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Privacy Protection and the Future of Digital Platforms

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How You Feel Depends on Where You Are

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Stereotypes Harm Black Lives and Livelihoods, but Research Suggests Ways to Improve Things

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Levi’s Agrees to #Payup, as Advocates Demand More for Garment Workers

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Do Americans Even Need A Second Stimulus Check?

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Latest Research

Deadlock on the Board

Authors
Giorgia Piacentino, Jason Roderick Donaldson, and Nadya Malenko
Date
Journal
Management Science
1 / 3

We develop a dynamic model of board decision-making akin to dynamic voting models in the political economy literature. We show a board could retain a policy all directors agree is worse than an available alternative. Thus, directors may retain a CEO they agree is bad—deadlocked boards lead to entrenched CEOs. We explore how to compose boards and appoint directors to mitigate deadlock. We find board diversity and long director tenure can exacerbate deadlock. We rationalize why CEOs and incumbent directors have power to appoint new directors: to avoid deadlock. Our model speaks to short-termism, staggered boards, and proxy access.

Political Connections and White-collar Crime: Evidence from Insider Trading in France

Authors
Thomas Bourveau, Renaud Coulomb, and Marc Sangnier
Date
2 / 3

This paper investigates whether political connections affect individuals' propensity to engage in white-collar crime. We identify connections by campaign donations or direct friendships and use the 2007 French Presidential election as a marker of change in the value of political connections to the winning candidate. We compare the behavior of Directors of publicly listed companies who were connected to the future President to the behavior of other non-connected Directors, before and after the election. Consistent with the belief that connections to a powerful politician can protect someone from prosecution or punishment, we uncover indirect evidence that connected Directors are more likely to engage in suspicious insider trading after the election: Purchases by connected Directors trigger larger abnormal returns, connected Directors are less likely to comply with trading disclosure requirements in a timely fashion, and connected Directors trade closer in time to their firms' announcements of results.

Pricing Fairness in a Pandemic: Navigating Unintended Changes to Value or Cost

Authors
Elizabeth Friedman, and Olivier Toubia
Date
3 / 3

The recent pandemic has caused many businesses to alter their offerings, at times providing inferior value to their customers or incurring higher costs. Many classes moved online, leading to a lower-value offering without significant cost reductions, and many firms adopted costly hygiene measures, such as stringent cleaning or reducing capacity to maintain social distancing. This article explores consumers’ fairness perceptions regarding pricing decisions made in response to unique scenarios caused by the pandemic. We present three key findings: (i) maintaining prices following a product downgrade is viewed as less fair than maintaining prices following an equivalent decrease in costs; (ii) price decreases following a product downgrade are viewed as more fair when positioned as passing on a cost saving rather than making up for decreased value; and (iii) price increases due to hygiene measures are perceived as more fair when they result from direct (compared with indirect) cost changes.

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