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  • Research Summary

The Talent at the Table: Business Expertise and Share Ownership in Fortune 500 Boardrooms

This paper examines the relationship between corporate value and "vestige" directors, defined as directors who own sizeable shareholdings but lack salient business experience relative to their peers on Fortune 500 boards.  These people come to serve on... View Details
  • Teaching Interest

Investment Management Workshop

By: Luis M. Viceira
Investing and Strategic Decision-Making for Principals, Portfolio Managers, and Executives of Asset Management Firms

For nearly 50 years, the Investment Management Workshop (IMW) has convened the world's top principals, portfolio managers, and... View Details
  • Research Summary

Current Research

Ian studies extrinsic rewards -- monetary incentives from formal compensation systems, as well as other formal and informal external rewards-- in order to help businesses understand the tensions and tradeoffs inherent in motivating employees. His research takes a... View Details

  • Article

The Effect of Institutional Factors on the Value of Corporate Diversification

By: Venkat Kuppuswamy, George Serafeim and Belen Villalonga
Using a large sample of diversified firms from 38 countries we investigate the influence of several national-level institutional factors or 'institutional voids' on the value of corporate diversification. Specifically, we explore whether the presence of frictions in a... View Details
Keywords: Diversification Discount; Institutions; Labor Market; Competition; Human Capital; Diversification; Value; Capital Markets
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  • August 2013
  • Article

Lords of the Harvest: Third-party Influence and Regulatory Approval of Genetically Modified Organisms

By: Shon R. Hiatt and Sangchan Park
Little is known about the factors that influence regulatory-agency decision making. We posit that regulatory agencies are influenced by the firms they regulate, but not exclusively via dyadic exchanges as is traditionally argued in the regulatory capture and... View Details
Keywords: Strategy; Government and Politics; Agriculture and Agribusiness Industry; United States
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  • May 2024
  • Article

Production Complementarity and Information Transmission Across Industries

By: Charles M.C. Lee, Terrence Tianshuo Shi, Stephen Teng Sun and Ran Zhang
Economic theory suggests that production complementarity is an important driver of sectoral co-movements and business cycle fluctuations. We operationalize this concept using a measure of production complementarity proximity (COMPL) between any two companies. We show... View Details
Keywords: Financial Markets; Networks; Investment Return; Business Cycles
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  • Article

Peer-to-Peer File Sharing and the Market for Digital Information Goods

By: Ramon Casadesus-Masanell and Andres Hervas-Drane
We study competitive interaction between two alternative models of digital content distribution over the Internet: peer-to-peer (p2p) file sharing and centralized client-server distribution. We present microfoundations for a stylized model of p2p file sharing where all... View Details
Keywords: Competition; Distribution; Internet and the Web; Information Infrastructure; Management Analysis, Tools, and Techniques; Strategy; Profit; Price; Performance Efficiency
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  • Article

Firms, Crowds, and Innovation

By: Teppo Felin, Karim R. Lakhani and Michael L. Tushman
The purpose of this article is to suggest a (preliminary) taxonomy and research agenda for the topic of “firms, crowds, and innovation” and to provide an introduction to the associated special issue. We specifically discuss how various crowd-related phenomena and... View Details
Keywords: Crowdsourcing; Innovation; Open Innovation; Organization Theory; Collaborative Innovation and Invention; Organizations; Theory; Strategy
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  • January 2006 (Revised March 2010)
  • Case

Peer-to-Peer File Sharing and the Market for Digital Information Goods

By: Ramon Casadesus-Masanell, Andres Hervas and Jordan Mitchell
We study competitive interaction between two alternative models of digital content distribution over the Internet: peer-to-peer (p2p) file sharing and centralized client-server distribution. We present microfoundations for a stylized model of p2p file sharing where all... View Details
Keywords: Price; Profit; Distribution; Competition; Internet and the Web; Information Infrastructure
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  • 2021
  • Working Paper

Public Disclosure of Private Meetings: Does Observing Peers' Information Acquisition Affect Analysts' Attention Allocation?

