Publications
Publications
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(4,644)
- Faculty Publications (1,005)
- 2020
- Working Paper
Internal Models, Make Believe Prices, and Bond Market Cornering
By: Ishita Sen and Varun Sharma
Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory... View Details
- November 2019
- Supplement
Gillette: Cutting Prices to Regain Share
By: Benjamin C. Esty and Daniel Fisher
After losing market share to low-priced competitors such as Harry’s and Dollar Shave Club for several years, Gillette decided to fight back by cutting prices on its razors and blades in April 2017. Bonnie Herzog, an equity analyst at Wells Fargo, must assess how the... View Details
- November 2019 (Revised June 2020)
- Case
Russia: A Drama In Three Acts
By: Rawi Abdelal, Rafael Di Tella, Galit Goldstein and Sogomon Tarontsi
The collapse of central authority in the Soviet Union in 1991 ushered in a period of revolutionary transformations for the states that emerged in its wake. The leaders of Russia, the USSR's successor, struggled to reestablish central authority while also seeking to... View Details
Keywords: Business ＆ Government Relations; Developing Countries; Government Policy; Policy Change; Policy Making; Economic Systems; Economics; Globalization; Emerging Markets; Privatization; Non-Renewable Energy; Governance; Global Strategy; Corporate Governance; Policy; Business History; Lawfulness; Problems and Challenges; Business and Government Relations; Risk and Uncertainty; Strategy; Change Management; Russia; Moscow
- November 2019 (Revised February 2020)
- Case
Constellation Brands' Investment in Canopy Growth: Aiming High
By: Stuart C. Gilson and Sarah L. Abbott
In 2017, Constellation Brands, the U.S.-based beverage company, acquired a 9.9% equity interest in the Canadian marijuana company, Canopy Growth. In 2018, Constellation announced a subsequent investment in Canopy—taking its ownership interest to 37%. However, Canopy’s... View Details
- November 2019
- Case
Gillette: Cutting Prices to Regain Share
By: Benjamin C. Esty and Daniel Fisher
After losing market share to low-priced competitors such as Harry’s and Dollar Shave Club for several years, Gillette decided to fight back by launching new products and increasing advertising. When these efforts failed to stem the losses, Gillette decided to cut the... View Details
- November 2019 (Revised June 2020)
- Case
Shiseido Acquires Drunk Elephant
By: Jill Avery
On October 7, 2019, the Shiseido Group announced that it would acquire clean skincare brand Drunk Elephant for $845 million, a valuation of 8.5 times sales. Did Shiseido pay too much or too little for this brand asset? How much was the Drunk Elephant brand worth and... View Details
Keywords: Personal Care; Startup; Brand Equity; Brand Valuation; Brand Value; Brand Storytelling; Brand Management; Brands and Branding; Valuation; Marketing; Marketing Strategy; Mergers and Acquisitions; Entrepreneurship; Business Startups; Beauty and Cosmetics Industry; Consumer Products Industry; United States; Japan
- November 2019
- Teaching Note
The Bundesliga in the U.S.
By: Stephen A. Greyser, Sascha L. Schmidt and Florian Holzmayer
This Teaching Note addresses the classroom use of the case on the strategy of Germany’s premier football (soccer) league to “win the marketplace of U.S. sports broadcasters and consumers.” The note includes study questions and a teaching plan that also draws on... View Details
- October 2019 (Revised December 2019)
- Case
La Roche-Posay: Growing L'Oreal's Active Cosmetics Brand
By: Jill Avery, Vincent Dessain and Mette Fuglsang Hjortshoej
As 2018 neared its end, Laetitia Toupet, international general manager of L’Oréal’s La Roche-Posay brand reflected on the brand’s achievements over the past year. At €1 billion in revenue, La Roche-Posay had recently become the number one dermocosmetics brand in the... View Details
Keywords: Branding; Brand Management; Consumer Products; Brand Positioning; Target Market; Global Brands; Global Marketing; Marketing; Marketing Strategy; Brands and Branding; Globalized Firms and Management; Consumer Products Industry; Beauty and Cosmetics Industry; Health Industry; France; Europe; Brazil; China; Asia; South America; United States; North America
- October 2019 (Revised January 2020)
- Case
NewView Capital and Venture Capital Secondaries
By: Shai Bernstein, Ramana Nanda and Allison Ciechanover
While still a general partner at Silicon Valley–based New Enterprise Associates (NEA), Ravi Viswanathan considered the challenges presented by evolving market dynamics in the venture capital space. Startups were staying private longer, which led to limited partners... View Details
- October 2019 (Revised February 2020)
- Case
Relevent and LaLiga: Bringing Spanish Soccer to America
By: Anita Elberse and David Moreno Vicente
