show that the increasingly popular practice of third-party litigation financing has ambiguous welfare implications. A defendant and a plaintiff bargain over a settlement payment. The defendant takes costly...