We analyze the information content of stock recommendations by a sell-side equity analyst when investors are uncertain about the analyst's incentives. In our model, an analyst can either be "unbiased", having incentives that are congruent with those of the investor, or "biased, having...

We develop a model of common agency with complete information and general preferences with non-transferable utility, and prove that the principales'Nash equilibrium in truthful strategies implements an efficient action.

Much of the literature on time inconsistency has studied the external commitment devices that individuals use to address their self-control problems: tying oneself to the mast, staying away from temptation, holding illiquid assets, or "asking controls" from others. This paper, by contrast,...

This paper examines the employment and earnings of people convicted of committing serious crimes, focusing on the effects of serving any time in prison and of the length of time served on long-term labor market outcomes. Regression analyses control directly for some of the most important factors...