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    Managerial Structure and Performance-Induced Trading

    The literature finds that investors increase portfolio turnover following high returns, explaining it by either overconfidence or skilled trading. This paper develops a theoretical model and shows empirically that team-managed funds trade less after good... View Details
    • Article

    History-informed Strategy Research: The Promise of History and Historical Research Methods in Advancing Strategy Scholarship

    By: Nicholas Argyres, Alfredo De Massis, Nicolai J. Foss, Federico Frattini, Geoffrey Jones and Brian Silverman
    Recent years have seen an increasing interest in the use of history and historical research methods in strategy research. This article discusses how and why history and historical research methods can enrich theoretical explanations of strategy phenomena. The article... View Details
    Keywords: Methodology; Strategy; Business History; Research; History
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    • Research Summary

    'Optimal Incentive Contracts under Inequity Aversion' (with Achim Wambach) ), 2005

    We analyze the Moral Hazard problem, assuming that the agent is inequity averse. Our results differ from conventional contract theory and are more in line with empirical findings than these standard results. Our key findings are: Inequity aversion alters the structure... View Details
    • Article

    Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints

    By: Luis Garicano and Claudia Steinwender
    We introduce a novel empirical strategy to measure the size of credit shocks. Theoretically, we show that credit shocks reduce the value of long-term relative to short-term investments. Empirically, we can therefore compare the reduction of long-term relative to... View Details
    Keywords: Credit Constraints; Credit Crunch; Spain; Investment Behavior; Credit Squeeze; Financial Crisis; Economic Growth; Investment; Credit; Manufacturing Industry; Spain; European Union
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    • 2012
    • Working Paper

    Modularity and Organizations

    By: Carliss Y. Baldwin
    Modularity describes the degree to which a complex system can be broken apart into subunits (modules) that can be recombined in various ways. Modularity is important for organizations and the economy because the boundaries of organizational units and corporations are... View Details
    Keywords: Complex Systems; Information Hiding; Loosely-coupled Systems; Mirroring; Mirroring Hypothesis; Modules; Modularity; Near-decomposable Systems; Product Architecture; Option Value; Organizational Design; Complexity
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    • 2007
    • Chapter

    Behavioral Corporate Finance: A Survey

    By: Malcolm Baker, Richard Ruback and Jeffrey Wurgler
    Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach... View Details
    Keywords: Decisions; Prejudice and Bias; Debt Securities; Financial Management; Price; Theory; Investment; Problems and Challenges; Behavioral Finance; Corporate Finance
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    • 04 Jan 2018
    • News

    The Changing Landscape of Auditor Litigation and Its Implication for Audit Quality

    • Research Summary

    On-line social networks

    Professor Piskorski's current research examines why and how people use on-line social networks, both in the US and abroad. Using extensive fieldwork and large scale empirical analyses, he constructed theories of social failures and networks as covers... View Details

    Keywords: Social Networks
    • Book Review

    Book Review of 'Organized Violence after Civil War: The Geography of Recruitment in Latin America' by Sarah Zukerman Daly

    By: Natalia Garbiras-Díaz
    Why do some non-state actors, under the same peace accord, go back to violence in the aftermath of the disarming and demobilization of their armies, while others remain demilitarized? In her book, Organized Violence after Civil War: The Geography of Recruitment in... View Details
    Keywords: Civil War; Government; Government and Politics; Governance; National Security; Governance Compliance; Latin America
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    • May 2023
    • Article

    Political Ideology and International Capital Allocation

    By: Elisabeth Kempf, Mancy Luo, Larissa Schäfer and Margarita Tsoutsoura
    Does investors' political ideology shape international capital allocation? We provide evidence from two settings—syndicated corporate loans and equity mutual funds—to show ideological alignment with foreign governments affects the cross-border capital allocation by... View Details
    Keywords: Capital Flows; Syndicated Loans; Mutual Funds; Partisanship; Polarization; Elections; Political Ideology; Banks and Banking; Institutional Investing; Behavioral Finance; Decision Choices and Conditions
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    • October 2020
    • Case

    John Branca: Negotiating the Beatles' Northern Songs Catalog (A)

    By: James K. Sebenius and Alex Green
    In 1985, pop music superstar Michael Jackson instructed his attorney, John Branca, to make a bid for the Northern Songs music catalog, which contained the songs of the Beatles. In a challenging negotiation with Australian media baron Robert Holmes à Court, Branca... View Details
    Keywords: Negotiation; Entertainment; Music Entertainment; Strategy; Music Industry; Entertainment and Recreation Industry; United States; United Kingdom
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    • 2014
    • Working Paper

