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  • 2021
  • Working Paper

How Much Should We Trust Staggered Difference-In-Differences Estimates?
By: Andrew C. Baker, David F. Larcker and Charles C.Y. Wang
Difference-in-differences analysis with staggered treatment timing is frequently used to assess the impact of policy changes on corporate outcomes in academic research. However, recent advances in econometric theory show that such designs are likely to be biased in the...  View Details
Keywords: Difference In Differences; Staggered Difference-in-differences Designs; Generalized Difference-in-differences; Dynamic Treatment Effects; Mathematical Methods
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  • November 2020
  • Article

Taxation in Matching Markets
By: Arnaud Dupuy, Alfred Galichon, Sonia Jaffe and Scott Duke Kominers
We analyze the effects of taxation in two-sided matching markets, i.e., markets in which all agents have heterogeneous preferences over potential partners. In matching markets, taxes can generate inefficiency on the allocative margin by changing who is matched to whom,...  View Details
Keywords: Matching Markets; Labor Markets; Taxation; Labor; Markets
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  • 2020
  • Article

A Practical Approach to Sales Compensation: What Do We Know Now? What Should We Know in the Future?
By: Doug J. Chung, Byungyeon Kim and Niladri B. Syam
Personal selling represents one of the most important elements in the marketing mix, and appropriate management of the sales force is vital to achieving the organization’s objectives. Among the various instruments of sales management, compensation plays a pivotal role...  View Details
Keywords: Sales Compensation; Sales Management; Sales Strategy; Principal-agent Theory; Structural Econometrics; Field Experiments; Machine Learning; Artificial Intelligence; Salesforce Management; Compensation and Benefits; Motivation and Incentives
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  • 2020
  • Working Paper

A General Theory of Identification
By: Iavor Bojinov and Guillaume Basse
What does it mean to say that a quantity is identifiable from the data? Statisticians seem to agree on a definition in the context of parametric statistical models — roughly, a parameter θ in a model P = {Pθ : θ ∈ Θ} is identifiable if the mapping θ 7→ Pθ is injective....  View Details
Keywords: Identification; Econometric Models; Data and Data Sets; Theory
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  • 2018
  • Working Paper

Detecting Anomalies: The Relevance and Power of Standard Asset Pricing Tests
By: Malcolm Baker, Patrick Luo and Ryan Taliaferro
The two standard approaches for identifying capital market anomalies are cross-sectional coefficient tests, in the spirit of Fama and MacBeth (1973), and time-series intercept tests, in the spirit of Jensen (1968). A new signal can pass the first test, which we label a...  View Details
Keywords: Investment Management; Anomalies; Portfolio Construction; Transaction Costs; Investment; Management; Asset Pricing; Market Transactions; Cost
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  • Article

Scenario Generation for Long Run Interest Rate Risk Assessment
By: Robert F. Engle, Guillaume Roussellet and Emil N. Siriwardane
We propose a statistical model of the term structure of U.S. treasury yields tailored for long-term probability-based scenario generation and forecasts. Our model is easy to estimate and is able to simultaneously reproduce the positivity, persistence, and factor...  View Details
Keywords: Forecasting; Stress Testing; Interest Rates; Forecasting and Prediction; Risk Management; United States
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  • Article

Pricing and Production Flexibility: An Empirical Analysis of the U.S. Automotive Industry
By: Antonio Moreno and Christian Terwiesch
We use a detailed data set from the U.S. auto industry spanning from 2002 to 2009 and a variety of econometric methods to characterize the relationship between the availability of production mix flexibility and firms’ use of responsive pricing. We find that production...  View Details
Keywords: Empirical Operations Management; Flexibility; Pricing; Automotive Industry; Production; Price; Management; Analysis; Auto Industry; United States
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  • September 2014
  • Article

The Interrelationships Between Brand and Channel Choice
By: Scott Neslin, Kenshuk Jerath, Anand Bodapati, Eric T. Bradlow, John A. Deighton, Sonja Gensler, Leonard Lee, Elisa Montaguti, Rahul Telang, Raj Venkatesan, Peter C. Verhoef and Z. John Zhang
We propose a framework for the joint study of the consumer's decision of where to buy and what to buy. The framework is rooted in utility theory where the utility is for a particular channel/brand combination. The framework contains firm actions, the consumer search...  View Details
Keywords: Brand Choice; Channel Choice; Utility Theory; Marketing; Decision Choices and Conditions; Consumer Behavior; Learning; Electronics Industry; Auto Industry; Information Technology Industry; Telecommunications Industry; Aerospace Industry
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  • 2020
  • Working Paper

