Current US immigration policy assigns the government the onus of choosing winners and losers among those seeking to immigrate to the US. This mechanism is inefficient, particularly because it excludes many talented foreign workers from filling jobs in the US technology sector, where there is a...

We study how biases in financial reporting affect managers' incentives to develop innovative projects and to make appropriate investment decisions. Conservative reporting practices impose stricter verification standards for recognizing good news, and reduce the chance that risky innovations will...