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- Summer 2025
- Article
Dynamic Competition for Customer Memberships
By: Cristian Chica, Julian Jimenez-Cardenas and Jorge Tamayo
A competitive two-period membership (subscription) market is analyzed. Two symmetric firms charge a “membership” fee that allows consumers to buy products or services at a given unit price for both periods. Firms can choose between long- or short-term memberships. When... View Details
- Working Paper
Index Rebalancing and Stock Market Composition: Do Indexes Time the Market?
By: Marco Sammon and John J. Shim
Value-weighted indexes must rebalance in response to stock market composition changes, e.g., issuance, buybacks, and IPOs. In doing so, existing index funds implicitly engage in market timing. Index funds’ long-short rebalancing portfolios have a -3.5% annual return... View Details
- May 2025
- Article
Imagining the Future: Memory, Simulation and Beliefs
By: Pedro Bordalo, Giovanni Burro, Katherine B. Coffman, Nicola Gennaioli and Andrei Shleifer
How do people form beliefs about novel risks, with which they have little or no experience? Motivated by survey data on beliefs about Covid we collected in 2020, we build a model based on the psychology of selective memory. When a person thinks about an event,... View Details
- April 2025
- Case
The CHIPS Program Office (Abridged)
By: Mitch Weiss and Sebastian Negron-Reichard
In February 2023, U.S. Commerce Secretary Gina Raimondo weighed signing off on a Notice of Funding Opportunity (“NOFO”) with at least one unconventional provision: a pre-application (“pre-app”) to the actual application for parts of $39 billion in direct semiconductor... View Details
- 2025
- Working Paper
With a Little Help from My Family: Informal Startup Financing
By: Brian K. Baik, Johan Ludvig S. Karlsen and Katja Kisseleva
Using Norwegian administrative data, we identify family equity investments in startups
and examine their effects on investor returns and firm behavior. Informal investors
earn lower returns than external individuals, and the firms they back are less
likely to secure... View Details
- 2025
- Working Paper
Private Equity and Workers: Modeling and Measuring Monopsony, Reallocation, and Trust
By: Kyle Herkenhoff, Josh Lerner, Gordon M. Phillips, Francisca Rebelo and Benjamin Sampson
We measure the real effects of private equity buyouts on worker outcomes by building a new
database that links transactions to matched employer-employee data in the United States. To
guide our empirical analysis, we derive testable implications from three theories in... View Details
- March 2025
- Case
Metaphysic AI: Rethinking the Value of Human Expertise
By: Zoë B. Cullen, Shikhar Ghosh and Shweta Bagai
In early 2025, Thomas Graham, CEO of Metaphysic, a leading AI generative video company confronted fundamental questions about who should control digital identity in a world where AI could perfectly recreate human likeness. Founded in 2021, Metaphysic first rose to fame... View Details
- March 2025 (Revised March 2025)
- Case
Good for the Seller, Good for the Buyer and Good for Society: Sampo-yoshi, Sustainability and Trust at ITOCHU
By: Sandra J. Sucher and Bethelehem Y Araya
In 2024, ITOCHU CEO Masahiro Okafuji was at a crossroads. As the thirteenth CEO since ITOCHU’s founding in 1858, he had fueled the company’s growth since 2011 by bringing ITOCHU’s founding philosophy of Sampo-yoshi (good for the seller, good for the buyer and... View Details
- March 2025
- Article
Do Public Financial Statements Influence Private Equity and Venture Capital Financing?
