Publications

Research Summary

Current Research

Professor Gardner’s research investigates two primary research questions, both particularly relevant to the management of professional service firms: (1) How are project teams able to most effectively use their members’ expertise in order... View Details

Research Summary

Financial Risk Management

By: Richard F. Meyer

Richard F. Meyer is exploring the theory and practice of financial risk management in corporations worldwide. Three primary objectives of his research are: to understand the underlying sources of risk and corporations' exposure to them; to identify appropriate,... View Details

September 2021
Article

Diagnostic Bubbles

By: Pedro Bordalo, Nicola Gennaioli, Spencer Yongwook Kwon and Andrei Shleifer

We introduce diagnostic expectations into a standard setting of price formation in which investors learn about the fundamental value of an asset and trade it. We study the interaction of diagnostic expectations with two well-known mechanisms: learning from prices and... View Details

Keywords: Bubble; Speculation; Diagnostic Expectations; Price Bubble; Mathematical Methods

Article

Cultural Diversity on Wall Street: Evidence from Consensus Earnings Forecasts

By: Kenneth Merkley, Roni Michaely and Joseph Pacelli

We examine how cultural differences among agents influence the aggregate outcome of a common forecasting task. Using both exogenous shocks to sell-side analyst diversity and panel regression methods, we find that increases in analyst cultural diversity positively... View Details

Keywords: Culture; Forecasting; Sell-side Analysts; Information Aggregation; Diversity; Forecasting and Prediction; Information; Performance Improvement

2016
Working Paper

Entrepreneurship and Public Health Insurance

By: Gareth Olds

I examine the relationship between public health insurance and firm formation. Developing a variant of regression discontinuity, I find the Child Health Insurance Program lowered the child uninsured rate by 40% and increased self-employment by 15%. Monte Carlo evidence... View Details

Keywords: Insurance; Entrepreneurship

December 2016
Article

Industry Window Dressing

By: Huaizhi Chen, Lauren Cohen and Dong Lou

We explore a new mechanism by which investors take correlated shortcuts and present evidence that managers undertake actions—in the form of sales management—to take advantage of these shortcuts. Specifically, we exploit a regulatory provision wherein a firm’s primary... View Details

Keywords: Investor Shortcuts; Industry Classification; Opportunistic Managerial Behavior; Discontinuity; Management Practices and Processes; Investment; Sales

May 2011
Article

Race at the Top: How Companies Shape the Inclusion of African Americans on Their Boards in Response to Institutional Pressures

By: Clayton S. Rose and William T. Bielby

Drawing on institutionalist theory, we conceptualize the racial composition of the boards of directors of large American companies as shaped in response to social and political norms. We use new longitudinal and cross-sectional data to test hypotheses about factors... View Details

Keywords: Leadership; Governing and Advisory Boards; Race; Mathematical Methods; Government and Politics; Public Ownership; United States

January 2008 (Revised January 2010)
Case

iBasis, Inc.

By: Andrew Wasynczuk, Katherine Dowd and Nicole Kravec

iBasis examines the development of a long-term relationship between equipment manufacturer Cisco and start-up iBasis, a voice-over-internet wholesaler. Questions arise for iBasis founders as to how best to build a beneficial relationship with the much larger partner.... View Details

Keywords: Information Technology; Intellectual Property; Value Creation; Equality and Inequality; Partners and Partnerships; Business Growth and Maturation; Price Bubble; Trust; Business Startups; Manufacturing Industry; Communications Industry; Web Services Industry

Educators

March 2001 (Revised April 2001)
Case

Montefiore Medical Center

By: Robert S. Kaplan and Syeda Noorein Inamdar

A large urban medical center implements the Balanced Scorecard management tool. Elaine Brennan, senior VP of operations, has reorganized a highly functional health care organization into decentralized patient care centers and support units. Having recently endured the... View Details

