How should executives discount commercial real estate cash flows up to 30 years in the future? In this paper, we develop a novel methodology to estimate the term structure of discount rates for commercial real estate cash flows. We find that the average term structure is downward sloping: longer...

Governments and firms often use committees of experts to help them make complexdecisions, but conflicts of interest could bias experts' recommendations. We focus on whetherfinancial ties to drug companies bias FDA drug advisory committee (AC) members' voting ondrug approval recommendations. We...

The Food and Drug Administration (FDA) creates committees of experts who recommend whether new drugs should be approved or rejected. The popular press and earlier studies commonly report that the FDA almost never overrules these recommendations. Some argue that the experts and FDA are...