Publications

November 2023
Article

Algorithmic Mechanism Design with Investment

By: Mohammad Akbarpour, Scott Duke Kominers, Kevin Michael Li, Shengwu Li and Paul Milgrom

We study the investment incentives created by truthful mechanisms that allocate resources using approximation algorithms. Some approximation algorithms guarantee nearly 100% of the optimal welfare, but have only a zero guarantee when one bidder can invest before... View Details

Keywords: Mechanism Design; Market Design; Auctions

2023
Article

Benchmarking Large Language Models on CMExam—A Comprehensive Chinese Medical Exam Dataset

By: Junling Liu, Peilin Zhou, Yining Hua, Dading Chong, Zhongyu Tian, Andrew Liu, Helin Wang, Chenyu You, Zhenhua Guo, Lei Zhu and Michael Lingzhi Li

Recent advancements in large language models (LLMs) have transformed the field of question answering (QA). However, evaluating LLMs in the medical field is challenging due to the lack of standardized and comprehensive datasets. To address this gap, we introduce CMExam,... View Details

Keywords: Large Language Model; AI and Machine Learning; Analytics and Data Science; Health Industry

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December 2023
Article

Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting

By: Braiden Coleman, Michael Drake, Joseph Pacelli and Brady Twedt

In this study, we offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker non-compete agreement... View Details

Keywords: Brokers; Analysts; Forecasts; Bias; Protocol; Investment; Research; Forecasting and Prediction

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December 2023
Other Article

Introduction to the Special Section on Business and Climate Change

By: Rajesh Chandy, Glen Dowell, Colin Mayer, Erica Plambeck, George Serafeim, Michael W. Toffel, L. Beril Toktay and Elke Weber

Keywords: Climate Change; Adaptation; Policy; Corporate Social Responsibility and Impact; Innovation and Invention; Forecasting and Prediction

2023
Chapter

The Platform Organization

By: Annabelle Gawer, Michael A. Cusumano and David B. Yoffie

The industry platform is a distinct organizational form that has grown into importance over the past 20 years. We focus on the digital platform, which, along with its associated ecosystem, is uniquely positioned to create and capture value in the digital economy. View Details

Keywords: Platform; Organization; Organizations; Internet and the Web; Value Creation; Digital Platforms

2023
Working Paper

What Makes Managers’ Private Disclosures Informative? Evidence from Professional Investors

By: Michael Durney, Hoyoun Kyung, Jihwon Park and Eugene F. Soltes

November 2023 (Revised November 2024)
Case

Decarbonizing Shipping at A.P. Møller-Maersk (A)

By: Willy Shih, Michael W. Toffel and Kelsey Carter

Container shipping was responsible for moving more than 80% of globally traded goods, and almost 3% of global greenhouse gas emissions. A.P. Møller-Maersk, one of the top three container lines, conducted an extensive lifecycle assessment (LCA) of alternative fuels,... View Details

Keywords: Greenhouse Gas Emissions; Energy Sources; Environmental Sustainability; Ship Transportation; Shipping Industry

November 2023 (Revised August 2024)
Background Note

Life Cycle Assessment: An Overview

By: Willy C. Shih, Michael W. Toffel and Kelsey Carter

Life cycle assessment (LCA) is a holistic approach to quantifying the environmental impacts—including resources consumed and wastes produced—associated with the entire life cycle of a product, from the production or extraction of the raw materials used in its creation,... View Details

Keywords: Life-cycle; Environmental Performance; Design; Environmental Management; Environmental Sustainability; Climate Change; Measurement and Metrics; Standards; Accounting; Environmental Accounting

November 2023 (Revised February 2025)
Background Note

Corporate Climate Targets

By: Willy C. Shih, Michael W. Toffel and Kelsey Carter

Companies that are addressing climate change by mitigating their greenhouse gas emissions often set reduction targets. This note describes several types of widely used carbon reduction targets, including carbon neutral, science based, net zero, real zero, and carbon... View Details

Keywords: Corporate Sustainability; Environmental Strategy; Climate Risk; Target-setting; Climate Change; Environmental Sustainability; Corporate Accountability; Policy; Measurement and Metrics; Strategic Planning; Social Issues; Corporate Social Responsibility and Impact

November 2023
Article

Brokerage House Initial Public Offerings and Analyst Forecast Quality

By: Mark Bradshaw, Michael Drake, Joseph Pacelli and Brady Twedt

We examine how brokerage firm initial public offerings (IPOs) influence the research quality of sell-side analysts employed by the brokerage. Our main results focus on earnings forecast bias and absolute forecast errors as proxies for research quality. Using a... View Details

