These papers are working drafts of research which often appear in final form in academic journals. The published versions may differ from the working versions provided here.
SSRN Research Paper Series
The Social Science Research Network’s Research Paper Series includes working papers produced by Stanford GSB the Rock Center.
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Democratic values are eroding just as citizens perceive increasing corruption, with numerous cases implicating the highest-level politicians. Could perceived increases in apex corruption be weakening democracy? We first present…
We examine the effects of stock market access, and in particular trading hours, on retail investment performance. Using discontinuities around time zone borders, we find that plausibly exogenous decreases in waking trading hours…
Why are there few debates in low-information elections where they have the greatest potential to inform vote choices? Consistent with weak incentives to reveal qualifications or make policy commitments, we find only a quarter of…
Re-examining field research findings about three critical episodes in Intel Corporation’s evolution we find that when autonomous strategic behavior significantly increased relevant organizational knowledge Intel top management…
We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. We confront the model with data on…
Using debit and credit card data, we find a one standard-deviation increase in firms’ earnings surprise is linked to a 3% or $5.6 billion increase in aggregate quarterly consumption of local households near the disclosing firms’…
Innovative public firms sell 9.6% (615) more patents in the last month, relative to the first half of the fiscal year. Consistent with reporting incentives driving these sales, they are more pronounced among firms with strong…
We introduce safe asset demand for dollar-denominated bonds into a tractable incomplete market model of exchange rates. The convenience yield on dollar bonds enters as a stochastic wedge in the Euler equations for exchange rate…
We study the behavior of credit and output across a financial crisis cycle using information from credit spreads. We show the transition into a crisis occurs with a large increase in credit spreads, indicating that crises involve…
Governments use their countries’ economic strength from existing financial and trade relationships to achieve geopolitical and economic goals. We refer to this practice as geoeconomics. We build a framework based on three core…
We evaluate a contest-based intervention intended to increase the usage of an educational app that helps children in India learn to read English. The evaluation included approximately 10,000 children, of whom about half were…
We study the role of export credit agencies — the predominant tool of industrial policy — on firm behavior by using the effective shutdown of the Export-Import Bank of the United States (EXIM) from 2015-2019 as a natural…
Study the accelerated adoption of information technologies in the intermediated originate-to-distribute model, like CLOs. Show informed intermediation can be welfare reducing given severe adverse selection while informed…
We examine how the efficiency of the judicial system impacts corporate innovation. To do so, we exploit a pilot program introduced by the U.S. Congress in 2011, which allowed judges with expertise(as opposed to randomly selected…
Gross Domestic Product (GDP), though often used as a proxy for economic well-being, was not designed for this purpose and is inadequate. In our current research, we are building new metrics for measuring changes in consumer well…
Current corporate disclosures regarding carbon emissions lack commonly accepted accounting rules. The carbon accrual accounting system described here takes the rules of historical cost accounting for operating assets as a template…
Across emerging economies, physical cash is the ubiquitous means of transaction for retailers and their consumers. Despite the widespread availability, affordability and benefits of Fintech solutions for digital payments in these…
We conducted two experiments on PayPal’s Give at Checkout feature to learn about the effect of 1) information about charity outcomes on donations, and 2) exposure to these point-of-sale microgiving requests on subsequent giving…
We study specialized lending in a credit market competition model with private information. Two banks, equipped with similar data processing systems, possess “general” signals regarding the borrower’s quality. However, the…
Many proposed surface water transfers undergo a series of regulatory reviews designed to mitigate hydrological and economic externalities. While these reviews help limit externalities, they impose substantial transaction costs…