By: Yi Ru, Ronghuo Zheng and Yuan Zou
We investigate the impact of observing peers’ information acquisition on financial analysts’ attention allocation. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, when analysts can observe that a firm is visited by other... View Details
Keywords: Attention Allocation; Informational Efficiency; Corporate Site Visits; Externalities; Information; Acquisition; Corporate Disclosure; Outcome or Result
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  • 2007
  • Working Paper

The Impact of Shareholder Activism on Financial Reporting and Compensation: The Case of Employee Stock Options Expensing

By: Fabrizio Ferri and Tatiana Sandino
In this paper we examine the economic consequences of over 150 shareholder proposals to expense employee stock options (ESO) submitted during the proxy seasons of 2003 and 2004–the first case where the SEC has allowed an accounting matter to be subject to an advisory... View Details
Keywords: Executive Compensation; Financial Reporting; Employee Stock Ownership Plan; Corporate Governance; Investment Activism; Business and Shareholder Relations
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  • May 2017
  • Teaching Note

Partners Group: Ain't No Mountain High Enough

By: Nori Gerardo Lietz
Partners Group (PG), a Swiss-based PE manager, initiated a series of strategic shifts and evolved from a predominately fund-of-funds manager into a large, multi-asset class PE firm focused on direct investments. PG was the first PE firm to go public in 2006. A number... View Details
Keywords: Business Model; Entrepreneurship; Management Practices and Processes; Private Equity
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  • 22 Jan 2013
  • First Look

First Look: Jan. 22

Using Public-Private Partnerships to Improve Firm Survival, Employment Growth, and Innovative Performance Authors:Chai, Sen, and Willy C. Shih Abstract Scientific research and its translation into commercialized technology is a driver of... View Details
Keywords: Sean Silverthorne
  • Research Summary

Non-Financial Incentives

My research shows how firms combine many facets of internal governance to motivate managers. A perspective that underlies much of my research is that managers are not motivated by financial rewards alone: “it’s not just about the... View Details

  • May 2013
  • Article

The Stock Selection and Performance of Buy-Side Analysts

By: Boris Groysberg, Paul Healy, George Serafeim and Devin Shanthikumar
Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives... View Details
Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Financial Services Industry; United States
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  • Article

The Stock Selection and Performance of Buy-Side Analysts

By: Boris Groysberg, Paul M. Healy, Georgios Serafeim, Devin Shanthikumar and Gui Yang
We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts during the period mid-1997 and 2004. The buy-side firm's analysts issued less optimistic recommendations for stocks with larger... View Details
Keywords: Buy-side Analysts; Sell-side Analysts; Stock Recommendations; Recommendation Optimism; Recommendation Performance; Investment Recommendations; Conflicts Of Interest; Financial Markets; Financial Institutions; Stocks; Financial Services Industry; United States
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  • 23 Jan 2018
  • First Look

First Look at New Research and Ideas, January 23, 2018

2018 Protean Power: Exploring the Uncertain and Unexpected in World Politics Firms in Firmament: Hydrocarbons and the Circulation of Power By: Abdelal, Rawi Abstract—No abstract available. Publisher's link:... View Details
Keywords: Sean Silverthorne
  • 31 Jan 2012
  • First Look

First Look: Jan. 31

duties in firms incorporated in that state. This change limited managers' incentives to take actions favoring equity over debt for firms in the vicinity of financial distress. We show that this ruling... View Details
Keywords: Sean Silverthorne & Carmen Nobel
  • 10 May 2011
  • First Look

First Look: May 10

the effects of changes in comparability, we examine changes to information asymmetry for firms domiciled in the U.K. Domestic standards in the U.K. that preceded IFRS adoption are considered very similar to IFRS (Bae et al., 2008);... View Details
Keywords: Sean Silverthorne
  • Forthcoming
  • Article

Mitigating the Negative Effects of Customer Anxiety Through Access to Human Contact

By: Michelle A. Kinch and Ryan W. Buell
Prior research in social psychology has shown that when people feel anxious, they seek advice from others. However, companies that operate in high-anxiety settings (like financial services, health care, and education) are increasingly deploying self-service... View Details
Keywords: Anxiety; Self-service; Empirical Operations; Behavioral Operations; Communication Technology; Behavior; Customer Focus and Relationships; Trust; Satisfaction; Financial Services Industry
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