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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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Cultural fit is widely believed to affect the success of individuals and the groups to which they belong. Yet it remains an elusive, poorly measured construct. Recent research draws on computational linguistics to measure cultural…
This study finds that greater asymmetric timeliness of earnings is associated with slower resolution of investor disagreement and uncertainty at earnings announcements. These findings indicate that a potential cost of asymmetric…
We study the rise of fintech and non-fintech shadow banks in the residential lending market. The market share of shadow banks in the mortgage market has nearly tripled from 2007-2015. Shadow banks gained a larger market share…
Under revision for the Journal of Financial Economics Among stock market entrants, more firms over time are R&D–intensive with initially lower profitability but higher growth potential. This sample-selection effect determines the…
This paper empirically examines recently declassified data from the GATT/WTO on tariff bargaining. Focusing on the Torquay Round (1950-51), we document six stylized facts about these interconnected high-stakes international…
We examine gender discrimination in the financial advisory industry. We study a less salient mechanism for discrimination, firm discipline following missteps. There are substantial differences in the punishment of misconduct…
Daily directional trading by mutual funds (MFs) is highly-persistent and price-destabilizing, leading to return reversals lasting months. This effect is distinct from the “flow-induced trading” phenomenon in prior studies. At the…
Efforts on developing, implementing and evaluating a marketing analytics framework at a real-world company are described. The framework uses individual-level transaction data to fit empirical models of consumer response to…
Why might a country choose to aggregate regulatory information into a single government agency? And what might reverse this choice? We consider an oversight setting in which the institutional structure affects access to…
Using a large sample of business groups from several countries around the world, we show that group information matters for parent and subsidiary default prediction. Group firms may support each other when in financial distress…
We provide an equilibrium analysis of the efficiency properties of bilateral tariff negotiations in a three-country, two-good general equilibrium model of international trade when transfers are not feasible. We consider “weak…
Our analytical description of how banks’ responses to asset price changes can result in procyclical leverage reveals that for banks with a binding regulatory leverage constraint, absent differences in regulatory risk weights…
Empirical and survey evidence suggest that firms often manipulate reported numbers to avoid debt covenant violations. The theoretical literature, by and large, has ignored the consequences of this phenomenon on debt contracting…
A policy debate centers around the question whether news aggregators such as Google News decrease or increase traffic to online news sites. One side of the debate, typically espoused by publishers, views aggregators as substitutes…
We propose a method for non-parametric statistical estimation, based on random forests (Breiman, 2001), that can be used to fit any heterogeneous parameter of interest identified as the solution to a set of local estimating…
This study examines the effect of the Jumpstart Our Business Startups Act (JOBS Act) on information uncertainty in IPO firms. The JOBS Act creates a new category of issuer, the Emerging Growth Company (EGC), and exempts EGCs from…
I investigate the effect of competition on bidder behavior and procurement cost using highway auction data from Michigan. While a bidder’s distance to a project location is important in explaining participation and bid levels…
This paper investigates the effect of a change in informational environment of borrowers on the organizational design of bank lending. We use micro-data from a large multinational bank and exploit the sudden introduction of a…
In online advertising markets, advertisers often purchase ad placements through bidding in repeated auctions based on realized viewer information. We study how budget-constrained advertisers may compete in such sequential auctions…