Publications

SSRN

May 2019
Article

The Role of Gatekeepers in Capital Markets

By: Sugata Roychowdhury and Suraj Srinivasan

Gatekeepers in financial markets have the power to provide the institutional stability, fortitude and direction necessary for the development and the smooth functioning of capital markets. At the same time, they are often motivated by their own private incentives.... View Details

Keywords: Gatekeepers; Capital Markets; Governing Rules, Regulations, and Reforms; Performance Effectiveness

SSRN

Research Summary

Governance and Accountability in Social Sector Organizations

This research examines governance in two types of organizations: international NGOs and socioeconomic hybrids.

First, over the past decade, many of the world's most prominent international nongovernmental organizations and networks (INGOs) ... View Details

December 2014
Article

Market Competition, Earnings Management, and Persistence in Accounting Profitability Around the World

By: Paul M. Healy, George Serafeim, Suraj Srinivasan and Gwen Yu

We examine how cross-country differences in product, capital, and labor market competition, and earnings management affect mean reversion in accounting return on assets. Using a sample of 48,465 unique firms from 49 countries, we find that accounting returns mean... View Details

Keywords: Corporate Performance; Valuation; Equity Valuation; Persistence; Competitive Advantage; Institutions; Earnings Management; Labor Market; Capital Markets; Competition; Profit; Performance; Supply and Industry; Financial Statements; Government and Politics; Globalized Markets and Industries

SSRN

Research Summary

Markets of Progress: Coffee, Commerce, and Community in the Soconusco, Chiapas, 1867-1920

Markets of Progress presents a new holistic story of rural development in Mexico at the turn of the century. In the Soconusco, as in regions throughout the world, the accelerating circulation of commodities and capital, ideas and immigrants reshaped society... View Details

Keywords: Commodities; Coffee; Mexico; Foreign Investment; Institutions; Immigration; Developing Agriculture; Development; Export Crop; Emerging Market; Property Rights; Labor History; History; Capital Markets; Business History; Agriculture and Agribusiness Industry; Latin America; Mexico; Central America

14 Jan 2015
Research & Ideas

Thriving in the Turbulence of Emerging Markets

The growth and competiveness of emerging markets is a fundamental reality in global business today. Yet it is often forgotten just how much these countries have changed View Details

Keywords: by Geoffrey Jones; Manufacturing; Auto

Article

Market Interest in Nonfinancial Information

By: R. G. Eccles, Michael P. Krzus and George Serafeim

Market interest in nonfinancial (e.g., Environmental, Social, and Governance [ESG]) information, including data produced by the Carbon Disclosure Project (CDP), is growing. Using data from Bloomberg we analyze this interest from a variety of different perspectives, and... View Details

Keywords: Markets; Analytics and Data Science; Perspective; Environmental Sustainability; Social Issues; Corporate Disclosure; Projects; Interests

June 2014
Article

Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds

By: Sergey Chernenko and Adi Sunderam

We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant... View Details

Keywords: Money Market Mutual Funds; European Sovereign Debt Crisis; Runs; Contagion; Risk Taking; Investment Funds; Financial Crisis; Europe

03 Mar 2003
Research & Ideas

The Basics of Consumer Marketing in Asia

Consumer product makers looking to sell in Asia cannot expect the relative homogeneity they find in the U.S. or European countries, according to... View Details

Keywords: by Julie Jette

2014
Working Paper

Governing Misvalued Firms

By: Dalida Kadyrzhanova and Matthew Rhodes-Kropf

Equity overvaluation is thought to create the potential for managerial misbehavior, while monitoring and corporate governance curb misbehavior. We combine these two insights from the literatures on misvaluation and governance to ask, when does governance matter?... View Details

Keywords: Valuation; Performance; Corporate Governance

September 2014 (Revised February 2015)
Case

Pfizer and AstraZeneca: Marketing an Acquisition (A)

By: John A. Quelch and James Weber

In 2014, Pfizer proposed a friendly acquisition of AstraZeneca, but the AstraZeneca board resisted over price and strategy concerns. Was this good for pharmaceutical consumers? Pfizer, like pharmaceutical companies in general, faced difficulties in growing sales due to... View Details

Keywords: Health Care Policy; Mergers And Acquisitions; Marketing; Government Relations; Crisis Management; Decision Making; Growth and Development; Management; Markets; Strategy; Pharmaceutical Industry; United Kingdom; United States

Educators

September 1985 (Revised July 2007)
Case

Population Services International: The Social Marketing Project in Bangladesh

By: V. Kasturi Rangan

Population Services International (PSI) was a not-for-profit agency founded to disseminate family planning information and to market birth control products, primarily in less developed countries seeking to curb their population explosions. In 1976, PSI concluded an... View Details

Keywords: Developing Countries and Economies; Health; Marketing Strategy; Social Marketing; Business and Government Relations; Nonprofit Organizations; Bangladesh

Educators

2022
Working Paper

THEMIS: A Framework for Cost-Benefit Analysis of COVID-19 Non-Pharmaceutical Interventions

By: Dimitris Bertsimas, Michael Lingzhi Li and Saksham Soni

Since December 2019, the world has been ravaged by the COVID-19 pandemic, with over 150 million confirmed cases and 3 million confirmed deaths worldwide. To combat the spread of COVID-19, governments have issued unprecedented non-pharmaceutical interventions (NPIs),... View Details

Keywords: COVID-19; Health Pandemics; Policy; Framework; Cost vs Benefits; Outcome or Result; United States; Germany; Brazil; Singapore; Spain

21 Oct 2011
Working Paper Summaries

Market Interest in Nonfinancial Information

Keywords: by Robert G. Eccles, Michael P. Krzus & George Serafeim

2009
Chapter

Government as Risk Manager

By: Tom Baker and David Moss

We explain the four basic ways to manage risk: prevention, risk shifting, risk spreading, and loss control. We set out five principles of effective government risk management gleaned from extensive historical study: (1) link responsibility and control, (2) manage moral... View Details

Keywords: Government and Politics; Risk Management; Risk and Uncertainty; Safety

This paper proposes a new approach to social cost-benefit analysis using a model in which a benevolent government chooses risky projects in the presence of market failures and tax distortions. The government internalizes market failures and therefore perceives project... View Details

TeachingInterests

Globalization and Emerging Markets

Globalization and Emerging Markets is designed for students who will be investing, managing a business or nonprofit, or working for a government in an emerging market. The unit of analysis of the course ranges from countries to multinational and domestic companies... View Details

November 2006 (Revised December 2012)
Background Note

Strategies Beyond the Market

By: Felix Oberholzer-Gee and Dennis Yao

Strategists are not alone in finding failing markets irresistible. Governments and social groups ranging from unions to the World Wildlife Fund also respond to market failures. Governments typically seek to fix failing markets, often with prescriptions of what... View Details

Keywords: Markets; Failure; Strategy; Situation or Environment; Social Issues; Government and Politics; Corporate Social Responsibility and Impact

Educators