Publications

06 Jul 2018
News

The Real Problem With Stock Buybacks

16 Apr 2013
Working Paper Summaries

The Auditing Oligopoly and Lobbying on Accounting Standards

Keywords: by Abigail M. Allen, Karthik Ramanna & Sugata Roychowdhury; Accounting; Banking

2014
Working Paper

~To Groupon or Not to Groupon: The Profitability of Deep Discounts

By: Benjamin G. Edelman

We examine the profitability and implications of online discount vouchers, a relatively new marketing tool that offers consumers large discounts when they prepay for participating firms' goods and services. Within a model of repeat experience good purchase, we examine... View Details

Keywords: Voucher Discounts; Groupon; Experience Goods; Repeat Purchase; Online Advertising; Price; Profit; Marketing Strategy; Retail Industry

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2016
Working Paper

The Empirical Economics of Online Attention

By: Andre Boik, Shane Greenstein and Jeffrey Prince

In several markets, firms compete not for consumer expenditure but instead for consumer attention. We model and characterize how households allocate their scarce attention in arguably the largest market for attention: the Internet. Our characterization of household... View Details

Keywords: Internet and the Web; Competition; Behavior; Resource Allocation; Household; Cognition and Thinking

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December 2003 (Revised October 2006)
Case

Globalizing the Cost of Capital and Capital Budgeting at AES

By: Mihir A. Desai and Douglas Kurt Schillinger

With electricity generating businesses around the world, AES Corp. is seeking a methodology for calculating the cost of capital for its various businesses and potential projects. In the past, AES used the same cost of capital for all of its capital budgeting, but the... View Details

Keywords: International Finance; Risk Management; Globalized Firms and Management; Cost of Capital; Valuation; Emerging Markets; Foreign Direct Investment; Capital Budgeting; Energy Industry; South America

Educators

December 2010
Article

Rating the Ratings: How Good are Commercial Governance Ratings?

By: Robert M. Daines, Ian D. Gow and David F. Larcker

Proxy advisory and corporate governance rating firms (such as RiskMetrics/Institutional Shareholder Services, GovernanceMetrics International, and The Corporate Library) play an increasingly important role in U.S. public markets. They rank the quality of firm corporate... View Details

Keywords: Corporate Governance; Markets; Rank and Position; Quality; Business and Shareholder Relations; Voting; Change; Information; Outcome or Result; United States

July 2001 (Revised January 2007)
Case

Lehman Brothers (C): Decline of the Equity Research Department

By: Ashish Nanda and Boris Groysberg

This case tracks the rapid decline of Lehman Brothers' equity research department from August 1992, when, beset by declining ranking, low morale, and high turnover, firm management decides to clean house and reinvest in building the department. View Details

Keywords: Organizational Change and Adaptation; Business or Company Management; Leadership; Human Resources; Financial Services Industry

Educators

10 Dec 2008
Working Paper Summaries

Market Reaction to the Adoption of IFRS in Europe

Keywords: by Christopher S. Armstrong, Mary E. Barth, Alan D. Jagolinzer & Edward J. Riedl; Banking

2016
Working Paper

Through the Grapevine: Network Effects on the Design of Executive Compensation Contracts

By: Susanna Gallani

Effective design of executive compensation contracts involves choosing and weighting performance measures, as well as defining the mix between fixed and incentive-based pay components, with a view to fostering talent retention and goal congruence. The variability in... View Details

Keywords: Compensation Design; Board Interlocks; Compensation Consultants; Network Centrality; Homophily; Quadratic Assignment Procedure; Blockholders; Executive Compensation

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22 Feb 2018
Book

The New History of American Capitalism

antebellum North and South into one narrative, for example, while scholars have attempted to integrate the West more broadly into an understanding of American capitalism. Similarly, issues raised by the... View Details

Keywords: Manufacturing

2021
Chapter

Multinationals' Need for State Protection: The Creation of the Swiss Investment Risk Guarantee in the 1960s

By: Sabine Pitteloud

This chapter focuses on the role of Industrie-Holding, the Federation of Swiss Industrial Multinational Companies, in the introduction of an investment risk guarantee during the 1960s. The chapter therefore contributes to a) the growing body of literature on how... View Details

Keywords: Investments; Multinational Companies; Political Risk; Business ＆ Government Relations; Investment; Multinational Firms and Management; Risk and Uncertainty; Business and Government Relations; Switzerland

16 Jul 2012
Working Paper Summaries

Selection, Reallocation, and Spillover: Identifying the Sources of Gains from Multinational Production

Keywords: by Laura Alfaro & Maggie X. Chen

June 2023
Case

Investing in the Climate Transition at Neuberger Berman

By: George Serafeim and Benjamin Maletta

By mid-2023, Neuberger Berman (NB), an active asset manager, had grown its assets under management to about half a trillion dollars and took pride in its client centricity and innovative spirit. Responding to client demand for investment products that integrated... View Details

Educators

13 Feb 2006
Research & Ideas

When Gender Changes the Negotiation

factors created a large variation in salary levels and bonus structures. These differences can create huge inequities over time. Combine these disparities with a firm in flux—where policies clashed with the... View Details

Keywords: by Dina W. Pradel, Hannah Riley Bowles & Kathleen L. McGinn

2006
Article

Schumpeter's Plea: Historical Methods in the Study of Entrepreneurship

By: Rohit Daniel Wadhwani and Geoffrey Jones

This paper outlines the case for why and how historical methods are important to the study of entrepreneurship. We show that research in entrepreneurship has displayed declining attention to historical context since the field first emerged in the 1940s. We discuss why... View Details

Keywords: History; Research; Entrepreneurship

2018
Working Paper

Corporate Refinancing, Covenants, and the Agency Cost of Debt

By: Daniel Green

How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive... View Details

Keywords: Covenants; Refinancing; Corporate Bonds; Agency Costs; Debt Policy; Borrowing and Debt; Bonds; Interest Rates

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08 Sep 2014
News

The slow decay of American economic competitiveness

31 Mar 2002
What Do You Think?

Is This the Decade of the Investor?

to assess the fairness of the division of returns. And before making assumptions about the future, "we still need to get a firm handle on... View Details

Keywords: by James Heskett

November 2021
Article

Ratings, Reviews, and the Marketing of New Products

By: Itay P. Fainmesser, Dominique Olié Lauga and Elie Ofek

We study how user-generated content (UGC) about new products impacts a firm's advertising and pricing decisions and the effect on profits and market dynamics. We construct a two-period model where consumers value quality and are heterogeneous in their taste for the new... View Details

Keywords: Online Reviews; Product Ratings; Social Networks; Word Of Mouth; Pricing; User-generated Content; Advertising; Product Marketing; Price; Consumer Behavior; Product Positioning; Social Media