By: Brian K. Baik, Natalie Berfeld and Rodrigo S. Verdi
We study whether private firm public financial statements influence the probability of raising venture capital (VC) and private equity (PE) financing. In particular, we propose that private firms’ public financial statements can help the VC/PE search process by... View Details
- March 2025
- Article
Limited Accountability and Awareness of Corporate Emissions Target Outcomes
By: Xiaoyan Jiang, Shawn Kim and Shirley Lu
Firms are increasingly announcing targets to reduce their carbon emissions, but it is unclear whether firms are held accountable for these targets. Here we examine emissions targets that ended in 2020 to investigate the final target outcomes, the transparency of target... View Details
- February 2025
- Case
Doing Business in Casablanca, Morocco
By: Karen G. Mills, Ahmed Dahawy and Choetsow Tenzin
This case examines the challenges and opportunities of doing business in Morocco. The case explores the various historical, cultural, and social factors that impact the business environment. It also highlights Morocco’s unique economy where cash remains a dominant... View Details
- February 2025
- Case
Abiomed: A Change of Heart
By: Satish Tadikonda, Faith Robertson and William Marks
After acquiring Impella CardioSystems AG in May 2005, Abiomed Inc., a company focused on cardiac care, ran into a dilemma. Its Impella 2.5 device was approved for use in the European Union, but CEO Michael Minogue had seemingly bet the company's future on the ability... View Details
- 2025
- Working Paper
Impact Investing and Worker Outcomes
By: Josh Lerner, Markus Lithell and Gordon M. Phillips
Impact investors claim to distinguish themselves from traditional venture capital and growth
equity investors by also pursuing environmental, social, and governance (ESG) objectives.
Whether they successfully do so in practice is unclear. We use confidential Census... View Details
- Working Paper
AI in Disguise—How AI-generated Ads' Visual Cues Shape Consumer Perception and Performance
By: Yannick Exner, Jochen Hartmann, Oded Netzer and Shunyuan Zhang
Generative AI’s recent advancements in creating content have offered vast potential to transform the advertising industry. This research investigates the impact of generative AI-enabled visual ad creation on real-world advertising effectiveness. For this purpose, we... View Details
- 2025
- Working Paper
CEO-Firm Matches and Productivity in 42 Countries
By: Amanda Dahlstrand, Dávid László, Helena Schweiger, Oriana Bandiera, Andrea Prat and Raffaella Sadun
Firms are key to economic development, and CEOs are key to firm productivity. Are firms in countries at varying stages of development led by the right CEOs, and if not, why? We develop a parsimonious measure of CEO time use that allows us to differentiate CEOs into... View Details
- January 2025
- Article
Overcoming Barriers to Employee Ownership: Insights from Small and Medium-Sized Businesses
By: John Guzek and Ashley Whillans
This research investigates the limited adoption of employee stock ownership plans (ESOPs) among small-to-medium sized businesses (SMBs) in the U.S. Through interviews with 30 SMB owners across various industries, we identify the key barriers to ESOP adoption as lack of... View Details
- 2025
- Book
Talk: The Science of Conversation and the Art of Being Ourselves
We all struggle with difficult conversations, but we're often not very good at easy ones either. Though we do it all the time, conversation is one of the most complex, demanding, and delicate of all human tasks, rife with possibilities for misinterpretation and... View Details
Keywords: Interpersonal Communication
- January–February 2025
- Article
Want Your Company to Get Better at Experimentation?: Learn Fast by Democratizing Testing
By: Iavor Bojinov, David Holtz, Ramesh Johari, Sven Schmit and Martin Tingley
For years, online experimentation has fueled the innovations of leading tech companies, enabling them to rapidly test and refine new ideas, optimize product features, personalize user experiences, and maintain a competitive edge. The widespread availability and lower... View Details
- December 2024 (Revised March 2025)
- Case
The Shouldice Hospital Today
By: James Heskett and Roger Hallowell
The leadership and staff of Shouldice Hospital in Toronto, Canada have, for 75 years, sought to do one thing better than any other hospital in the world, repair inguinal hernias. For some years, a possible second hospital in another market has been under consideration.... View Details
- 2025
- Working Paper
Too Much, Too Soon? Early Funding, Technological Unconventionality, and Innovation Capabilities
By: Harsh Ketkar and Maria Roche
The availability of financial resources significantly shapes firm innovation outcomes, especially for early-stage,
innovation-focused technology firms. However, prior research has provided conflicting findings about this
relationship: On the one hand, resource... View Details