“Barcelona backs out of proposed LaLiga match in Miami.” It is December 2018, and Daniel Sillman, chief executive officer of sports and entertainment company Relevent, is tasked with finding a way forward after a significant setback. Relevent had found success by... View Details
- October 2019
- Case
Kaspi.kz IPO
By: Victoria Ivashina and Esel Çekin
This case follows Kaspi.kz, a private equity (Baring Vostok) co-owned retail bank in Central Asia that evolved into a fintech, payments and e-commerce company. It provides insights into private equity financing, portfolio company management, and initial public offering... View Details
- 2020
- Chapter
Business, Ethics and Institutions. The Evolution of Turkish Capitalism in a Comparative Perspective
By: Asli M. Colpan and Geoffrey Jones
This chapter offers a survey of the evolution of Turkish capitalism from the 19th century Ottoman Empire until the present day. It shows that Turkish business over the last century and a half was shaped in an institutional context similar to those in many developing... View Details
- Article
Organizational Innovation in the Multinational Enterprise: Internalization Theory and Business History
By: Teresa da Silva Lopes, Mark Casson and Geoffrey Jones
This article engages in a methodological experiment by using historical evidence to challenge a common misperception about internalization theory. The theory has often been criticized for maintaining that it assumes a hierarchically organized MNE based on knowledge... View Details
- 2019
- Working Paper
Why Does Business Invest in Education in Emerging Markets? Why Does It Matter?
By: Valeria Giacomin, G. Jones and Erica Salvaj
This working paper examines why a significant number of businesses have made non-profit investments in education in emerging markets between the 1960s and the present day. Using a sample of 110 interviews with business leaders from an oral history database at the... View Details
- September 2019
- Case
JTC: Stronger Together with Shared Ownership
By: Ethan Bernstein and Daniela Beyersdorfer
Nigel Le Quesne, CEO of Jersey-based financial services firm JTC, firmly believed that "shared ownership" was at the heart of his company’s successful track record. The firm had seen its revenues, profits, and number of clients and staff grow steadily throughout its... View Details
- September 2019
- Case
Shell: A Company of Opportunity?
By: Joseph B. Fuller and Emer Moloney
The Opportunity Hub was a cloud-based platform that enabled managers to market projects they were working on and associated resourcing needs as “Opportunity Owners” and employees, or “Opportunity Seekers,” to browse these statements of need and engage when they had... View Details
Keywords: Business Divisions; Change Management; Competency and Skills; Experience and Expertise; Talent and Talent Management; Energy; Energy Sources; Non-Renewable Energy; Renewable Energy; Human Resources; Employees; Retention; Collaborative Innovation and Invention; Innovation and Management; Innovation Strategy; Technological Innovation; Jobs and Positions; Job Design and Levels; Knowledge Sharing; Knowledge; Knowledge Use and Leverage; Labor; Human Capital; Labor Unions; Leading Change; Resource Allocation; Organizational Change and Adaptation; Performance Evaluation; Performance Productivity; Strategic Planning; Projects; Motivation and Incentives; Business Strategy; Social and Collaborative Networks; Technology Platform; Chemical Industry; Energy Industry; Information Technology Industry; Technology Industry; United Kingdom; Netherlands
- September 2019
- Article
The Dollar, Bank Leverage and Deviations from Covered Interest Parity
By: Stefan Advjiev, Wenxin Du, Catherine Koch and Hyun Song Shin
We document a triangular relationship in that a stronger dollar goes hand in hand with larger deviations from covered interest parity (CIP) and contractions of cross-border bank lending in dollars. We argue that underpinning the triangle is the role of the dollar as a... View Details
- August 2019 (Revised April 2021)
- Case
Unifying Divisions: Joro's Mission to Preserve the Planet
By: Shikhar Ghosh and Marilyn Morgan Westner
The case focuses on the initial startup team and Founders’ agreements. In March 2018, Sanchali Pal proposed renegotiating the informal founders’ agreement and equity split she and her co-founders had drafted the previous spring. They had been working together for over... View Details
- 2021
- Working Paper
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit... View Details
- August 2019 (Revised March 2022)
- Case
Lemonade: Disrupting Insurance with Instant Everything, Killer Prices, and a Big Heart
By: Elie Ofek and Danielle Golan
Launching its first products in the fall of 2016 in New York, insurtech startup Lemonade was on a mission to disrupt the insurance market by using AI and behavioral economics principles. The company offered renters, homeowners, and condo insurance and mainly targeted... View Details