This paper presents an account of the moral boundaries of organizations. We define an organization’s moral boundary to encompass all of the actions for which it could be held morally responsible. Our theory requires us to view organizations as subjects that act in the world, rather than as...

In an earlier series of articles published in this journal, one of the three authors of this article predicted the rise of auction IPOs, possibly to the point of displacing the traditional bookbuilding process for pricing and allocating IPOs, only to find himself forced to explain in later...

Using audio recordings, we study uptalk (rising intonation) by executives in earnings calls. Unexpected uptalk by female, but not male, executives predicts lower earnings. Analysts respond to female uptalk with lower recommendations and earnings forecasts, although these do not fully reflect the...

We present a model in which a long-lived bank endogenously learns about the environment for financial innovation through experimentation on its clients. When the bank has superior knowledge of the state of the world facing its clients, it may engage in inefficient or "reckless" experimentation...

The relational contract at the heart of an investment banking relationship is valuable because it engenders and requires mutual trust in a setting where conflicts of interest are significant and are not easily resolved through formal contract. But a bank's ability to commit to a relational...