Publications

18 Apr 2023
Research & Ideas

The Best Person to Lead Your Company Doesn't Work There—Yet

companies in the S&P 400 Index. Some 70 percent of the PE-backed firms hired new CEOs when they were acquired, and about two-thirds of those new CEOs were outsiders to the... View Details

Keywords: by Rachel Layne; Financial Services

22 Jul 2011
Working Paper Summaries

Corporate Social Responsibility and Access to Finance

Keywords: by Beiting Cheng, Ioannis Ioannou & George Serafeim

Teaching Interest

Overview

By: Debora L. Spar

I currently teach an Elective Course on Capitalism and the State (CATS), and serve as Course Head for a new Required Curriculum course on the Social Purpose of the Firm (SPF). Previously, I developed and taught Managing International Trade and Investment (MITI) in the... View Details

Keywords: Capitalism; Business ＆ Government Relations; Business And Society; International Trade; Technological Change: Choices And Consequences; Business and Government Relations; Education Industry; United States; Europe; Africa; Asia

31 May 2023
Video

Competition or Collaboration? Navigating a Path for Successful Climate Alliances

November–December 2023
Article

Iterative Coordination and Innovation: Prioritizing Value over Novelty

By: Sourobh Ghosh and Andy Wu

An innovating organization faces the challenge of how to prioritize distinct goals of novelty and value, both of which underlie innovation. Popular practitioner frameworks like Agile management suggest that organizations can adopt an iterative approach of frequent... View Details

Keywords: Innovation; Novelty; Goals; Specialization; Coordination; Field Experiment; Software Development; Agile; Scrum; Iteration; Iterative; Organizations; Innovation and Invention; Value; Goals and Objectives; Integration; Applications and Software

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Research Summary

The Function of Outlet Stores

Outlet stores are ubiquitous in the retail environment, and many firms sell goods through outlets as well as their primary stores. Using a highly detailed data set from a major U.S. luxury fashion goods firm, Professor Ngwe is able to look at market segmentation by... View Details

September 2020
Article

The Rise of the Investor State: State Capital in the Chinese Economy

By: Meg Rithmire and Hao Chen

The nature and extent of the role of the Chinese state in the economy is fundamental to many empirical and theoretical debates about that country’s political economy. We document and explain the rise of a novel form of intervention on the part of the Chinese state: the... View Details

Keywords: China's Political Economy; State Shareholding; State-business Relations; State Capitalism; China's Financial System; Economy; Business and Government Relations; Finance; System; China

24 Jul 2000
Research & Ideas

Value Maximization and Stakeholder Theory

as do those who narrowly focus on short-term financial gain. In the excerpt below, Jensen describes a new scorecard to help business leaders and managers keep pace. A firm cannot maximize value, Jensen... View Details

Keywords: by Michael C. Jensen

25 Mar 2011
News

The 'Gentle Evolution' in Finance

March 2023
Article

Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits

By: Elisabeth Kempf and Oliver Spalt

This paper provides novel evidence suggesting that securities class action lawsuits, a central pillar of the U.S. litigation and corporate governance system, can constitute an obstacle to valuable corporate innovation. We first establish that valuable innovation output... View Details

Keywords: Class-action Litigation; Turnover; Lawsuits and Litigation; Innovation and Invention; Risk and Uncertainty

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December 2014 (Revised June 2016)
Case

Cameron Trebbi at Taylor Lowell, LLP

By: Karthik Ramanna

Cameron Trebbi is a senior executive overseeing accounting policy at a large global auditing firm. His role is to lobby the firm's position with various accounting rule-making bodies worldwide. The firm is close to acquiring as new audit clients a consortium of Chinese... View Details

Keywords: Lobbying; Thin Political Markets; Accounting; Business and Government Relations; Accounting Industry; China; United States

Educators

2012
Other Unpublished Work

Lost in the Clouds: The Impact of Copyright Scope on Investment in Cloud Computing Ventures

By: Josh Lerner and Greg Rafert

Our analysis seeks to understand the impact of changes in copyright scope on investment in new firms. We begin by analyzing the investment effects of the Cartoon Network, et al. v. Cablevision decision in the U.S. and court rulings in France and Germany on venture... View Details

Keywords: Technological Innovation; Venture Capital; Internet and the Web; Investment; Business Startups; Copyright; France; Germany; United States; European Union

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27 Feb 2025
News

Scaling a Family Business to Build Multigenerational Success

15 Jul 2013
Research & Ideas

Five Imperatives for Improving Health Care

actually become their own providers with respect to many issues." Integrating new approaches into established organizations: Still, survey respondents stressed the importance of established firms and... View Details

Keywords: by Carmen Nobel; Health

April 1992 (Revised February 1993)
Supplement

Otis South Africa (B)

By: Michael Beer

Covers a June 1990 Social Responsibility Conference held by George David to evaluate the progress of his new management team in increasing the pace of nonwhite advancement. The U.S. CEO and the managing director of Otis South Africa disagree over the suitability of... View Details

Keywords: Conflict Management; Race; Corporate Social Responsibility and Impact; Management Teams; South Africa

29 Jul 2015
News

Why a Federal Rule on CEO Pay Disclosure May Get You In Trouble With Customers

2003
Chapter

Equity Financing

By: Paul Gompers and Joshua Lerner

Equity financing for entrepreneurial firms has attracted increasing attention in both the popular press and academic literature. The dramatic growth in the venture capital industry in the past two decades has been accompanied by new academic research that explores... View Details

Keywords: Angel Investors; Financing and Loans; Equity; Venture Capital; Business Startups

October 2012 (Revised March 2014)
Case

Privatization of the Power Sector in Nigeria (A)

By: Eric Werker, Onyechi Ezekwueche, Olatomiwa Igun and Alice Wei

In spite of its abundant energy resources, Nigeria in 2012 had one of the lowest levels of energy use in the world. Self-generation of power from costly generators was double that of grid-supplied electricity. The history of its power sector was one of inefficient... View Details

Keywords: Privatization; Energy; Nigeria

Educators

November 2007 (Revised March 2009)
Case

Clear Channel 2006

By: Richard S. Ruback and Leslie Pierson

The Board of Directors of Clear Channel Communications, a radio broadcasting and outdoor advertising company, has to respond to a revised proposal from two private equity firms to take the company private. In November of 2006, the Board had unanimously approved an... View Details

Keywords: Decision Choices and Conditions; Private Equity; Governing and Advisory Boards; Negotiation Offer; Privatization; Business and Shareholder Relations