Keywords: IPOs; Research Analysts; ＂Brokerage Industry; Initial Public Offering; Employees; Behavior; Outcome or Result

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October 2023
Case

Houghton Mifflin Harcourt: A Curriculum Provider Puts Itself on the Hook for Student Outcomes

By: John J-H Kim, Derek C. M. van Bever, Michael Norris and Max Hancock

Jack Lynch, CEO of Houghton Mifflin Harcourt (HMH) since 2017, was leading the company’s transformation from a legacy textbook publisher to a digital-first student outcomes provider, which earned subscription revenue from digital products and curriculum. In 2023, HMH... View Details

Keywords: Edtech; Textbook; Publishing; Leading Change; Change Management; Transformation; Digital Transformation; Expansion; Business Strategy; Publishing Industry; Education Industry; United States

October 20, 2023
Article

How ENGOs Can Support Corporate Climate Change Efforts

By: Michael W. Toffel

Nearly half of CEOs view climate change as affecting their companies now or within the coming decade, but there is also a wide gap between what CEOs say is progress on tackling climate change and what many of their investors believe are effective actions. Companies... View Details

Keywords: Climate Change; Corporate Social Responsibility and Impact; Business and Shareholder Relations

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October 2023
Case

JPMorgan Chase in Paris

By: Joseph L. Bower, Dante Roscini, Elena Corsi and Michael Norris

In 2019, Daniel Pinto, President and COO of JPMorgan Chase, has to make a recommendation to the bank’s Chairman and CEO, Jamie Dimon, about where to physically locate the bank’s European trading operations after Brexit takes effect in 2020. The decision-making process... View Details

Keywords: Change Management; Banks and Banking; Financial Markets; Cross-Cultural and Cross-Border Issues; Globalized Firms and Management; Globalized Markets and Industries; Decisions; Banking Industry; Europe; European Union; France; United Kingdom; Paris

October 2023
Case

Lasell University in 2023: Securing the Future

By: John Jong-Hyun Kim and Mary C. Sauer

In a groundbreaking move on September 20, 2022, Lasell University's President, Michael B. Alexander, announced an extraordinary 33% reduction in tuition, room, board, and fees, signaling a pivotal shift in higher education. Situated in an affluent Boston suburb,... View Details

Keywords: Higher Education; Cost; Valuation; Competitive Advantage; Education Industry; United States; Massachusetts

October–December 2023
Article

A Practical Guide to Conversation Research: How to Study What People Say to Each Other

By: Michael Yeomans, Katelynn Boland, Hanne K. Collins, Nicole Abi-Esber and Alison Wood Brooks

Conversation—a verbal interaction between two or more people—is a complex, pervasive, and consequential human behavior. Conversations have been studied across many academic disciplines. However, advances in recording and analysis techniques over the last decade have... View Details

Keywords: Interpersonal Communication; Analytics and Data Science; Research

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2023
Working Paper

How Private Investors Value 'Platformness': An Exploratory Study of Unicorns

By: David B. Yoffie, Michael A. Cusumano, Annabelle Gawer, Sarah von Bargen and Kwesi Acquay

This paper explores the premium investors have been willing to pay for private companies (unicorns) that are digital platforms vs. traditional companies. View Details

Keywords: Platforms And Ecosystems; Digital Platforms; Investment Portfolio

October 2023
Article

Improving Regulatory Effectiveness Through Better Targeting: Evidence from OSHA

By: Matthew S. Johnson, David I. Levine and Michael W. Toffel

We study how a regulator can best target inspections. Our case study is a U.S. Occupational Safety and Health Administration (OSHA) program that randomly allocated some inspections. On average, each inspection averted 2.4 serious injuries (9%) over the next five years.... View Details

Keywords: Safety Regulations; Regulations; Regulatory Enforcement; Machine Learning Models; Safety; Operations; Service Operations; Production; Forecasting and Prediction; Decisions; United States

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September 2023
Supplement

Arcos Dorados: Decarbonizing McDonald’s in Latin America – Alternative Protein Products

By: George Serafeim and Michael W. Toffel

September 2023
Supplement

Arcos Dorados: Decarbonizing McDonald’s in Latin America – Decarbonization Activities

By: George Serafeim and Michael W. Toffel