Publications

December 2014
Article

Location Strategies for Agglomeration Economies

By: Juan Alcácer and Wilbur Chung

Geographically concentrated industry activity creates pools of skilled labor and specialized suppliers, and increases opportunities for knowledge spillovers. The strategic value of these agglomeration economies may vary by firm, depending upon the relative value of... View Details

Keywords: Location Strategies; Location Choices; Agglomeration Economies; Strategy; Value Creation; Geographic Location; Industry Clusters; Microeconomics; Manufacturing Industry; United States

22 Nov 2004
Research & Ideas

Side Effects: The Case of Propecia

You are the marketing director of Propecia, a new drug for hair restoration that's about to hit the market. But the drug can only be purchased via a physician's prescription. So do you advertise directly to balding men? Do you View Details

Keywords: by Sean Silverthorne; Health; Pharmaceutical

2025
Working Paper

Data-driven Technologies and Local Information Advantages in Small Business Lending

By: Wilbur Chen, Jung Koo Kang and Aditya Mohan

We investigate whether banks' adoption of data-driven technologies influences competitive dynamics in local small business lending by diminishing the information advantages traditionally held by local banks. Using local newspaper closures as an adverse shock to the... View Details

Keywords: Data-driven Technologies; Local Information Advantages; Local Banks; Relationship Lending; Small Business Loans; Small Business; Local Range; Financing and Loans; Banks and Banking; Analytics and Data Science; Banking Industry

SSRN

Research Summary

Overview

ECONOMICS OF THE ADVERTISING AND MARKETING SERVICEC INDUSTRY

Professor Silk’s recent research has been focused on the economics of the advertising and marketing services industry. He has conducted econometric studies of the effects of scale and scope on the... View Details

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

2008
Book

Revisiting Rental Housing: Policies, Programs, and Priorities

By: Nicolas P. Retsinas and Eric S. Belsky

Rental housing is increasingly recognized as a vital housing option in the United States. Yet government policies and programs continue to grapple with widespread problems, including affordability, distressed urban neighborhoods, poor-quality housing stock,... View Details

Keywords: Governing Rules, Regulations, and Reforms; Policy; Government and Politics; Housing; Renting or Rental; Problems and Challenges; United States

2014
Chapter

Clusters of Entrepreneurship and Innovation

By: Aaron Chatterji, Edward Glaeser and William R. Kerr

This chapter reviews recent academic work on the spatial concentration of entrepreneurship and innovation in the United States. We discuss rationales for the agglomeration of these activities and the economic consequences of clusters. We identify and discuss policies... View Details

Keywords: Innovation; Agglomeration; Clusters; Place Making; Industry Clusters; Entrepreneurship; Innovation and Invention; United States

2015
Chapter

Agglomeration and Innovation

By: Gerald Carlino and William R. Kerr

This chapter reviews academic research on the connections between agglomeration and innovation. We first describe the conceptual distinctions between invention and innovation. We then describe how these factors are frequently measured in the data and some resulting... View Details

Keywords: Industry Clusters; City; Innovation and Invention

22 May 2007
Working Paper Summaries

Strategy-Proofness versus Efficiency in Matching with Indifferences: Redesigning the NYC High School Match

Keywords: by Atila Abdulkadiroglu, Parag A. Pathak & Alvin E. Roth

2011
Working Paper

The Impact of Horizontal Mergers and Acquisitions in Price Competition Models

The question of what impact mergers and acquisitions have on key equilibrium performance measures is fundamental to our understanding of competitive dynamics in an oligopolistic industry. We address these questions in the context of price competition models with... View Details

Keywords: Mergers and Acquisitions; Cost; Price; Profit; Duopoly and Oligopoly; Performance Efficiency; Mathematical Methods; Competition

2024
Working Paper

Does the Case for Private Equity Still Hold?

By: Nori Gerardo Lietz and Philipp Chvanov

Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details

Keywords: Private Equity; Investment Return; Investment Portfolio; Financial Markets

SSRN

April 1992 (Revised April 1996)
Case

Harcourt Brace Jovanovich, Inc.

By: Hugo Uyterhoeven

The board and management of General Cinema has to determine whether the acquisition of Harcourt Brace Jovanovich (HBJ), thereby entering the publishing business, makes strategic sense. The case describes HBJ's involvement in several segments of the publishing industry:... View Details

Keywords: Competition; Boundaries; Supply and Industry; Segmentation; Publishing Industry

Educators

Research Summary

Overview

By: Charlotte L. Robertson

Professor Robertson conducts research on the history of financial markets. Her book manuscript and working papers shed light on the evolution of securities markets and the relationship between finance, governance, and society. Some of the topics she pursues include:... View Details

Research Summary

Overview

Professor Sawyer’s research focuses on U.S. political economy in the late 19th and early 20th centuries, concentrating on the development of competition policy and the administrative state. While the conventional history of U.S. competition policy portrays the... View Details

May 2013
Article

From Russia with Love: The Impact of Relocated Firms on Incumbent Survival

By: Oliver Falck, Christina Guenther, Stephan Heblich and William R. Kerr

We identify the impact of local firm concentration on incumbent performance with a quasi-natural experiment. When Germany was divided after World War II, many firms in the machine tool industry fled the Soviet occupied zone to prevent expropriation. We show that the... View Details

Keywords: Geographic Location; Competition; Supply and Industry; Labor; West Germany; Soviet Union

2024
Working Paper

Old Moats for New Models: Openness, Control, and Competition in Generative AI

By: Pierre Azoulay, Joshua L. Krieger and Abhishek Nagaraj

Drawing insights from the field of innovation economics, we discuss the likely competitive environment shaping generative AI advances. Central to our analysis are the concepts of appropriability—whether firms in the industry are able to control the knowledge generated... View Details

Keywords: Technological Innovation; AI and Machine Learning; Open Source Distribution; Policy

Register to Read

18 Feb 2019
Book

What’s Really Disrupting Business? It’s Not Technology

established companies lament the disruption they’re facing at the hand of technologically savvy startups. But Teixeira, the Lumry Family Associate Professor of Business Administration, argues that these newcomers simply spotted and served an emerging customer need... View Details

Keywords: by Danielle Kost; Beauty & Cosmetics; Insurance; Service; Retail

02 Oct 2012
First Look

First Look: October 2

Publications Corporate Social Responsibility and Access to Finance Authors: Beiting Cheng, Ioannis Ioannou, and George Serafeim Publication: Strategic Management Journal (forthcoming) Abstract In this paper, we investigate whether superior performance on corporate... View Details

Keywords: Sean Silverthorne

January–February 2021
Article

Cross‐firm Return Predictability and Accounting Quality

By: Wen Chen, Mozaffar Khan, Leonid Kogan and George Serafeim

We test the hypothesis that if poor accounting quality (AQ) is associated with poor investor understanding of firms’ revenue and cost structures, then poor AQ stocks likely respond more slowly than good AQ stocks to new non‐idiosyncratic information that affects both... View Details

Keywords: Accounting Quality; Earnings Quality; Stock Returns; Investment Strategy; Accounting; Business Earnings; Quality; Investment Return; Investment; Strategy