| 2017 | AmbidextrousDirectorsandTheirOutsizedInfluenceonFirmStrategy Lungeanu, Razvan and Edward Zajac. 2017. Ambidextrous Directors and Their Outsized Influence on Firm Strategy. |
| 2017 | AMeetingoftheMindsCognitiveCongruenceinanAlliancePortfolioforNewProductIntroductionsintheSoftwareIndustry Rhee, Seung-Hyun, William Ocasio and Edward Zajac. 2017. A Meeting of the Minds: Cognitive Congruence in an Alliance Portfolio for New Product Introductions in the Software Industry. |
| 2017 | Amodelofthereserveasset |
| 2017 | AnAxiomaticTheoryofInductiveInference Sandroni, Alvaro and Luciano Pomatto. 2017. An Axiomatic Theory of Inductive Inference. |
| 2017 | AntitrustAgenciesMayNotBeAbletoPreventHighConcentrationofPhysiciansinManyUSMarkets. Dranove, David, Christopher Ody and Cory Capps. Forthcoming. Antitrust Agencies May Not Be Able to Prevent High Concentration of Physicians in Many US Markets.. Abstract
The growing concentration of physician markets throughout the United States raises antitrust concerns, yet government agencies have challenged only a few transactions. We show that many physician markets are highly concentrated according to the federal merger guidelines. But we also show that large physician groups became so primarily through piecemeal acquisitions of small practices and by hiring new physicians, two strategies that are unlikely to attract antitrust scrutiny. We suggest modest changes to current enforcement policy but question whether antitrust agencies will be able to meaningfully improve competitiveness in physician markets.
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| 2017 | BackwardInductionintheWildEvidencefromSequentialVotingintheU.S.Senate Spenkuch, Jorg, Pablo Montagnes and Daniel Magleby. 2017. Backward Induction in the Wild? Evidence from Sequential Voting in the U.S. Senate. |
| 2017 | CollaborativebyDesignHowMatrixFirmsSeeDoAlliances Stych, Maxim, Franz Wohlgezogen and Edward Zajac. 2017. Collaborative by Design? How Matrix Firms See/Do Alliances. |
| 2017 | ConsumerResponsivenesstoSimpleHealthCarePricesEvidenceFromTieredHospitalNetworks Prager, Elena. 2017. Consumer Responsiveness to Simple Health Care Prices: Evidence From Tiered Hospital Networks. Abstract Link
This paper shows that consumers price-shop for health care when they can easily assess out-of-pocket prices. Health care cost containment efforts increasingly incentivize price-shopping, despite recent evidence that this does not steer consumers toward lower-priced care. I show that consumers price-shop in the highly simplified price information environment of health insurance plans with tiered hospital networks. These consumers observe a single predictable, well-defined price that applies to a broad range of services within each of at most three tiers of hospitals. The expected partial-equilibrium savings from tiered networks are on the order of 8–15% of baseline spending after three years of operation. The savings are large enough to both compensate for consumer welfare losses and raise insurer profits.
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| 2017 | CorporateGovernanceandtheRiseofIntegratingCorporateSocialResponsibilityCriteriainExecutiveCompensationAntecedentsandOutcomes Minor, Dylan, Bryan Hong and Caroline Flammer. 2017. Corporate Governance and the Rise of Integrating Corporate Social Responsibility Criteria in Executive Compensation: Antecedents and Outcomes. Abstract
This study examines the antecedents and consequences of integrating corporate social responsibility (CSR) criteria in executive compensation, a relatively recent practice in corporate governance. Using a novel database of CSR contracting, we find that CSR contracting is more prevalent in emission-intensive industries and has become more prevalent over time. We further find that the adoption of CSR contracting leads to i) a reduction in short-termism; ii) an increase in firm value; iii) an increase in social and environmental performance; iv) a reduction in emissions; and v) an increase in green innovations. These findings are consistent with our theoretical arguments highlighting a new form of agency conflict — the misalignment between shareholders' and managers' preferences for stakeholder engagement — and suggest that CSR contracting can enhance corporate governance.
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| 2017 | DirectedAttentionandNon-ParametricLearning Abstract Link
This paper studies the optimal information and consumption choice of an agent with uncertainty about the process that income follows. The model allows the agent to choose what aspects of income dynamics to learn about. The utility-optimal information structure provides maximal precision about income dynamics at the very lowest frequencies, which have the greatest effect on utility. Deviations of consumption from the full-information rational expectations benchmark are then predicted to be largest at high frequencies, so the model can explain why consumption is sometimes observed to track predictable changes in income and why asset returns appear to be predictable at short horizons. The analysis demonstrates a deep link between model complexity and information acquisition: the places where the agent gathers the most information are also the places where the agent's model is the most complex, whereas aspects of the income process that are less important for utility are endogenously modeled in a simpler manner. Even though the agent makes large statistical errors, their effects on utility are quantitatively trivial in an example calibration.
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