Keywords: Balanced Scorecard; Health Care and Treatment; Management Systems; Organizational Structure; Corporate Strategy; Leadership Development; Growth and Development Strategy; Financial Reporting; Budgets and Budgeting; Cost Accounting; Corporate Accountability; Communication; Health Industry

Educators

27 Apr 2022
News

Healthy (and Unhealthy) Coping Strategies for Anxious Times

2022
Working Paper

The Issuance and Design of Sustainability-linked Loans

By: Maria Loumioti and George Serafeim

Sustainability-linked loans (i.e., syndicated loans for which pricing is linked to a sustainability performance indicator) have rapidly evolved into a significant private debt product. We find that sustainability-linked lending has been available mostly to borrowers... View Details

Keywords: Sustainability; Sustainability Management; Credit Products; Loan Contracts; Loans; Corporate Finance; Credit Risk; Environment; ESG; ESG Ratings; Climate Change; Finance; Borrowing and Debt; Risk and Uncertainty; Credit

SSRN

May 2016
Article

Matching with Slot-Specific Priorities: Theory

By: Scott Duke Kominers and Tayfun Sönmez

We introduce a two-sided, many-to-one matching with contracts model in which agents with unit demand match to branches that may have multiple slots available to accept contracts. Each slot has its own linear priority order over contracts; a branch chooses contracts by... View Details

Keywords: Matching With Contracts; Stability; Strategy-proofness; School Choice; Affirmative Action; Airline Seat Upgrades; Contracts; Market Design; Marketplace Matching; Balance and Stability

March–April 2019
Article

A Recombination-Based Internationalization Model: Evidence from Narayana Health's Journey from India to the Cayman Islands

By: Budhaditya Gupta and Tarun Khanna

Internationalizing firms often find developing host-country resources challenging as they simultaneously attempt to replicate the resources that worked well in their home country and adapt them to fit the context of the host country. On the basis of a longitudinal... View Details

Keywords: Recombination; Internationalization; Cross-Cultural and Cross-Border Issues; Multinational Firms and Management; Health Care and Treatment; India; Cayman Islands

2014
Working Paper

Hidden Substitutes

By: John William Hatfield and Scott Duke Kominers

In this paper, we show that preferences exhibiting some forms of complementarity in fact have an underlying substitutable structure. Specifically, we show that some preferences that are not substitutable in the setting of many-to-one matching with contracts become... View Details

Keywords: Many-to-One Matching; Many-to-Many Matching; Stability; Substitutes; Matching With Contracts; Slot-Specific Priorities; Sherlock; Market Design; Contracts; Marketplace Matching; Balance and Stability

spring 1994
Article

Unilateral Commitments and the Importance of Process in Alliances

By: Ranjay Gulati, Tarun Khanna and Nitin Nohria

How the partners in an alliance view their joint venture can have much to do with its success or failure. Each partner fears that the other will get the larger payoff by acting opportunistically while it cooperates in good faith. The result is that both partners choose... View Details

Keywords: Management Style; Partners and Partnerships; Joint Ventures; Management Practices and Processes; Alliances; Trust; Game Theory

October 2008
Article

The Small World of Investing: Board Connections and Mutual Fund Returns

By: Lauren Cohen, Andrea Frazzini and Christopher J. Malloy

This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger bets on firms they are... View Details

Keywords: Financial Markets; Information Management; Social and Collaborative Networks; Announcements; Investment Portfolio; Investment Return; Investment Funds; Asset Pricing; Governing and Advisory Boards

September 2002 (Revised October 2002)
Case

Corporate Inversions: Stanley Works and the Lure of Tax Havens

By: Mihir A. Desai, James R. Hines, Jr and Mark Veblen

In response to Stanley Work's announcement that it is moving to Bermuda--and the associated jump in market value--a major competitor sets out to determine how the market is valuing the consequences of moving to a tax haven and whether his company should invert to a tax... View Details

Keywords: Financial Management; Taxation; Financial Strategy; Credit Derivatives and Swaps; International Finance; Valuation; Financial Markets; Financial Statements; United States

Educators