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  • 09 Jan 2012
  • Research & Ideas

Location, Location, Location: The Strategy of Place

When companies thrive in their home base, temptation can be great to expand to new locations, either across town or around the world. The problem: Many companies think of location strategy as a short-term checkers match rather than as a... View Details
Keywords: by Dina Gerdeman
  • Summer 2025
  • Article

Dynamic Competition for Customer Memberships

By: Cristian Chica, Julian Jimenez-Cardenas and Jorge Tamayo
A competitive two-period membership (subscription) market is analyzed. Two symmetric firms charge a “membership” fee that allows consumers to buy products or services at a given unit price for both periods. Firms can choose between long- or short-term memberships. When... View Details
Keywords: Competitive Price Discrimination; Membership; Dynamic Competition; Competition; Price; Consumer Behavior; Business Model
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  • 19 Sep 2018
  • News

Why CEOs Should Share Their Long-Term Plans with Investors

  • May 1994 (Revised May 1995)
  • Case

Laura Ashley (B): Defining a Strategy

By: Richard L. Nolan
A turnaround CEO engineers a business transformation and formulates short-term and long-term strategy after assessing the business situation. View Details
Keywords: Organizational Change and Adaptation; Change Management; Management Teams; Business Strategy; Consumer Products Industry; Apparel and Accessories Industry
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  • May 14 2014
  • Testimonial

Creating the Organization's Future—One Leader at a Time

  • 2011
  • Other Unpublished Work

Towards Improvement in Singapore's Transportation Efficiency and Environmental Impact

By: Benjamin Edelman
I evaluate the suitability of Personal Rapid Transport (PRT) for transportation problems in Singapore, and I propose short-term and long-term applications. View Details
Keywords: Performance Efficiency; Performance Improvement; Environmental Sustainability; Transportation; Transportation Industry; Singapore
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  • Research Summary

Debt Maturity: Is Long-Term Debt Optimal? (with Fabio Kanczuk)

By: Laura Alfaro
We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity-term premium, tax smoothing, rolling over risk and the cost from defaulting. We use a dynamic equilibrium model with tax distortion,... View Details
  • 2016
  • Article

The Federal Reserve's Balance Sheet as a Financial-Stability Tool

By: Robin Greenwood, Samuel Gregory Hanson and Jeremy C. Stein
We argue that the Federal Reserve should use its balance sheet to help reduce a key threat to financial stability: the tendency for private-sector financial intermediaries to engage in excessive amounts of maturity transformation—i.e., to finance risky assets using... View Details
Keywords: Central Banking; Policy; Risk Management; Public Administration Industry; United States
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  • 05 Oct 2015
  • Research & Ideas

What Companies Should Not Do in the Next Banking Crisis

longer-horizon payoffs and favoring shorter-term investments. Steinwender compares it to the advice a grandmother would give: When you hit a crisis, cut back on what you can but not on what you need. “It’s perfectly rational to do that,” she says. “Companies didn’t... View Details
Keywords: by Michael Blanding; Banking
  • Forthcoming
  • Article

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath

By: Antonio Falato, Giovanni Favara and David Scharfstein
We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase... View Details
Keywords: Ownership Type; Risk and Uncertainty; Financial Markets; Banks and Banking; Transition; Price
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  • April 2011
  • Article

Private Equity and Long-Run Investment: The Case of Innovation

By: Josh Lerner, Morten Sorensen and Per Stromberg
A long-standing controversy is whether LBOs relieve managers from short-term pressures of dispersed shareholders, or whether LBO funds themselves are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. We investigate 495... View Details
Keywords: Patents; Private Equity; Leveraged Buyouts; Investment; Innovation and Invention
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  • July 2010 (Revised December 2011)
  • Case

Controlling Hot Money

By: Robert C. Pozen
The manager of the Japan Equities Fund is faced with an increase in "hot money" moving quickly in and out of the Fund. This short-term trading is an attempt to take advantage of the difference between the closing times of the Tokyo and New York Stock Exchanges. The CFO... View Details
Keywords: Stocks; International Finance; Investment Funds; Governing Rules, Regulations, and Reforms; Market Timing; Market Transactions; Financial Services Industry; New York (city, NY)
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  • Article

Debt Maturity: Is Long-Term Debt Optimal?

By: Laura Alfaro and Fabio Kanczuk
We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government... View Details
Keywords: Borrowing and Debt; Investment Return; Development Economics; Taxation; Risk and Uncertainty; Cost; Interest Rates; Developing Countries and Economies; Welfare; United States; Brazil
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  • 06 May 2013
  • Research & Ideas

How Local Events Shake Up Corporate Philanthropy

short-term increase in otherwise steady charitable-giving patterns among firms that are headquartered in the event's host city. Natural disasters also have a strong effect on firms' giving patterns, according to the study Punctuated... View Details
Keywords: by Carmen Nobel
  • 28 May 2019
  • News

How bad are Pioneer’s job cuts? At over 27% of workers, they’re deeper than after 9/11 and the financial crisis

    Dr. Ahmed Heikal

    Keywords: Finance
    • May–June 2018
    • Article

    Layoffs That Don't Break Your Company: Better Approaches to Workforce Transition

    By: Sandra J. Sucher and Shalene Gupta
    Today layoffs have become companies’ default response to the challenges created by advances in technology and global competition. Yet research shows that job cuts rarely help senior leaders achieve their goals. Too often, they’re done for short-term gain, but the cost... View Details
    Keywords: Job Cuts and Outsourcing; Organizational Change and Adaptation; Employees; Transition; Strategic Planning
    Related
    • Awards

    American Political Science Association. Public Policy Section. Best Paper on Public Policy Award

    Winner of the 2024 Best Paper on Public Policy Award from the Public Policy Section of the American Political Science Association for “Fighting the Future: Short-Term Investors and Business Opposition to Climate Policy” with Jared Finnegan. View Details
    • 24 Jul 2012
    • News

    Success: You're Measuring It Wrong

    • March 1993
    • Supplement

    Burroughs Wellcome and AZT (B)

    By: Willis M. Emmons III
    Describes Burroughs Wellcome's response to protests over the pricing of its AIDS drug AZT in September 1989. Also presents short-term reactions by government officials, AIDS activists, and investors to Burroughs Wellcome's strategy. View Details
    Keywords: Ethics; Health Pandemics; Multinational Firms and Management; Price; Crime and Corruption; Risk and Uncertainty; Business Strategy; Business and Community Relations; Business and Government Relations; Business and Shareholder Relations; Pharmaceutical Industry
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