Publications

24 Nov 2015
News

To prevent corporate ‘inversions,’ the American tax code needs to be fixed

Awards

BSI Gamma Foundation Research Grant

By: Lauren H. Cohen

Won the 2006 BSI Gamma Foundation Grant, Firm Characteristics and Investment Management for the paper (with Andrea Frazzini) "Economic Links and Predictable Returns" (Journal of Finance, August 2008). View Details

December 2015
Article

What Is Disruptive Innovation?

By: Clayton M. Christensen, Michael Raynor and Rory McDonald

For the past 20 years, the theory of disruptive innovation has been enormously influential in business circles and a powerful tool for predicting which industry entrants will succeed. Unfortunately, the theory has also been widely misunderstood, and the "disruptive"... View Details

Keywords: Disruptive Innovation; Theory

January 1995
Background Note

A Note on Distribution of Venture Investments

By: Josh Lerner

Venture capitalists typically exit investments by distributing shares to investors. These transfers pose challenges for these investors. Predictions and evidence about the behavior of stock prices of firms around the time of these distributions are presented. View Details

Keywords: Forecasting and Prediction; Venture Capital; Stocks; Investment; Price

January 2022
Article

Why is Corporate Virtue in the Eye of The Beholder? The Case of ESG Ratings

By: Dane Christensen, George Serafeim and Anywhere Sikochi

Despite the rising use of environmental, social, and governance (ESG) ratings, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine whether a firm’s ESG... View Details

Keywords: ESG Ratings; Rating Agency Disagreement; ESG Disclosure; Corporate Social Responsibility; Sustainability; Corporate Social Responsibility and Impact; Environmental Sustainability; Corporate Disclosure

2019
Working Paper

Soul and Machine (Learning)

By: Davide Proserpio, John R. Hauser, Xiao Liu, Tomomichi Amano, Alex Burnap, Tong Guo, Dokyun Lee, Randall Lewis, Kanishka Misra, Eric Schwarz, Artem Timoshenko, Lilei Xu and Hema Yoganarasimhan

Machine learning is bringing us self-driving cars, improved medical diagnostics, and machine translation, but can it improve marketing decisions? It can. Machine learning models predict extremely well, are scalable to “big data,” and are a natural fit to rich media... View Details

Keywords: Machine Learning; Technological Innovation; Marketing; AI and Machine Learning

SSRN

March 2005
Article

Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage

By: Robin Greenwood

I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be... View Details

Keywords: Limits To Arbitrage; Event Studies; Demand Curves; Portfolio Choice; Framework; Demand and Consumers; Change; Risk and Uncertainty; Debt Securities; Forecasting and Prediction; Stocks; Assets; Investment Portfolio; System Shocks; Price; Japan

The period leading up to the Great Depression witnessed the rise of economic forecasters, pioneers who sought to use the tools of science to predict the future, with the aim of profiting from their forecasts. This book chronicles the lives and careers of the men who... View Details

December 2019
Case

Forecasting ClimaCell

By: Joshua Lev Krieger, Christopher Stanton and James Barnett

A weather technology startup, ClimaCell considers the R&D trade-offs and financing implications of pursuing a proposed contract with a major automobile maker, rather than continuing its focus on building a scalable, all-purpose weather prediction engine. View Details

Keywords: Weather; Forecasting and Prediction; Technological Innovation; Research and Development; Finance; Cost vs Benefits; Decision Making; Strategy

Educators

Purchase

07 Dec 2018
Video

Current Events Through the Lens of Theory: Tesla's Debt Downgraded

20 Jul 2020
News

How Much Will it cost? And 5 Other Questions Congress Could Push COVID-19 Vaccine Makers to Answer

August 2018 (Revised April 2019)
Supplement

Chateau Winery (B): Supervised Learning

By: Srikant M. Datar and Caitlin N. Bowler

This case builds directly on “Chateau Winery (A).” In this case, Bill Booth, marketing manager of a regional wine distributor, shifts to supervised learning techniques to try to predict which deals he should offer to customers based on the purchasing behavior of those... View Details

Keywords: Data Science; Clustering; Analytics and Data Science; Customers; Marketing; Analysis

Purchase

September 26, 2018
Article

Ownership and Power Structure: Together at Last

By: Laura Alfaro, Nicholas Bloom, Paola Conconi, Harald Fadinger, Patrick Legros, Andrew Newman, Raffaella Sadun and John Van Reenen

Economists have largely ignored the deep interdependency between integration and delegation. This column describes a new theory of integration and delegation choices aimed at shedding light on how these distinct elements of organizational design interact. Contrary to... View Details

Keywords: Power; Organisational Design; Economics; Ownership; Organizational Design

2017
Working Paper

Investment Timing with Costly Search for Financing

By: Samuel Antill

I develop a dynamic model of investment timing in which firms must first choose when to search for external financing. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on parameters, my model can... View Details

Keywords: Real Options; Search And Bargaining; Time-varying Financial Conditions; Investment; Venture Capital; Mathematical Methods