• Publications
  • Influence
Corporate Governance, Product Market Competition, and Equity Prices
This paper examines the hypothesis that firms in competitive industries should benefit relatively less from good governance, while firms in non-competitive industries - where lack of competitiveExpand
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A theory of lexical access in speech production. [Abstract]
TLDR
Weaver ++ is a theory of speech generation that analyzes this process as staged and feedforward. Expand
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Bank capital structure and credit decisions
This paper argues that banks must be sufficiently levered to have first-best incentives to make new risky loans. This result, which is at odds with the notion that leverage invariably leads toExpand
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Firm Leverage and Unemployment During the Great Recession
We argue that firms balance sheets were instrumental in the propagation of shocks during the Great Recession. Using establishment-level data, we show that firms that tightened their debt capacity inExpand
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Internal versus External Financing: An Optimal Contracting Approach
We study optimal financial contracting for centralized and decentralized firms. Under centralized contracting, headquarters raises funds on behalf of multiple projects. Under decentralizedExpand
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CEO Replacement under Private Information
We study a model of “information-based entrenchment” in which the CEO has private information that the board needs to make an efficient replacement decision. Eliciting the CEO’s private informationExpand
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Firm Leverage, Consumer Demand, and Employment Losses during the Great Recession
We argue that firms’ balance sheets were instrumental in the propagation of shocks during the Great Recession. Using establishment-level data, we show that firms that tightened their debt capacity inExpand
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Within-Firm Pay Inequality
Financial regulators and investors alike have expressed concerns about high pay inequality within firms. This study examines how within-firm pay inequality varies across firms, how it relates toExpand
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Corporate Governance, Product Market Competition, and Equity Prices
This paper examines the hypothesis that firms in competitive industries should benefit relatively less from good governance, while firms in non-competitive industries--where lack of competitiveExpand
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The First-Best Sharing Rule in the Continuous-Time Principal-Agent Problem with Exponential Utility
Abstract The continuous-time principal–agent model with exponential utility developed by Holmstrom and Milgrom admits a simple closed-form solution: The second-best sharing rule is a linear functionExpand
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