Publications

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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

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

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Article

Savings in Transnational Households: A Field Experiment Among Migrants from El Salvador

By: Nava Ashraf, Diego Aycinena, Claudia Martinez A. and Dean Yang

While remittance flows to developing countries are very large, it is unknown whether migrants desire more control over how remittances are used. This research uses a randomized field experiment to investigate the importance of migrant control over the use of... View Details

Keywords: Migration; Remittances; Intrahousehold Allocation; Savings; Saving; Residency; Banks and Banking; Banking Industry; El Salvador; United States

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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

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March 2020 (Revised June 2023)
Case

EyeControl: Inspiring Communication

By: Paul A. Gompers and Danielle Golan

Eye-controlled communication device startup EyeControl was founded in Tel Aviv, Israel in 2016 by cofounders with a shared personal connection to locked-in syndrome—a neurological disorder that left sufferers cognitively sound, yet paralyzed, with the exception of eye... View Details

Keywords: Health Disorders; Communication Technology; Business Startups; Expansion; Finance; Decision Making; Social Enterprise; Medical Devices and Supplies Industry

2009
Working Paper

Stock Price Fragility

By: Robin Greenwood and David Thesmar

We investigate the relationship between ownership structure of financial assets and non-fundamental risk. An asset is fragile if its owners collectively have to buy or sell. Such assets are susceptible to non-fundamental price movements. An asset can be fragile because... View Details

Keywords: Financial Liquidity; Stocks; Price; Market Transactions; Ownership; Risk and Uncertainty; United States

SSRN

October 2008
Article

The Small World of Investing: Board Connections and Mutual Fund Returns

By: Lauren Cohen, Andrea Frazzini and Christopher J. Malloy

This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger bets on firms they are... View Details

Keywords: Financial Markets; Information Management; Social and Collaborative Networks; Announcements; Investment Portfolio; Investment Return; Investment Funds; Asset Pricing; Governing and Advisory Boards

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01 Nov 2011
First Look

First Look: Nov. 1

technology utilized domestically. As a consequence, under a carbon tariff, foreign market share is non-monotonic in emissions price, and global emissions conditionally decrease. Without a carbon tariff, foreign share monotonically... View Details

Keywords: Sean Silverthorne

August 2007 (Revised November 2010)
Case

Grand Central Publishing

By: Anita Elberse

In April 2007, Grand Central's publisher Jamie Raab and editor Karen Kosztolnyik were involved in a frantic bidding war for a proposed book on the life of cat Dewey, billed as the feline answer to the best-selling "Marley & Me: Life and Love with the World's Worst... View Details

Keywords: Acquisition; Product Launch; Bids and Bidding; Product Development; Publishing Industry

24 Jun 2008
First Look

First Look: June 24, 2008

non-connected stocks by up to 7.8% per year. Returns are concentrated around corporate news announcements, consistent with mutual fund managers gaining an informational advantage through the education networks. Our results suggest that... View Details

Keywords: Martha Lagace

September 2022 (Revised May 2024)
Case

Navya: Steering toward a Driverless Future

By: Julian De Freitas, Elie Ofek, Shaun Ingledew and Tonia Labruyere

In 2022, Sophie Desormière arrived at French roboshuttle producer Navya, tasked with charting a new course in a challenging sector. The company, which had recently listed on the Paris Stock Exchange, was burning through cash reserves and needed to transform the promise... View Details

Keywords: Autonomous Vehicles; Market Entry and Exit; Opportunities; Governing Rules, Regulations, and Reforms; Consumer Behavior; Business Model; Auto Industry; Transportation Industry; France; United States

04 Oct 2011
First Look

First Look: October 4

http://www.hbs.edu/research/pdf/12-019.pdf Market Interest in Nonfinancial Information Authors:Robert G. Eccles, Michael P. Krzus, and George Serafeim An abstract is unavailable at this time. Download the paper:... View Details

Keywords: Sean Silverthorne

2012
Chapter

The Small Worlds of Business Groups: Liberalization and Network Dynamics

By: Jon Brookfield, Sea-Jin Chang, Israel Drori, Shmuel Ellis, Sergio G. Lazzarini, Jordan I. Siegel and Juan Pablo von Bernath Bardina

Using comparative data from six major emerging economies — Brazil, Chile, Israel, Mexico, South Korea, and Taiwan — we examine how ownership networks in those societies responded to a roughly similar “ structural break ” of economic liberalization during the 1990s... View Details

Keywords: Emerging Economies; Ownership; Corporate Governance; Emerging Markets

May 2012
Article

To Zap or Not to Zap: How to Insert the Brand in TV Commercials to Minimize Avoidance

By: Thales S. Teixeira, Michel Wedel and Rik Pieters

Huge amounts of money are spent on TV advertising. In an environment of rising per-viewer rates for advertisers and increased skipping past ads by consumers, it is necessary for advertising managers to understand the determinants of commercial avoidance. In order to... View Details

Keywords: Brands and Branding; Television Entertainment; Advertising; Decisions

01 Nov 2012
HBS Seminar

Joel Waldfogel, University of Minnesota

2019
Chapter

Spatial Agglomeration and Superstar Firms: Firm-level Patterns from Europe and U.S.

By: Laura Alfaro, Maggie X. Chen and Harald Fadinger

We characterize the agglomeration patterns of industries and plants in Europe, distinguishing Eurozone countries and the United States. Using a micro-level index, we quantify the degree of geographic concentration in industrial activities and explore how firm... View Details

Keywords: Agglomeration; Patterns; Industry Clusters; Europe; United States

March 2024
Case

Nomad: A License to Bank

By: Paul A. Gompers and Pedro Levindo

In late 2023, Lucas Vargas, CEO and co-founder of Nomad, a fintech that offered financial services in the United States for Brazilian residents, had to decide what to do to ensure the company’s continued expansion. Nomad launched its first product, a U.S. digital bank... View Details