Risk Factors That Matter: Textual Analysis of Risk Disclosures for the Cross-Section of Returns

Working Papers

What are the fundamental risks in the economy? Which risks are systematic? Which risks are priced? Are the risks summarized well by existing models? I use machine learning to identify the risks that firms face based on their annual reports. Read More

See Sooner, Act Faster: How Vigilant Leaders Navigate Digital Turbulence

Published Research

George Day, The Wharton School, and Paul Schoemaker, Senior Fellow, Mack Institute MIT Press, 2019 When turbulence is the new normal, an organization’s survival depends on vigilant leadership that can anticipate threats, spot opportunities, and act quickly when the time is right. In See Sooner, Act Faster, strategy experts GeorgeRead More

Data Analytics Supports Decentralized Innovation

Published Research

Data-analytics technology can accelerate the innovation process by enabling existing knowledge to be identified, accessed, combined, and deployed to address new problem domains.Read More

Exploring Power and Innovation in Multi-party Alliances

Funded Research Proposal

This research project seeks to explore how differences within the members of a multi-party alliance (MPA) – specifically differences in power – impact innovative outcomes of the alliance using a unique dataset of over 345,000 pages of project documents covering approximately 3000 MPAs.Read More

In the Shadow of the Valley: Private Equity Firms’ Increased Prominence in High-Tech Acquisitions

Funded Research Proposal

Why and how do private equity (PE) firms engage in technology acquisitions, and how do they create and capture value in these transactions? Observational data shows initial evidence that not only are PE firms engaging in an increasing number of technology buyouts, they are also seemingly behaving in distinct ways from both corporate acquirers, as well as PE firms in industries other than high-tech.Read More

What is the Importance of Pivoting for Firm Growth?

Funded Research Proposal

Does pivoting matter? How does it affect investment in innovation and firm performance? My goal is to analyze the relevance of pivoting for the development of a small firm into a mature one and to provide a better understanding of what constitutes a small firm.Read More

Leapfrogging for Last-Mile Delivery in Health Care

Funded Research Proposal

Lowering the cost and increasing the speed of last mile delivery are major challenges for the distribution channels of most industries. These challenges are even more severe in developing countries, where a large part of the population is located in rural areas, and where the lack of physical infrastructure results in a sizable part of the population residing in isolated areas, compromising their access to important services for their investment in human capital, such as timely health care.Read More

Artificial Intelligence and Drug Innovation

Funded Research Proposal

Artificial Intelligence (AI) is playing an increasingly important role in the global economy and has transformed many business practices. As AI has advanced beyond the conventionally narrow domains, it is starting to exhibit characteristics of “general purpose technologies (GPT)” that are expected to change the nature of more business innovations and reduce their associated financial costs and time.Read More

Being Innovative Pays Off, But When?

Funded Research Proposal

The research objective is to determine how quickly product innovation translates into higher stock market valuations. The novelty in the research approach is using online consumer reviews on websites including Amazon, eBay; combined with stock market data.Read More

Privacy and Innovation: The Short-run Effects of GDPR on Consumer Engagement

Funded Research Proposal

In today’s connected world, individuals are no longer mere consumers of goods, information and services, but public producers of often valuable data. In fact, personal data is becoming such a core input that The Economist called it “the world’s most valuable resource” ahead of oil.Read More

Adoption of Predictive Analytics: Impact of Model Interpretability

Funded Research Proposal

One of the most important trends in business in recent years has been the growth of Big Data and predictive analytics. The trend started with traditional analytics and the emergence of decision support systems. With advances in machine learning (ML), systems can now take in large amounts of data, learn how human decision-makers have made decisions in the past, and make decisions autonomously (achieving human-level or superhuman performance in many activities). Read More

The Impact of Adopting an AI-Enabled Distribution Channel

Funded Research Proposal

The advance in intelligent technology is changing the way that people search for and purchase products. There is an emerging trend in which consumers are shopping through artificial intelligence (AI) enabled devices such as Amazon’s Alexa and Google Assistant, for a variety of products.Read More

Financing Experimentation

Funded Research Proposal

This project aims to study the strategy of entrepreneurs to finance their experimentation given the presence of adverse selection in capital markets. It quantifies the effect of information frictions on firm value by structurally estimating a dynamic model that features volatile market valuation, strategic experimentation, and dynamic adverse selection.Read More

Impact Investing and Information Disclosure as Tools of Environmental Governance

Funded Research Proposal

Climate change remains a grand challenge of our time. Numerous actors relevant to business—both public and private—have worked to reduce or otherwise mitigate greenhouse gas emissions, and to focus management attention on the issue of climate change.Read More