Limited Firm Insurance and Aggregate Implications
Abstract: This paper studies the impacts of financial shocks on firm insurance, firm dynamics, and macroeconomic implications. A key departure from the literature is that firms provide wage insurance contracts to risk-averse workers in a long-term relationship. Such contracts endogenously impose a form of inflexible debt liability to firms, and make firms with limited financial net worth more vulnerable ...
Yicheng Wang*
ARTICLE | Management Science | 2025、71、7：Pages iv-vi, 5419-6318
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Search, Screening, and Sorting
Abstract: We examine how search frictions impact labor market sorting by constructing a model consistent with evidence that employers interview a subset of a pool of applicants. We derive necessary and sufficient conditions for sorting in applications and matches. Positive sorting is obtained when production complementarities outweigh a counterforce measured by a (novel) quality-quantity elasticity....
Xiaoming Cai, Pieter A. Gautier, Ronald P. Wolthoff
ARTICLE | American Economic Journal: Macroeconomics | 2025、17、3：205-236
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Non-Standard Choice in Matching Markets
Abstract: We explore the possibility of designing matching mechanisms that can accommodate nonstandard choice behavior. We pin down the necessary and sufficient conditions on participants' choice behavior for the existence of stable and incentive-compatible mechanisms. Our results imply that well-functioning matching markets can be designed to adequately accommodate a plethora of choice behaviors, ...
Gian Caspari, Manshu Khanna*
ARTICLE | International Economic Review | 2025、66、2：757-786
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The Marginal Value of Cash: Structural Estimates from a Model with Financing and Agency Frictions
Abstract: How much value does an additional dollar of cash create for a firm? It is generally recognized that the marginal value of cash (MVC) can either exceed or fall below one dollar. Estimates of MVC can guide corporate cash and payout policy, indicate the quality of governance, and make a firm a target for takeover or activism. Yet the existing methods of estimation lack a rigorous theoretical ...
Sudipto Dasgupta, Di Li, Erica X. N. Li*
ARTICLE | Management Science | 2025、71、5：3667-3687
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The Devil Replies Slowly: How the Response Speed of Online Luxury Retailers Affects Brand Attitude
Abstract: The digital era has necessitated a better understanding of effective customer interaction strategies for luxury brands in the e-commerce space. This article proposes a model that explains how online response speed (i.e. the amount of time it takes for a business to respond to a customer’s inquiry) can influence brand attitudes among luxury e-commerce consumers. Results from two empirical ...
Shubin Yu, Soojin Roh, Huaming Liu
ARTICLE | International Journal of Electronic Commerce | 2025、29、2：185–209
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In AI We Trust: The Interplay of Media Use, Political Ideology, and Trust in Shaping Emerging AI Attitudes
Abstract: Using data from a nationally representative survey of U.S. adults, this study explores how trust in key actors to responsibly manage artificial intelligence (AI) develops among members of the U.S. population and how trust, along with other key factors, shapes public attitudes toward AI. Greater trust is linked to stronger support for AI, both directly and indirectly (through risk and benefit ...
Shiyu Yang*, Nicole M. Krause, Luye Bao, Mikhaila N. Calice, Todd P. Newman, Dietram A. Scheufele, Michael A. Xenos, Dominique Brossard
ARTICLE | Journalism & Mass Communication Quarterly | 2025、102、2：382-406
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Corporate Venture Capital and Firm Scope
Abstract: This paper studies whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two sets of firm scope metrics, a text-based emerging business measure and Compustat segment measures, I document that CVC investments are strongly associated with subsequent firm scope changes of the CVC corporate parent, including seeding emerging businesses, establishing new divisions,...
Yifei Zhang*
ARTICLE | International Economic Review | 2025、60、1：336-373
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Spatial Search
Abstract: This paper considers a random search model where some locations provide sellers with better chances of meeting many buyers than other locations (for example popular shopping streets or the first page of a search engine). When sellers are heterogeneous in terms of the quality of their product and/or the probability that a given buyer likes their product, it is desirable that sellers of high-...
Xiaoming Cai, Pieter Gautier, Ronald Wolthoff*
ARTICLE | Journal of Economic Theory | 2025、224
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Rosters and Connected Apportionments
Abstract: Affirmative action in India reserves explicit proportions of seats and jobs in publicly funded institutions for various beneficiary groups. Because seats are indivisible and arise in small numbers over time, implementation of this policy requires that beneficiary groups take turns claiming seats, for which purpose India relies on a device called a roster. We study the problem of constructing ...
Manshu Khanna*, Haydar Evren
ARTICLE | Public Choice | 2025、202：167-191
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