Publications

Typically, past spending in a category is a positive indicator of future purchasing. In this we show that there exist categories (which we name "canary categories") in which the reverse is true -
When customers purchase... View Details

December 2022
Article

Initial Coin Offering (ICO) Success and Post-ICO Performance

By: Evgeny Lyandres, Berardino Palazzo and Daniel Rabetti

We compile a comprehensive data set of initial coin offerings (ICOs) from 19 data sources including 11 ICO aggregators. We alleviate severe limitations of available ICO data by performing the first systematic analysis of ICO data quality. We use our data set to study... View Details

Keywords: Cryptocurrency; Investment Return; Entrepreneurial Finance; Success; Performance

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2024
Working Paper

Who Clears the Market When Passive Investors Trade?

By: Marco Sammon and John J. Shim

We find that firms are the primary sellers of shares when index funds are net buyers, providing shares at a nearly one-for-one rate. Rather than provide liquidity, most demand-side institutions trade in the same direction as index funds, especially over long horizons.... View Details

Keywords: Investment Funds; Institutional Investing; Price; Investment Portfolio; Financial Institutions; Financial Instruments

SSRN

January 2020
Article

The Job Rating Game: Revolving Doors and Analyst Incentives

By: Elisabeth Kempf

Investment banks frequently hire analysts from rating agencies. While many argue that this "revolving door" creates captured analysts, it can also create incentives to improve accuracy. To study this issue, I construct an original dataset, linking analysts to their... View Details

Keywords: Credit Rating Agencies; Investment Banking; Recruitment; Performance Evaluation; Financial Services Industry

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2017
Other Unpublished Work

Better, Simpler Strategy

By: Frances X. Frei and Felix Oberholzer-Gee

Strategy, at its core, describes how a company attains superior performance. In industry after industry, there is a wide range in company performance resulting from the various strategies adopted by individual firms. Underneath all of this variation, however, are... View Details

Keywords: Strategy; Competitive Advantage

September 2011 (Revised September 2011)
Case

Penn Warranty Corporation

By: Richard S. Ruback and Royce Yudkoff

Penn Warranty Corporation sold warranty contracts to the used car market. During the recession in 2008/2009 Penn's sales declined by 26% Instead of growing by 11% as forecasted. Also, disruptions in financial and insurance markets created a cash shortfall. In the... View Details

December 2006 (Revised October 2007)
Case

Embrapa

By: David E. Bell and Mary L. Shelman

Brazil's national agricultural research corporation, Embrapa, has developed an integrated crop and livestock production system that will allow farmers and ranchers to intensify production and improve profitability. Broad adoption of the technology would provide the... View Details

Keywords: Agribusiness; Policy; Business and Government Relations; Environmental Sustainability; Technology Adoption; Agriculture and Agribusiness Industry; Brazil

04 Dec 2013
News

Crowdsourcing: Why many heads are better than one

22 Apr 2021
News

Leader, know thyself

July 2021
Article

Energy Efficiency and Electricity Reliability

By: Eliana Carranza and Robyn C. Meeks

Overloaded electrical systems are a major source of unreliable power. Using a randomized saturation design, we estimate the impact of compact fluorescent lamps (CFLs) on electricity reliability and household electricity consumption in the Kyrgyz Republic. Greater... View Details

Keywords: Energy; Technology Adoption; Green Technology; Consumer Behavior; Utilities Industry; Kyrgyzstan

May 1997
Teaching Note

Product Development Process, Organization and Improvement, Instructor's Note

By: Marco Iansiti

Explores how development projects fit (or do not fit) within a firm's development strategy and its wider competitive goals. Module materials, and this note, focus on two broad approaches to process design (sequential and flexible) that were originally introduced in the... View Details

Keywords: Goals and Objectives; Management Practices and Processes; Product Development; Performance Improvement; Competition

Research Summary

Overview

Professor Nagle studies how competitors can collaborate on the creation of core technologies, while still competing on the products and services built on top of them. His research falls into the broader categories of the futures of work, the economics of IT, and... View Details

Keywords: Information Technology; Strategy; Technological Innovation; Collaborative Innovation and Invention; Economic Growth; Entrepreneurship; Technology; Internet; Mobile Technology; Online Technology; Technology Adoption; Technology Networks

October 2010 (Revised May 2012)
Case

Drilling Safety at BP: The Deepwater Horizon Accident

By: Stephen P. Kaufman and Laura Winig

Following the 2010 Gulf of Mexico explosion and oil spill on the Deepwater Horizon, public attention focused on BP's safety record, practices, and management culture as the primary cause of the disaster. Drawing on public sources this case traces the circumstances... View Details

Keywords: Non-Renewable Energy; Management Practices and Processes; Managerial Roles; Business Processes; Organizational Culture; Practice; Safety; Energy Industry; Mexico, Gulf of

March 2008 (Revised August 2009)
Case

Linden Lab: Opening Second Life

By: Thomas R. Eisenmann and Alison Berkley Wagonfeld

In early 2008, managers in Linden Lab, creator of the virtual world Second Life, faced decisions about the company's strategy. Despite profound initial skepticism about demand for a user-generated virtual world that was not a traditional game, Second Life had achieved... View Details

Keywords: Business Growth and Maturation; Decision Choices and Conditions; Entrepreneurship; Growth and Development Strategy; Open Source Distribution; Partners and Partnerships; Software

Research Summary

Undisclosed Debt Sustainability

By: Laura Alfaro

Over the past decade, non-Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information... View Details

February 2011
Article

Understanding Analysts’ Use and Under-use of Stock Returns and Other Analysts’ Forecasts when Forecasting Earnings

By: Michael B. Clement, Jeffrey Hales and Yanfeng Xue

We investigate analysts' use of stock returns and other analysts' forecast revisions in revising their own forecasts after an earnings announcement. We find that analysts respond more strongly to these signals when the signals are more informative about future earnings... View Details

Keywords: Learning; Forecasting and Prediction; Performance Evaluation; Knowledge Use and Leverage; Financial Services Industry

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February 2015
Article

Corporate Investment and Stock Market Listing: A Puzzle?

By: John Asker, Joan Farre-Mensa and Alexander Ljungqvist

We investigate whether short-termism distorts the investment decisions of stock market listed firms. To do so, we compare the investment behavior of observably similar public and private firms using a new data source on private U.S. firms, assuming for identification... View Details

Keywords: Private Ownership; Public Ownership; Corporate Finance

SSRN

2013
Working Paper

How Does Risk Management Influence Production Decisions? Evidence from a Field Experiment

By: Shawn Cole, Xavier Gine and James Vickery

Weather is a key source of income risk, particularly in emerging market economies. This paper uses a randomized controlled trial involving a sample of Indian farmers to study how an innovative rainfall insurance product affects production decisions. We find that... View Details

Keywords: Risk Management; Production; Weather; Insurance; Emerging Markets; Agribusiness; Insurance Industry; Agriculture and Agribusiness Industry; India