Should Firms Move Talent from the Geographic Periphery to Hubs? A Strategic Human Capital Perspective
By: Prithwiraj Choudhury, Victoria Sevcenko and Tarun Khanna
A longstanding literature holds that firms should hire and move talent from the geographic periphery to hubs as a means to create value from human capital. They do so, however, at the risk of losing the worker to rivals located in the same geographic hub,...  View Details
Keywords: Geographic Location; Selection and Staffing; Employment; Residency; Technology Industry; India
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  • 2014
  • Chapter

Schumpeter's Plea: Historical Reasoning in Entrepreneurial Theory and Research
By: G. Jones and R. Daniel Wadhwani
This chapter draws on theories of entrepreneurship and history to explore the ways in which historical processes play an integral role in entrepreneurship. It builds off the plea by Joseph Schumpeter for an active exchange between historical approaches and theories of...  View Details
Keywords: Entrepreneurs; Business History; Entrepreneurship; History; Organizations
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  • 2016
  • Chapter

Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity
By: Luis M. Viceira and Carolin E. Pflueger
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  • 2011
  • Article

How Should the Graduate Economics Core be Changed?
By: Vincent Pons, Jose Miguel Abito, Katarina Borovickova, Hays Golden, Jacob Goldin, Matthew A. Masten, Miguel Morin, Alexander Poirier, Israel Romem, Tyler Williams and Chamna Yoon
The authors present suggestions by graduate students from a range of economics departments for improving the first-year core sequence in economics. The students identified a number of elements that should be added to the core: more training in building microeconomic...  View Details
Keywords: Design Of Core; Graduate Economics; Higher Education; Economics; Curriculum and Courses
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  • 2010
  • Working Paper

The Unbundling of Advertising Agency Services: An Economic Analysis
By: Mohammad Arzaghi, Ernst R. Berndt, James C. Davis and Alvin J. Silk
We address a longstanding puzzle surrounding the unbundling of services occurring over several decades in the U.S. advertising agency industry: What accounts for the shift from bundling to unbundling of services and the slow pace of change? Using Evans and Salinger's...  View Details
Keywords: Advertising; Change; Forecasting and Prediction; Cost; Price; Data and Data Sets; Surveys; Marketing Strategy; Media; Service Operations; Agency Theory; Mathematical Methods; Advertising Industry; United States
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  • 2008
  • Working Paper

Economic Factors Underlying the Unbundling of Advertising Agency Services
By: Mohammad Arzaghi, Ernst R. Berndt, James C. Davis and Alvin J. Silk
This paper addresses a longstanding puzzle involving the unbundling of services that has occurredover more than two decades in the U.S. advertising agency industry: How can the shift from the bundling to the unbundling of services be explained and what accounts for the...  View Details
Keywords: Transformation; Framework; Service Operations; Decisions; Relationships; Price; Diversification; Geography; Cost; Advertising Industry; United States
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  • 2008
  • Chapter

Allocating Marketing Resources
By: Sunil Gupta and Thomas J. Steenburgh

Companies spend billions of dollars on marketing every year because it is essential to organic growth. Given these large investments, marketing managers have the responsibility to optimally allocate resources and to demonstrate that their investments generate...  View Details

Keywords: Investment Return; Resource Allocation; Marketing; Demand and Consumers; Mathematical Methods
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  • 2008
  • Working Paper

Allocating Marketing Resources
By: Sunil Gupta and Thomas J. Steenburgh
Marketing is essential for the organic growth of a company. Not surprisingly, firms spend billions of dollars on marketing. Given these large investments, marketing managers have the responsibility to optimally allocate these resources and demonstrate that these...  View Details
Keywords: Investment Return; Resource Allocation; Marketing; Demand and Consumers; Mathematical Methods
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  • February 2005
  • Article

An Econometric Analysis of Inventory Turnover Performance in Retail Services
By: Vishal Gaur, Marshall L. Fisher and Ananth Raman
Keywords: Mathematical Methods; Assets; Performance; Sales; Retail Industry
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  • spring 2004
  • Article

Multinationals and Linkages: An Empirical Investigation
By: Laura Alfaro and Andres Rodriguez-Clare
Several recent papers have used plant-level data and panel econometric techniques to carefully explore the existence FDI externalities. One conclusion that emerges from this literature is that it is difficult to find evidence of positive externalities from...  View Details
Keywords: Foreign Direct Investment; Factories, Labs, and Plants; Relationships; Multinational Firms and Management; Brazil; Chile; Venezuela; Mexico
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  • Article

Spectral GMM Estimation of Continuous-Time Processes
By: Luis M. Viceira and George Chacko
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  • Article

The Enforcement of Intellectual Property Rights: A Survey of the Empirical Literature
By: Josh Lerner and Jenny Lanjouw
Keywords: Intellectual Property; Rights
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