    De Gustibus non est Taxandum: Heterogeneity in Preferences and Optimal Redistribution

    By: Benjamin B Lockwood and Matthew Weinzierl
    The prominent but unproven intuition that preference heterogeneity reduces redistribution in a standard optimal tax model is shown to hold under the plausible condition that the distribution of preferences for consumption relative to leisure rises, in terms of... View Details
    Keywords: Spending; Policy; Taxation; Theory; United States
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    • fall 2007
    • Article

    The Design of Patent Pools: The Determinants of Licensing Rules

    By: Josh Lerner, Marcin Strojwas and Jean Tirole
    Patent pools are an important but little-studied economic institution. In this paper, we first make a set of predictions about the licensing terms associated with patent pools. The theoretical framework predicts that (a) pools consisting of complementary patents are... View Details
    Keywords: Governing Rules, Regulations, and Reforms; Collaborative Innovation and Invention; Patents; Rights
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    • 2024
    • Working Paper

    Incorporating Micro Data into Differentiated Products Demand Estimation with PyBLP

    We delineate a general framework for incorporating many types of micro data from summary statistics to full surveys of selected consumers into Berry, Levinsohn, and Pakes (1995) style estimates of differentiated products demand systems. We extend recommended practices... View Details
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    • 2024
    • Working Paper

    The Rise of Alternatives

    By: Juliane Begenau, Pauline Liang and Emil Siriwardane
    Since the 2000s, U.S. public pensions have shifted their risky investments towards alternative assets like private equity and hedge funds, some more aggressively than others. We explore several explanations for these cross-sectional trends, focusing on those implied by... View Details
    Keywords: Investment Funds; Investment Return; Risk and Uncertainty
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    • Forthcoming
    • Article

    FinTech Lending and Cashless Payments

    By: Pulak Ghosh, Boris Vallée and Yao Zeng
    Borrower's use of cashless payments both improves their access to capital from FinTech lenders and predicts a lower probability of default. These relationships are stronger for cashless technologies providing more precise information, and for outflows. Cashless payment... View Details
    Keywords: Fintech; Lending; Payments; Data Sharing; Financing and Loans; Information Technology; Banks and Banking; Business Model
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    • May 2023
    • Article

    Gentrification and Retail Churn: Theory and Evidence

    By: Edward L. Glaeser, Michael Luca and Erica Moszkowski
    How does gentrification transform neighborhood retail amenities? This paper presents a model in which gentrification harms incumbent residents by increasing rental costs and by eliminating distinctive local stores. While rising rents can be offset with targeted... View Details
    Keywords: Gentrification; Neighborhoods; Impact; Local Range; Transition; Civil Society or Community; Welfare; Economic Growth
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    • August 2020
    • Article

    Leverage and the Beta Anomaly

    By: Malcolm Baker, Mathias F. Hoeyer and Jeffrey Wurgler
    The well-known weak empirical relationship between beta risk and the cost of equity—the beta anomaly—generates a simple tradeoff theory: As firms lever up, the overall cost of capital falls as leverage increases equity beta, but as debt becomes riskier the marginal... View Details
    Keywords: Risk Anomaly; Leverage; Capital Structure; Risk and Uncertainty
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    • 2020
    • Working Paper

    Contract Duration and the Costs of Market Transactions

    By: Alexander MacKay
    The optimal duration of a supply contract balances the costs of reselecting a supplier against the costs of being matched to an inefficient supplier when the contract lasts too long. I develop a structural model of contract duration that captures this tradeoff and... View Details
    Keywords: Vertical Relationships; Transaction Costs; Contract Duration; Identification; Supply Chain; Cost; Contracts; Auctions; Mathematical Methods
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    • February 2018
    • Article

    Heterogeneous Technology Diffusion and Ricardian Trade Patterns

    By: William R. Kerr
    This study tests the importance of Ricardian technology differences for international trade. The empirical analysis has three comparative advantages: including emerging and advanced economies, isolating panel variation regarding the link between productivity and... View Details
    Keywords: Exports; Comparative Advantage; Technological Transfer; Innovation; Networks; Patents; Residency; Technology Adoption; Trade; Research and Development; Immigration; United States
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