Publications

November 2020
Article

Casting Conference Calls

By: Lauren Cohen, Dong Lou and Christopher J. Malloy

We explore a subtle but important mechanism through which firms can control information flow to the markets. We find that firms that “cast” their conference calls by disproportionately calling on bullish analysts tend to underperform in the future. Firms that call on... View Details

Keywords: Strategic Release; Firms; Conference Calls; Information; Strategy; Asset Pricing

SSRN

Article

Agency Costs, Mispricing, and Ownership Structure

By: Sergey Chernenko, C. Fritz Foley and Robin Greenwood

Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear all agency costs that they create and therefore have a strong incentive to minimize conflicts of interest with outside investors. We argue that if equity is... View Details

Keywords: Business and Shareholder Relations; Ownership; Conflict of Interests; Investment; Valuation

16 Dec 2021
Blog Post

African American Student Union Spotlight on STEM

business, to test out entrepreneurship, and to build a more global network of peers outside the tech and West Coast scene. What has been the most difficult part of your experience as a STEM student, and how did you overcome it? View Details

10 Jun 2019
Blog Post

What I Did Differently Before Reapplying to HBS

I first applied to HBS through the 2+2 program when I was a senior in college. I had good grades, did well on my GMAT, and had two great mentors to write references letters for me. I worked hard on the application, and was disappointed when I didn't get in. HBS was the... View Details

06 Feb 2019
Blog Post

7 Tips for a Successful Technology Venture Immersion

discovered HBS’s MS/MBA: Engineering Sciences Program, a perfect way to get the business and leadership development experience I was looking for AND continue my technical learning. In particular, I was drawn to the program’s focus on... View Details

Article

The Career Effects of Scandal: Evidence from Scientific Retractions

By: Pierre Azoulay, Alessandro Bonatti and Joshua Lev Krieger

We investigate how the scientific community's perception of a scientist's prior work changes when one of his articles is retracted. Relative to non-retracted control authors, faculty members who experience a retraction see the citation rate to their earlier,... View Details

Keywords: Reputation; Perception; Status and Position; Outcome or Result

Article

(When) Are Religious People Nicer? Religious Salience and the 'Sunday Effect' on Pro-social Behavior

By: Deepak Malhotra

Prior research has found mixed evidence for the long-theorized link between religiosity and pro-social behavior. To help overcome this divergence, we hypothesize that pro-social behavior is linked not to religiosity per se, but rather to the salience of religion and... View Details

Keywords: Philanthropy and Charitable Giving; Auctions; Bids and Bidding; Religion; Behavior; Societal Protocols

07 Aug 2012
First Look

First Look: August 7

joint creativity in a superadditive fashion. Using a two-step methodology that included both individual and dyadic brainstorming sessions, we found that even after controlling for individual creativity, multicultural View Details

Keywords: Sean Silverthorne

30 May 2005
Research & Ideas

Germany’s Pioneering Corporate Managers

1933-1945; the Federal Republic (West Germany) or German Democratic Republic (East Germany) 1945-1989. In terms of political or economic history, these divisions make a lot of sense, but in terms of individuals' experiences or business... View Details

Keywords: by Sean Silverthorne

September 2019
Article

Bankruptcy Spillovers

By: Shai Bernstein, Emanuele Colonnelli, Xavier Giroud and Benjamin Iverson

How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of... View Details

Keywords: Agglomeration; Insolvency and Bankruptcy; Economy; Governing Rules, Regulations, and Reforms

16 May 2012
Research & Ideas

Can Decades of Military Overspending be Fixed?

States has often turned to cutting-edge technology solutions to solve strategic and operational challenges. “Costs tend to rise in all organizations unless managers and their staffs are skilled in industrial management and strongly motivated to View Details

Keywords: by J. Ronald Fox; Service

06 Dec 2013
News

Prescription: Leverage Human Nature

2022
Working Paper

Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register

By: Laura Alfaro, Ester Faia and Camelia Minoiu

We examine the consequences of monetary policy on racial disparities, focusing on the role of bank lending to firms through collateral and selection channels. Leveraging comprehensive loan-level data from the U.S. credit register (Y-14Q) of the Federal Reserve, we show... View Details

Keywords: Monetary Policy Transmission; Inequity; Credit Registry; Wealth; Collateral Channel; Selection; Racial Disparity; Racial Inequality; Equality and Inequality; Banks and Banking; Credit; Governing Rules, Regulations, and Reforms; Banking Industry; United States

24 Sep 2008
Working Paper Summaries

CEO and CFO Career Penalties to Missing Quarterly Analysts Forecasts

Keywords: by Rick Mergenthaler, Shiva Rajgopal & Suraj Srinivasan

Article

Toward Resource Independence—Why State-Owned Entities Become Multinationals: An Empirical Study of India's Public R&D Laboratories

By: Prithwiraj Choudhury and Tarun Khanna

In this paper, we build on the standard resource dependence theory and its departure suggested by Vernon to offer a novel explanation for why state-owned entities (SOEs) might seek a global footprint and global cash flows: to achieve resource independence from... View Details

Keywords: Multinational Firms and Management; Resource Allocation; Supply Chain; State Ownership; Growth and Development Strategy; India

Purchase

May 2004
Background Note

56K Modem Battle

By: David B. Yoffie and Deborah Freier

Examines the battle to set the standard for the 56K modem. Set in 1996, this case looks at how computers accessed the Internet via a telephone line, or dial-up connection, and a hardware modem. In 1995, there were 18.6 million total modem unit shipments, with market... View Details

Keywords: Announcements; Revenue; Patents; Product Launch; Network Effects; Standards; Competition; Information Infrastructure; Internet and the Web; Technology Industry; Illinois

2013 Winner of Academy of Management Awards for Outstanding Publication in Organizational Behavior and Best Published Paper in Organization and Management Theory

Using data from embedded participant-observers and a field experiment at the second... View Details

26 Oct 2020
Blog Post

12 Weeks of VC Summer: Remote Edition

would I be able to pick up the necessary skills to succeed in a new role and build meaningful relationships with the team and the entrepreneurs? Would I enjoy this experience? I had some previous experience working remotely, but being new... View Details

Keywords: Venture Capital / Private Equity

2010
Other Unpublished Work

Top Executive Background and Corporate M&A: The Case of Former Investment Bankers

By: Francois Brochet and Kyle Welch

We study the M&A activity of firms with top executives whose employment history includes experience in a Wall Street firm, especially those with investment banking background ("IB executives"). In terms of strategy, controlling for firm-level effects, we document that... View Details

Keywords: Managerial Roles; Reputation; Investment Banking; Financial Reporting; Mergers and Acquisitions; Social and Collaborative Networks; Goodwill Accounting; Power and Influence; Banking Industry