In 2007, the U.S. Food and Drug Administration Amendments Act (FDAAA) required pharmaceutical companies to publicly disclose the entire process of their clinical trials, including trial design, sample size, progress milestones, and final results, covering both successes and failures. This reform made the previously opaque FDA process more transparent, providing peers with unprecedented sources of information....

What drives economic growth during credit expansions — households or firms?The paper “Quantifying the Macroeconomic Impact of Credit Expansions,” co-authored by PHBS Assistant Professor Yicheng Wang, examines this question using evidence from U.S. bank deregulation across states in the 1980s, which lowered borrowing costs and triggered credit expansion.The findings show that the firm channel accounts ...

How AI Could End the Division of Labor and Launch an End-to-End Organizational Revolution For more than two centuries since Adam Smith’s famous pin factory example, the business world has operated under a simple principle: efficiency comes from division of labor. The logic seemed unassailable. Because human cognitive capacity is limited, complex commercial tasks must be broken down into smaller components,...