Publications

06 Jun 2018
Research & Ideas

Cut Salaries or Cut People? The Best Way to Survive a Downturn

He adds that if a firm doesn’t have a seasonal nature to it and opts to cut pay, it “can expect [its] best workers to walk out the door.” For employees, a decision to leave a company most likely depends on whether they can easily get... View Details

Keywords: by Rachel Layne

16 May 2007
Working Paper Summaries

On The General Relativity of Fiscal Language

Keywords: by Jerry Green & Laurence J. Kotlikoff

August 2003
Article

When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler

We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details

Keywords: Stocks; Price; Investment; Equity; Forecasting and Prediction; Rank and Position; Markets

2011
Book

I Moved Your Cheese: For Those Who Refuse to Live as Mice in Someone Else's Maze

By: Deepak Malhotra

Now a Wall Street Journal Best-seller! If you were a mouse trapped in a maze and someone kept moving the cheese, what would you do? Over a decade ago, the best-selling business fable Who Moved My Cheese? offered its answer to the question: accept that change is... View Details

Keywords: Leadership; Success; Personal Development and Career; Problems and Challenges; Opportunities; Creativity

Purchase

February 2014
Article

Governance and CEO Turnover: Do Something or Do the Right Thing?

By: Ray Fisman, Rakesh Khurana, Matthew Rhodes-Kropf and Soojin Yim

We study how corporate governance affects firm value through the decision of whether to fire or retain the CEO. We present a model in which weak governance—which prevents shareholders from controlling the board—protects inferior CEOs from dismissal, while at the same... View Details

Keywords: Governing and Advisory Boards; Value; Retention; Resignation and Termination; Corporate Governance; Management Teams; Business and Shareholder Relations

16 Jul 2012
Research & Ideas

Are You a Strategist?

and even its core competencies, its continued existence depends on finding and continuing to find a compelling reason for it to exist. Shepherding this never-ending process, being the steward of a living strategy, is the defining... View Details

Keywords: by Carmen Nobel

07 Aug 2017
Research & Ideas

'Be Yourself (Within Reason)' and Other Job Search Survival Tips

consensual. You should want the job as much as the job wants you, so act in interviews as you would with colleagues to make sure these are people who will help spark that creativity. I added the “within reason” part because, as a PhD student, I spent a lot of View Details

Keywords: by Sean Silverthorne; Accounting; Education

September 2013 (Revised November 2013)
Case

Qatar: Energy for Development

By: Aldo Musacchio, Colin Donovan, Samir Mikati, Rami Sarafa and Abdulla AlMisnad

Despite being the richest country in the world on a per capita basis, for analysts Qatar belongs in the group of emerging markets considered "frontier markets." This case analyzes the strengths and weaknesses of the development strategy of this small country as set... View Details

Keywords: Frontier Markets; State-owned Enterprises; State Capitalism; Sovereign Wealth Funds; Economic Development; Sovereign Finance; State Ownership; Development Economics; Energy Industry; Middle East; Qatar

Educators

Purchase

2021
Working Paper

Stock Investors' Returns Are Exaggerated

By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang

The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main... View Details

Keywords: All-shareholder Returns; Capital Flows; Dividend Reinvestment; Equity Premium; Total Shareholder Returns; Stocks; Investment Return; Market Timing

SSRN

16 Jul 2014
HBS Case

Marketing Obamacare

"This is not like Field of Dreams, where if you build it they will come," Quelch says. "There are distinct categories of consumers, each of which needs to be addressed in a different way." By using a marketing-based approach, he says, government... View Details

Keywords: by Michael Blanding; Health

2016
Working Paper

Options-Pricing Formula with Disaster Risk

By: Robert J. Barro and Gordon Y. Liao

A new options-pricing formula applies to far-out-of-the money put options on the overall stock market when disaster risk is the dominant force, the size distribution of disasters follows a power law, and the economy has a representative agent with Epstein-Zin utility.... View Details

Keywords: Option Pricing; Rare Disaster; Price; Stock Options; Financial Crisis

09 Jan 2020
Book

Rethinking Business Strategy in the Age of AI

reshaping competition? Marco Iansiti: For the first time in many years, there’s a fundamentally different way of solving the problem of meeting a customer’s needs. Airbnb is a classic example. If I want a room to spend the night, I can go... View Details

Keywords: by Dina Gerdeman

May 2011
Article

Higher Risk, Lower Returns: What Hedge Fund Investors Really Earn

By: Ilia Dichev and Gwen Yu

The returns of hedge fund investors depend not only on the returns of the hedge funds they hold but also on the timing and magnitude of their capital flows in and out of the funds. We use dollar-weighted returns (a form of IRR) to assess the properties of actual... View Details

Keywords: Investment Funds; Investment Return; Capital Markets; Market Timing; Currency

30 Nov 2009
Research & Ideas

Tracks of My Tears: Reconstructing Digital Music

the iTunes LP format allows music companies to sell albums with bonus material such as photos. And the new Michael Jackson album will be available only in bundled format. Signs of things to come? A: I think so, yes. The labels waited a relatively long View Details

Keywords: by Sean Silverthorne; Music

08 Feb 2010
HBS Case

Looking Behind Google’s Stand in China

anything, as the leading employees of Google China are jumping ship to take jobs with Baidu and other competitors. Google will soon be down to a skeleton shift in China and, if they are permitted to stay, they will have a tough time... View Details

Keywords: by Sean Silverthorne; Technology

May 2012
Article

To Zap or Not to Zap: How to Insert the Brand in TV Commercials to Minimize Avoidance

By: Thales S. Teixeira, Michel Wedel and Rik Pieters

Huge amounts of money are spent on TV advertising. In an environment of rising per-viewer rates for advertisers and increased skipping past ads by consumers, it is necessary for advertising managers to understand the determinants of commercial avoidance. In order to... View Details

Keywords: Brands and Branding; Television Entertainment; Advertising; Decisions