Abstract:We estimate the causal impact of hiring difficulties on firms’ outcomes. Using a shift share identification strategy, we show that hiring difficulties have negative effects on firms’ employment, capital, sales, and profits. Quantitatively, a one-standard-deviation change in firm exposure to hiring difficulties explains around 9% of the variation in firm size. Firms adjust to hiring difficulties by ...

Abstract:How do R&D incentives affect individual firms and, in turn, shape aggregate growth? We develop a novel empirical framework, grounded in endogenous growth theory, allowing us to measure firms’ responsiveness to R&D incentives and to aggregate such responses. After validating the predictions of our framework using three different micro-datasets, we apply it to Compustat data. We find that (i) ignoring ...

Abstract:This seminar examines how artificial intelligence is reshaping communication management through both individual adoption and organizational change. Drawing on two empirical studies of public relations and communication professionals, it explores how perceptions of AI’s innovation attributes, particularly relative advantage and compatibility, alongside perceived threats influence attitudes toward AI ...

Abstract:We study periodic-review perishable inventory systems with a fixed product lifetime, positive replenishment lead times, and a general issuance policy under the average-cost criterion. The optimal replenishment policy for such systems is notoriously complex and computationally intractable due to the curse of dimensionality. To address this challenge, we propose a class of projected inventory level (...

Abstract:We build a new century-long dataset of technology life cycles from USPTO patent titles, tracing 289 prominent technologies from initiation through emergence, prominence, and maturity over 1920-2023, and linking their patent histories to 9,047 global public firms. The earliest patents in prominent technologies are disproportionately influential and are primarily assigned to firms, especially large innovators....

Abstract:We study disclosure of consumer information in competitive risk-sharing markets when consumers neglect correlation. Disclosure of a consumer trait mitigates adverse selection, thus improving welfare. It also leads to distorted risk assessment and incorrect participation decisions by consumers due to their lack of understanding of correlation, thus reducing welfare. The net effect on welfare depends ...

Abstract:Influencer marketing has become central to brand promotion, yet it confronts firms with a fundamental trade-off between control and authenticity. While brands can govern paid collaborations, influence often extends beyond these boundaries, limiting firms’ ability to fully shape where messages appear and how they are framed. Using comprehensive data that combine influencer activity with brand sales ...

Abstract:We propose a novel macrofinance model for the EU area comprising both climate damages and an Emission Trading System that interacts with credit markets with a bias for 'net-zero' brown firms and opaque voluntary carbon credit markets. Our model suggests that the implied allocation is far from the first-best. Relevant welfare gains can be obtained in a setting in which a Green Coin Central Bank (GCCB)...

Abstract:We study stability in matching markets with two-sided incomplete information. When a blocking opportunity arises, potential deviators draw inferences about one another’s types and iteratively refine their probabilistic beliefs. We first introduce a notion of stability based only on iterative reasoning about rational blocking behavior in the absence of communication. We then develop a refinement that ...

Abstract:As companies increasingly engage in controversial social issues, corporate social advocacy (CSA) has become a prominent yet often contested form of corporate communication. This talk explores how publics respond to CSA across contexts, while also examining how such engagement is understood and managed within organizations. It discusses how support and opposition emerge in social media environments,...