Publications

24 Jan 2018
News

Economics in Central Banking Award 2018: BPP and PriceStats

Research Summary

Coordination, Control, and the Management of Organizations

Michael C. Jensen's research is aimed at obtaining a clearer understanding of how the 'organizational rules of the game' affect a manager's ability to accomplish his or her goals and how the rules can be structured to resolve problems and increase productivity. ... View Details

November 2008 (Revised November 2008)
Case

Cyworld: Creating and Capturing Value in a Social Network

By: Sunil Gupta and Sangman Han

In May 2008, the new CEO of Cyworld, a social network company in Korea, had to decide how to create and capture value from his rapidly growing user base. Cyworld was founded in 1999, and in 2003 it was acquired by SK Telecom, a leading mobile service provider in Korea.... View Details

Keywords: Customer Value and Value Chain; Consumer Behavior; Social and Collaborative Networks; Segmentation; Value Creation; South Korea

Article

Nudging: Progress to Date and Future Directions

By: John Beshears and Harry Kosowsky

Nudges influence behavior by changing the environment in which decisions are made, without restricting the menu of options and without altering financial incentives. This paper assesses past empirical research on nudging and provides recommendations for future work in... View Details

Keywords: Nudge; Choice Architecture; Behavioral Economics; Behavioral Science; Behavior; Change; Situation or Environment; Decision Choices and Conditions; Decision Making

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01 Dec 2002
News

Clusters and Competition

William Lawrence University Professor at Harvard, whose ideas have been applied to improve the economic performance of companies, cities, states, regions, and entire nations. “This goes beyond the traditional writing of articles View Details

March 2004 (Revised April 2005)
Case

International Rivers Network and the Bujagali Dam Project (A)

By: Benjamin C. Esty and Aldo Sesia

In the summer of 2002, the International Rivers Network (IRN), an environmental NGO located in Berkeley, California, was engaged in what appeared to be the last hours of a three year campaign to stop a $582 million dam and hydropower project at Bujagali Falls in... View Details

Keywords: Ethics; Corporate Disclosure; Project Finance; Investment; Environmental Sustainability; Projects; Developing Countries and Economies; Energy Industry; Uganda

May 2000 (Revised April 2003)
Case

Contractual Innovation in the UK Energy Markets: Enron Europe, The Eastern Group, and the Sutton Bridge Project

By: Benjamin C. Esty and Peter Tufano

In December 1996, Enron Europe and The Eastern Group were on the verge of signing an innovative transaction in the utility industry. Eastern was going to buy a long-term option to convert natural gas into electricity from Enron, thereby giving it the economic right to... View Details

Keywords: Project Finance; Infrastructure; Supply and Industry; Corporate Finance; Utilities Industry; Energy Industry

September 2023
Article

Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement

By: George Serafeim and Aaron Yoon

We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and... View Details

SSRN

October 2014 (Revised February 2017)
Case

Europe, Russia, and the Age of Gas Revolution

By: Rawi Abdelal, Leonardo Maugeri and Sogomon Tarontsi

The 2014 Ukraine crisis once again exposed the mutually limiting knot—a web of commercial relationships and oil and gas pipelines—that historically tied the European Union and Russia closely. In this crisis, a familiar conundrum preoccupied minds in the corridors of... View Details

Keywords: International Relations; Business and Government Relations; Energy Sources; Energy Industry; European Union; Russia; Ukraine

Research Summary

The Ownership and Trading of Debt Claims in Chapter 11 Restructurings (with Victoria Ivashina and David Smith)

This paper explores a novel data set that identifies over 71,000 investors holding debt claims of 136 companies filing for U.S. Chapter 11 bankruptcy protection during the period of 1998 through 2009. We investigate how concentration in debt ownership relates to... View Details

February 2006
Article

Wealth and Executive Compensation

Using new data on the wealth of Swedish CEOs, I show that higher wealth CEOs receive stronger incentives. Since high wealth (excluding own-firm holdings) implies low absolute risk aversion, this is consistent with a risk aversion explanation. To examine whether wealth... View Details

Keywords: Wealth; Executive Compensation; Motivation and Incentives; Power and Influence; Risk Management; Competency and Skills; Wages; Sweden

March – April 2008
Article

Interorganizational Trust, Governance Choice, and Exchange Performance

By: Ranjay Gulati and Jackson Nickerson

This paper looks at when and how preexisting interorganizational trust influences the choice of governance and in turn the performance of exchange relationships. We theorize that preexisting interorganizational trust complements the choice of governance mode (make,... View Details

Keywords: Corporate Governance; Organizational Culture; Performance Improvement; Conflict and Resolution; Trust

2013
Book

Sidetracked: Why Our Decisions Get Derailed and How We Can Stick to the Plan

By: Francesca Gino

You may not realize it but simple, irrelevant factors can have profound consequences on your decisions and behavior, often diverting you from your original plans and desires. Sidetracked will help you identify and avoid these influences so the decisions you make do... View Details

Keywords: Decision Making; Decision-making; Judgment; Decisions; Strategy; Behavior; Ethics; Attitudes

2007
Working Paper

I'll Have the Ice Cream Soon and the Vegetables Later: A Study of Online Grocery Purchases and Order Lead Time

By: Katherine L. Milkman, Todd Rogers and Max H. Bazerman

How do decisions made for tomorrow or two days in the future differ from decisions made for several days in the future? We use data from an online grocer to address this question. In general, we find that as the delay between order completion and delivery increases,... View Details

Keywords: Internet and the Web; Food; Decision Choices and Conditions; Conflict and Resolution; Emotions; Cognition and Thinking; Food and Beverage Industry; Food and Beverage Industry

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2013
Working Paper

Religion, Politician Identity and Development Outcomes: Evidence from India

By: Sonia Bhalotra, Guilhem Cassan, Irma Clots-Figueras and Lakshmi Iyer

This paper investigates whether the religious identity of state legislators in India influences development outcomes, both for citizens of their religious group and for the population as a whole. To control for politician identity to be correlated with constituency... View Details

Keywords: Politician Identity; Infant Mortality; Primary Education; India; Muslim; Fairness; Religion; Government and Politics; India